Calling All Parents: Prepare Your Estate Plan ASAP
Hello to all of the parents out there! We can understand that throughout the busy life that is the world of parenting, making an estate plan is probably the furthest thing from your mind, but it should be a top priority. Here's why, if something tragic were to happen to you and your spouse or co-parent without a will, then you won't have it say in who cares for your minor child after you are gone. You can't depend on the law to carry out your wishes. Our estate planning attorneys at the Lake of the Ozarks are here to give you a few estate planning tips. To get your estate plan drawn up as soon as possible by a professional, call Phillips, McElyea, Carpenter, and Welch today at 573-346-7231 for your free consultation.
Get Life Insurance.
Life insurance can give you peace of mind knowing your family will be financially ok if you pass away unexpectedly. It can cover your funeral expenses, leftover college debt, unpaid mortgages, etc. If you pass away unexpectedly, life insurance can help your family from going into debt.
Name Beneficiaries for Your Retirement Accounts.
If you have a 401K or an IRA through an employer, be sure to fill out the beneficiary form they give you and update your beneficiary when needed. For example, if you list your spouse as a beneficiary but you get divorced after a couple of years of marriage, be sure to change the beneficiary to someone else, perhaps your kids.
Prepare a Will and/or Make Non-Probate Transfers.
Having a will in place makes your wishes known when you physically can't. Non-probate transfers may avoid probate altogether. As we stated earlier, name a guardian for your children in your will. This is the person who would care for your children upon your passing.
Update Your Beneficiaries as Often as Needed.
Again, just like with your retirement accounts, update your beneficiaries in your will as well when needed. Here is another good example, if you have a parent as a beneficiary but they have passed away before you, change it to someone else in your will.
It can be unpleasant to think of what will happen after you die, especially as a parent, knowing you are leaving your kids behind. This could be why it is so easy to put more immediate concerns ahead of estate planning. However, there can be negative consequences to not having a valid estate plan, such as, your estate may be subject to higher taxes or disputes may arise among heirs. Also, your property becomes subject to division based on the interstate laws of the state of Missouri, not your wishes. Avoid that and call our Camden County estate planning attorneys today for your free 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.
Get Life Insurance.
Life insurance can give you peace of mind knowing your family will be financially ok if you pass away unexpectedly. It can cover your funeral expenses, leftover college debt, unpaid mortgages, etc. If you pass away unexpectedly, life insurance can help your family from going into debt.
Name Beneficiaries for Your Retirement Accounts.
If you have a 401K or an IRA through an employer, be sure to fill out the beneficiary form they give you and update your beneficiary when needed. For example, if you list your spouse as a beneficiary but you get divorced after a couple of years of marriage, be sure to change the beneficiary to someone else, perhaps your kids.
Prepare a Will and/or Make Non-Probate Transfers.
Having a will in place makes your wishes known when you physically can't. Non-probate transfers may avoid probate altogether. As we stated earlier, name a guardian for your children in your will. This is the person who would care for your children upon your passing.
Update Your Beneficiaries as Often as Needed.
Again, just like with your retirement accounts, update your beneficiaries in your will as well when needed. Here is another good example, if you have a parent as a beneficiary but they have passed away before you, change it to someone else in your will.
Calling All Parents: Prepare Your Estate Plan ASAP with Phillips, McElyea, Carpenter, and Welch
It can be unpleasant to think of what will happen after you die, especially as a parent, knowing you are leaving your kids behind. This could be why it is so easy to put more immediate concerns ahead of estate planning. However, there can be negative consequences to not having a valid estate plan, such as, your estate may be subject to higher taxes or disputes may arise among heirs. Also, your property becomes subject to division based on the interstate laws of the state of Missouri, not your wishes. Avoid that and call our Camden County estate planning attorneys today for your free 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.
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
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(573) 346-4411 - Fax
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