PMCW Law

Estate planning at the Lake of the Ozarks serves multiple purposes. Part of the goal is to identify what should happen to your assets and belongings after you pass away, and another equally important task is to dictate who should handle your affairs on your behalf if/when you are unable to do so for yourself. A delegate can be appointed to manage your aff airs while you are still alive through a "power of attorney". The attorneys at Phillips, McElyea, Carpenter, & Welch, P.C. are here to help you gain a better understanding of these roles so you can determine who you would like to fill them. Power Of Attorney The person you designate as your power of attorney will be responsible for handling your affairs or making important decisions on your behalf if and/or when you are unable to do so for yourself. Your power of attorney (sometimes called your "attorney-in-fact") will not necessarily have the authority to handle every single issue or decision; th...

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...