What You Need to Know About Estate Planning

Too few people plan for their deaths. It’s an uncomfortable thing to think about, of course, but without careful consideration and adequate preparation, you might leave your estate in tatters. Yes, your estate! Even if you aren’t wealthy, you do have an estate, which is made up of all your money and property. And if you want your assets to be divided according to your wishes after your death, then you must make a estate planning Springfield MO plan ahead of time.

estate planning

The first thing you need to know is that estate planning should begin early in your life and change as your life changes. Too many people believe that they should wait until they’re older, but what if something unexpected should happen? Create an estate plan so that you can give your belongings to your loved ones and provide for your family, especially any minor children. As you get older, your estate plan will likely shift with all of your major life changes (like marriage, divorce, births, and deaths).

The second thing to realize is that everyone needs an estate plan and a will, not just the very wealthy. Unless you have no children and absolutely no property or money, you should make a plan and decide how you would like your assets to be given to your chosen heirs. Remember that if you don’t decide, a court will.

Third, an estate plan does not only contain a will. It should also include a power of attorney, a living will or health-care proxy (medical power of attorney), and maybe a trust. An attorney can help you create a plan that follows both state and federal law.

estate planning

Don’t be afraid to create an estate plan. It doesn’t mean that you are old, filthy rich, or wildly pessimistic. It means that you are thinking practically and logically, preparing for your future as well as the future of your family.