4 Signs You Are Ready To Build An Estate Plan
Stereotypically, estate planning is something most people don't think about until they're in their mid-late fifties (or older). After all, estate plans only come into effect once someone dies - it's unnecessary for younger adults to spend time on something that likely won't be needed until much later, right? Wrong.
While we hope every person lives a long, fulfilling life, it is impossible to predict when tragedy may strike. Lives are ended prematurely far too frequently. Sometimes, someone's life may not be officially over, but a traumatic brain injury or other tragic accident may drastically limit or impede his ability to make decisions and function on his own.
In any of these situations, having an estate plan already established makes a huge difference. Because it is impossible to predict when these situations may occur, it is important to build an estate plan sooner than later. The attorneys at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. are here to help you identify when the time may be right to build your first estate plan.
Signs It's Time To Build An Estate Plan
1. You Bought Your First Home
A home is a significant financial asset. Once you own a home, it is important to establish a plan for what will happen to this asset in the event that something happens to you. You can use your estate plan to determine whom should inherit this asset. Since you may not have heirs to leave your home to just yet, you can also use your estate plan to dictate how the mortgage loan will be satisfied in the event that you pass away.
2. You Got Married
Spouses often inherit one another's assets according to Missouri's intestate laws, but there are still certain details that must be attended to upon entering a marriage. If you wish to specify that your spouse not inherit certain assets (so they instead pass to children from a previous relationship, for example) you should set up an estate plan to ensure your wishes will be met.
3. You Had A Child
As a parent, your an important responsibility is to provide for the best interests of your child. When you have a baby, it is essential that you build an estate plan, even if the only purpose of the document is to identify a legal guardian for your child in the event that something should happen to both parents. Without this document in place, your children may become wards of the state if something happens to you. This can sometimes result in a nasty custody battle between grandparents, aunts and uncles, or other family members.
4. You Started A Business
As a business owner, you likely have multiple professional responsibilities in addition to your personal ones. If you pass away without an estate plan in place, your business and all of its assets may be tied up in probate for years before it can be passed to the next owner. By building an estate plan, you can make sure your business (and its customers) will be taken care of in the event that something happens to you.
If any of these situations apply to you, consider scheduling an appointment with a Lake of the Ozarks estate planning attorney to build your estate plan.
Don't Forget To Update Your Estate Plan Periodically
Estate plans are not "one-and-done" documents. They need to be updated periodically to reflect your current wishes as your various situations in life change. The situations we just discussed are important times to update your estate plan if you have an existing plan. In addition to these, you may want to consider updating it if any of the following situations apply to you:
While we hope every person lives a long, fulfilling life, it is impossible to predict when tragedy may strike. Lives are ended prematurely far too frequently. Sometimes, someone's life may not be officially over, but a traumatic brain injury or other tragic accident may drastically limit or impede his ability to make decisions and function on his own.
In any of these situations, having an estate plan already established makes a huge difference. Because it is impossible to predict when these situations may occur, it is important to build an estate plan sooner than later. The attorneys at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. are here to help you identify when the time may be right to build your first estate plan.
Signs It's Time To Build An Estate Plan
1. You Bought Your First Home
A home is a significant financial asset. Once you own a home, it is important to establish a plan for what will happen to this asset in the event that something happens to you. You can use your estate plan to determine whom should inherit this asset. Since you may not have heirs to leave your home to just yet, you can also use your estate plan to dictate how the mortgage loan will be satisfied in the event that you pass away.
2. You Got Married
3. You Had A Child
As a parent, your an important responsibility is to provide for the best interests of your child. When you have a baby, it is essential that you build an estate plan, even if the only purpose of the document is to identify a legal guardian for your child in the event that something should happen to both parents. Without this document in place, your children may become wards of the state if something happens to you. This can sometimes result in a nasty custody battle between grandparents, aunts and uncles, or other family members.
4. You Started A Business
As a business owner, you likely have multiple professional responsibilities in addition to your personal ones. If you pass away without an estate plan in place, your business and all of its assets may be tied up in probate for years before it can be passed to the next owner. By building an estate plan, you can make sure your business (and its customers) will be taken care of in the event that something happens to you.
If any of these situations apply to you, consider scheduling an appointment with a Lake of the Ozarks estate planning attorney to build your estate plan.
Don't Forget To Update Your Estate Plan Periodically
Estate plans are not "one-and-done" documents. They need to be updated periodically to reflect your current wishes as your various situations in life change. The situations we just discussed are important times to update your estate plan if you have an existing plan. In addition to these, you may want to consider updating it if any of the following situations apply to you:
- Having subsequent children or grandchildren
- Getting divorced
- Being widowed
- Closing/selling your business
- Inheriting or losing a significant amount of assets
Our Estate Planning Attorneys Are Here For You!
It is impossible to predict when the legitimate need for an estate plan may arise, so it is important to always be prepared. If you are looking to build or update your estate plan at the Lake of the Ozarks, our estate planning lawyers in Camdenton MO would be happy to talk with you. Call us at 573-346-7231 to schedule your initial consultation.
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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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
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