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.

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Phillips, McElyea, Carpenter & Welch, P.C.

85 Court Circle N.W., P.O. Box 559

Camdenton, MO 65020   GET A MAP

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