Estate Planning Tips for DIFFERENT Aspects of Your Life
Let's face it. No one likes thinking about what's going to happen when they pass away and our estate planning lawyers at the Lake of the Ozarks realize that. However, thinking about this now and getting your estate plan in order, can really make things easier on your loved ones at a time where they are mourning. Phillips, McElyea, Carpenter, and Welch specializes in assisting clients with their estate plans. Our Lake of the Ozarks estate planning attorneys can be there for you every step of the way when it comes to aligning your estate plan so it works for you and your family. In the meantime, keep reading because we have estate planning tips for you for different aspects of your life below.
PETS
Our pets are family and we understand that some clients would like to enter them into their estate plans, but you need to realize that you can't legally leave money or assets behind to a pet because they don't have the legal capacity to own property, but you can leave money to a person you have designated to take care of your pet to use for that pet. Just determine what you think all of the costs that go into caring for your pet are, and use this knowledge to determine how much money to keep in a pet trust, so when the time comes, there is enough to care for your pet.
CHILDREN
It is EXTREMELY important that you name a guardian in your will if you have minor children. This is the person that you are trusting to care for your children in the case that you and your spouse pass away before they come of age. Clearly, this needs to be a person who you trust tremendously and can count on to be there for your kids when you are unable to.
EX SPOUSES
It can be common for people to list their spouses as beneficiaries in their will. Just be aware that if you get divorced, any reference in your will to a spouse would be null and void, but it would be a good time to review the other provisions of your will to determine whether the divorce would require other changes.
MAJOR ASSETS
Major assets such as a house or vacation home, for example, should absolutely be added to your will. Remember to add your house or vacation home to your will, trust or non-probate transfer plan, so it goes to the person you want it to, versus someone you don't get to choose.
Our estate planning attorneys in Camden County are here for you! Just call (573) 346-7231 for your free consultation today. Let's get your estate plan completed so you don't have to worry about it anymore.
Estate Planning Tips for DIFFERENT Aspects of Your Life
PETS
Our pets are family and we understand that some clients would like to enter them into their estate plans, but you need to realize that you can't legally leave money or assets behind to a pet because they don't have the legal capacity to own property, but you can leave money to a person you have designated to take care of your pet to use for that pet. Just determine what you think all of the costs that go into caring for your pet are, and use this knowledge to determine how much money to keep in a pet trust, so when the time comes, there is enough to care for your pet.
CHILDREN
It is EXTREMELY important that you name a guardian in your will if you have minor children. This is the person that you are trusting to care for your children in the case that you and your spouse pass away before they come of age. Clearly, this needs to be a person who you trust tremendously and can count on to be there for your kids when you are unable to.
EX SPOUSES
It can be common for people to list their spouses as beneficiaries in their will. Just be aware that if you get divorced, any reference in your will to a spouse would be null and void, but it would be a good time to review the other provisions of your will to determine whether the divorce would require other changes.
MAJOR ASSETS
Major assets such as a house or vacation home, for example, should absolutely be added to your will. Remember to add your house or vacation home to your will, trust or non-probate transfer plan, so it goes to the person you want it to, versus someone you don't get to choose.
Our estate planning attorneys in Camden County are here for you! Just call (573) 346-7231 for your free consultation today. Let's get your estate plan completed so you don't have to worry about it anymore.
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.
109 East Highway 54, Suite 103
Camdenton, Missouri
(573) 346-7231 - Telephone
(888) 236-2485 - Toll-Free
(573) 346-4411 - Fax
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