PMCW Law

"Is it time to for me to start thinking about estate planning?" If you are already asking yourself that question, the answer should be automatic - yes. Estate planning is the act of organizing your estate so that your assets and responsibilities are appropriately cared for and distributed to your surviving friends and family members after you pass away. Your estate planning attorney in Camden County, MO will be able to help you properly plan your estate so that the transition will be as seamless as possible. Phillips, McElyea, Carpenter, & Welch, P.C. has a solid team of experienced local estate planning attorneys, and we would be honored to help you make your important preparations. Wills vs Trusts While similar, wills and trusts are important estate planning documents with some distinct differences. For example, a will only comes into effect after your death, whereas a trust may become active as soon as you sign it.  Wills allow you to designate which pers...

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 ch...

Planning your estate is an important step in anyone's life. Among other things, it's a chance to get all of your affairs in order, to assign who you would like to inherit your assets, to dictate who will be in charge of your debts, and to designate legal guardians for your children under the age of eighteen (if any). However (like with all things), there is a right and a wrong way to approach estate planning at the Lake of the Ozarks . Here is a quick look at some common estate planning mistakes and how to avoid them. 5 Common Estate Planning Mistakes 1. Not Having An Estate Plan. The first (and often most serious) estate planning mistake anyone will ever make is simply not having an estate plan in place. Without an estate plan to guide the process, all of your assets will be forced to go through a lengthy probate process by the state before it can be passed on to your surviving family members. 2. Forgetting To Update Your Will. Contrary to what some people may bel...

Wills and testaments are important documents that dictate what will happen to your property and assets after you pass away. If you die without an effective estate plan, your assets may have to undergo a lengthy probate process before they can be distributed to your surviving heirs - and even then, you can't be sure that they will be divided according to your wishes.  Establishing a will ensures your assets will pass in accordance with your wishes.   Of course, wills are not passive documents that can be written and then forgotten. There are several common life occurrences that can be cause to update your will. Today, the team at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. are here to help examine a few of them. 5 Reasons To Update Your Will 1. Getting Married Or Divorced. Chances are your marital status will greatly impact whom you would like to inherit your assets. If you are single with children, you may wish your assets to be passed direc...