Estate Planning Part 2: What Should Be Included In Your Estate Plan
"You can't take it with you, but you can leave it behind for your heirs and your surviving spouse." Last week, we discussed the probate process in Missouri and how your assets will be distributed to your survivors if you do not have a valid will in place. Now that you know the consequences of not having a proper estate plan established, the attorneys at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. are here to help you identify the key components of a solid estate plan. Power Of Attorney Your power of attorney is not necessarily an attorney at the Lake of the Ozarks - the power of attorney is an individual selected by you to act on your behalf in the event that you are unable to represent yourself. There are two main forms of power of attorney: Durable Power Of Attorney and Health Care Power of Attorney. Durable Power Of Attorney - This individual is responsible for handling your financial affairs. These powers include (but are not ...