Happy Holidays! Now it's time to watch the year tick down. Then we ring in the New Year and watch the Ball drop. As you reflect on the year – Did you accomplish all your goals in 2022? Life happens and maybe you didn't get to everything. Do you know one goal that should not be put off? Your Estate Plan. Did you put it off until after the holidays, after that summer vacation, after more holidays? Your Plan is really one goal that needs to be completed. Here we are starting 2023 – Don't forget to take care of your estate planning goals to give your family peace of mind.
What is Estate Planning?
Estate planning is a life plan that protects your legacy. It protects you and your assets in case of incapacity. It protects your beneficiaries at time of death. A foundation for estate planning is a Last Will and Testament and Powers of Attorney for finances and health care. Another step to protect assets and keep your wishes private is a revocable living trust. What is right for you? A consultation with an estate planning attorney provides you with guidance and answers questions.
The Importance of a Last Will
Life happens. For the most part, most people do not think that a worse case scenario will happen to them. Many fail to prepare for major life events or crisis situations. Many put it off until a medical emergency happens or the death of a loved one occurs. Your Last Will and Testament protects your interests and wishes. It is your family's safety net and reduces the burden of a loved one's death.
A Last Will and Testament is basic estate planning. A will takes assets titled in one person's name who died through Probate Court. A Last Will and Testament is a public record of your assets and how you want your estate divided. If you are a parent, a last will and testament names a guardian for your children so that their security and future is one that you decided before a worse-case scenario happens.
Powers of Attorney
Financial and Health Care Powers of Attorney offers a Client support during a life crisis and incapacity. A living will is important for end-of-life decisions. Living Wills may follow your specific religious beliefs such as a Catholic living will or an Halachic living will. Perhaps you need one to support seniors for dementia or Alzheimer's.
THE LIVING TRUST
People mistakenly believe that a living trust is only for the wealthy. That is a myth to bust. A living trust is not solely for wealthy people. The trust is a private document that sets out who inherits your assets. Your legacy and distribution of assets remains private. The trust is not a public record of what you own and who received your assets. A living trust may incorporate a Special Needs Trust for a loved one with a disability. You may also want to disinherit a natural heir-at-law.
Your Plan for Peace of Mind
Working with an estate planning attorney to design your legacy plan is important. Don't settle. Too often the DIY plan leads to more problems with no solutions at death. It's a living document to be amended or revoked based on your needs and change of life circumstances. Don't wait until it's too late.
Without a Will, Missouri laws dictate who will receive your legacy. It can be that brother or sister or niece you don't like. No plan is a State plan.
Your Estate Planning Attorneys
Sheri Tucker is Your Estate Ally Attorney. She has exciting news to share. Starting January 2023, Your Estate Ally will be a merger of Shawn Estep and Sheri Tucker. Together, they will provide you with answers to your questions. They offer a set 30-minute complimentary consultation for your estate plan. Starting January 2023, you can still call Sheri at 314-332-0011 or Shawn at (636) 233-2017. More to follow! Starting in January, you can Email us at [email protected]. You can also Book now for your complimentary consultation.