Estate Planning: Questions To Ask Yourself

If you don't have kids, are unmarried, or are still relatively young, it is highly possible you haven't given any thought to your estate plan yet. Since most people don't want to think about eventually passing away someday, estate planning frequently gets pushed to the back burner. Due to the unpredictable nature of our daily lives, however, postponing building your estate plan at the Lake of the Ozarks efforts is often unwise. 

If you are thinking about building a brand new estate plan or revising the one your currently have, our estate planning attorneys in Camdenton MO are here to help. Here are a few questions you should ask yourself when building or revising your estate plan.


1. Who Do You Want To Inherit Your Assets?
One of the primary purposes of your estate plan is to indicate whom will inherit your assets after you pass. If you are married, this decision may be easy; most married couples wish to leave everything to their surviving spouse or their children. Certain situations may make this decision a bit more challenging, however - for example, you may be separated but still legally married, you may be legally married but engaged in an intimate relationship with someone else, or you may be unmarried. Your attorney will be able to help you make the decision that will be best for your decision.

2. Who Do You Want To Care For Your Children?
Another primary purpose of estate planning is to designate the responsible adult(s) you wish to serve as guardian(s) of your children in the event that something happens to both you and their other parent before they turn eighteen. This can be a difficult question to answer, and one that often requires a great deal of discussion and deliberation between you and your spouse. If you have children under the age of eighteen, however, we strongly encourage you to take the time to build an estate plan; if you pass away without a plan in place, the State will have to appoint a guardian on your behalf.

3. Who Do You Want To Care For Your Pets?
While designating a legal guardian for your pets may not be as overwhelmingly critical as designating a guardian for your children, it is also an important element to be considered. Many pet owners consider their furry friends integral parts of the family, and ensuring their pets have a safe place to call home in the event that something happens to them is often a top priority. Your attorney can help you include a section in your estate plan that addresses whom will care for your pets.

4. Have You Disclosed All Of Your Financial Information To Your Attorney?
Openly discussing your complete financial situation can be uncomfortable at times, especially if you are building your estate plan with your spouse and you have had disagreements over financial issues in the past. Nevertheless, it is imperative that you share your complete financial picture with your attorney. Everything is important, including any hidden savings accounts you may have and whether or not you have given large monetary gifts to other individuals. Your attorney needs to know the complete picture in order to best guide you through the process.

Contact Our Estate Planning Attorneys To Set Up An Initial Consultation
Finding an attorney you like and trust is important no matter what legal situation you may be facing, but it is especially important with estate planning due to the intimate nature of the task. If you are looking for an estate planning attorney at the Lake of the Ozarks, please contact our law firm in Camden County MO to schedule your initial consultation.
Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.

We accept Visa, MasterCard, and Discover.

85 Court Circle N.W., P.O. Box 559
Camdenton, MO 65020   GET A MAP
(573) 346-7231 - Telephone
(888) 236-2485 - Toll Free
(573) 346-4411 - Fax

Like Us on Facebook
Location: Camdenton, MO 65020, USA

Comments

Post a Comment

Popular posts from this blog

5 Reasons To Hire A Criminal Defense Attorney

Image
Criminal charges can turn your life upside down. If you are found guilty, you can suffer numerous consequences, including fines, imprisonment, and effect on your permanent record. If you are facing criminal charges, hiring an experienced criminal defense attorney can make a world of difference. Consider these reason why you should hire a criminal defense lawyer to represent your case. 1. Your Attorney Understands The Law It's no secret that the legal field is complex. Every law has exceptions, and every circumstance has different specific requirements. You need a criminal defense attorney that has experience dealing with these minute details and can help you use them to build a solid case. 2. Your Attorney Knows The Scene The Missouri Courts are like a world of their own. Each court has its own set of rules, social norms, and strict guidelines governing what behavior is and is not acceptable. If this is your first court case, you can not possibly know all of these unspo...
Read more

Legal Tips to Be Aware of When Entering Into a Marriage

Image
Congratulations! It is 2019 and this is the year you are getting married. Among all of the wedding planning, you probably haven't had time to think about the legal side of getting married. While it is not the most glamorous side, it is worth taking a look into. For example, has your fiance brought up the notion of signing a prenuptial agreement (prenup)? It is best to know what all comes with a prenuptial agreement and the advantages and disadvantages of choosing to sign one. Our attorneys at the Lake of the Ozarks are here to give you a few legal tips to be aware of when entering into a marriage. If you find yourself need a prenuptial agreement drawn up, call Phillips, McElyea, Carpenter, and Welch   today for your free consultation at 573-346-7231. Legal Tips to Be Aware of When Entering Into a Marriage Do You Plan to Legally Change Your Name After You Get Married? If you plan to change your legal name after marriage, here is what you need to do. According to the Misso...
Read more

Global Entrepreneurship Week: 5 Tips For Aspiring Entrepreneurs

Image
We live in a business-oriented society. From buying groceries to traveling internationally, we rely heavily on local, national, and international businesses for many a spect s of our lives. We have become so accustomed to using these businesses in our day-to-day lives that we now take many of them for granted. No matter how big a corporation is, it's important to realize that every business started out small at some point in time. Every business - even those with thousands of employees - originally began simply as an idea in the mind of one forward-thinking individual. Global Entrepreneurship Week USA We owe entrepreneurs a great debt of gratitude for the roles they have played in shaping our society, our culture, and our nation. Next week (November 14-20, 2016) is designated as Global Entrepreneurship Week USA in recognition of the importance of these forward-thinking individuals. In honor of this important week-long observance, our business attorneys in Camdenton MO ...
Read more