Essential Documents Every Estate Plan Should Include
Estate planning is a critical tool if you wish to have control over what happens to your hard-earned assets and property when you pass away or become incapacitated. Estate planning can feel overwhelming, with many complex legal documents that can be included in a comprehensive plan. Taking a look at the most essential documents can make it feel more manageable. Speak with an experienced St. Louis estate planning lawyer.
Last Will and Testament
The main goal of an estate plan in Missouri is to map out how your estate – meaning all of your assets, income, bank accounts, investments and personal possessions – will be divided and administered after you die or become too mentally incapacitated to control your estate yourself. A last will and testament is instrumental in achieving this goal.
Your will may be the cornerstone of your estate plan. It can name beneficiaries for your estate, meaning your heirs or those who stand to inherit from you. Your will can also appoint a trusted executor or administrator to manage the estate on your behalf. If you have minor children, your will can appoint legal guardians to them, giving you peace of mind about the future.
Living Will
A living will or advance directive allows you to describe your medical wishes for end-of-life care and have them carried out by a trusted, appointed individual. If you do not wish to be resuscitated under certain circumstances, for example, you can leave this direction in your living will. You can also name a health care proxy to serve as your representative for medical decisions should you become incapacitated.
Revocable Living Trust
A revocable living trust is a tool you can place your assets into during your lifetime to be distributed according to your instructions after your death. A living trust can help your family bypass the time-consuming and often stressful process of probate, where the courts will distribute your belongings according to Missouri’s laws of intestate succession, regardless of your wishes.
Unlike a will, a revocable living trust allows a trustee of your choosing to manage your assets while you are still alive. The trustee will also be responsible for administering the trust according to your desires after you die or become incapacitated. You can change or terminate the terms of a revocable trust at any time while you are still alive.
Durable Power of Attorney
A durable power of attorney (POA) enables you to appoint an agent to manage major decisions on your behalf if you are unable to do so yourself. This can include financial, legal and medical decisions. You can choose exactly what responsibilities your POA is authorized to handle in certain situations. Naming a durable POA can be especially important if you have a complex or high-value estate that requires careful administration and management.
Funeral Instructions
It is a good idea to include funeral directives in your estate plan. This can save your loved ones the trouble and expense of planning your funeral or burial. You can list your burial or cremation preference, the type of service you desire, any charities for donations, and your preferred flowers (if any). Your estate plan can also set aside a certain amount of money to pay for your funeral rather than passing this expense onto your loved ones.
Contact an Attorney for Comprehensive and Personalized Estate Planning
The last thing you want is for your estate plan to be missing an essential document at a critical time, when it’s already too late for you to remedy the problem and have your wishes followed out. The most effective way to design and complete an estate plan is with assistance from a professional. Contact the estate planning lawyers at TdD Attorneys at Law to make sure your plan includes everything it needs.