Estate planning is not always an easy topic to discuss, but there can be many advantages to addressing these plans head on. Despite the common assumption that this financial process is only for the elderly and the wealthy, Missouri residents who start sooner than later can save time and money in the long run. Recently, some experts have considered the wide range of benefits of beginning these plans early.
Estate Planning Archives
If you are the parent of a special needs child in Missouri, you have all the responsibilities of other parents, but to a higher degree. You also have the concern of caring for your child throughout his or her adult life. Establishing a special needs trust can help ensure that your child is provided for in later years.
Taking the steps toward estate planning is often no easy task. The term itself can confuse many Missouri residents; not to mention, it can become an incredibly sensitive topic. There are, however, successful ways to go about solving estate planning problems.
Residents in Missouri with small children who develop wills and trusts to protect their financial assets have taken a very important step toward directing the future of their estate. However, dealing with debts and assets is not all that these people should do when preparing an estate plan. Parents of minor children should also identify guardianship plans for their children. This is no easy task but is just as important if not more so than outlining plans for assets.
Untangling an estate plan can prove to be a challenging task for any Missouri resident. Maximizing value of an estate, arranging plans for minor children and minimizing taxes are all factors that call for special attention and clarity. Unbeknownst to many, going to probate is not always a must. Instead, those looking to arrange estate plans can establish a trust that prevents this extra hassle. There are other essentials to be aware of when beginning this process, but an experienced professional can ensure that it is done the right way.
Almost everyone has some form of digital assets these days, but most do not have anything in their estate plan regarding how they want them handled. A 2011 survey by McAfee found that Americans valued their digital assets at more than $54,000. Digital assets include photos, emails and digital records such as financial statements or tax returns, along with anything else you store online. In addition to these common assets, digital purchases for eBooks, music and movies would also be included, along with the relatively new cryptocurrencies.
If you are one of the many millennials in Missouri, the thought of making a will or a trust may seem completely unnecessary to you. Many people today still incorrectly consider these things important for older individuals. However, as NerdWallet explains, setting up an estate plan while you are young is just as important as having one in place when you get into your 50s, 60s or beyond.
As a responsible parent or guardian in Missouri, you have made a will to ensure that your children have guardians should you die, and that your belongings go to those you want to have them. Those are important directives. However, a will is not a “one and done” task. As you go through changes in your life, your will should reflect that, along with changes in finances.
If you are one of the many people in Missouri who has been fortunate enough to find a new love to bring into your life after the death of a spouse or after a prior divorce, you have many reasons to celebrate indeed. However, before you rush to walk down that aisle again and legalize your union, it is wise for you and your new partner to carefully review and formalize your estate plans.
If you are one of the people in Missouri who has spent the time and energy to make a will, trust or other estate planning document, you should be pleased with yourself for taking this step. However, you should now ask yourself how long it has been since you have reviewed those items? Your estate plan should never be considered static because your life is not static. People come into your life either via marriage or birth. Similarly, divorce and death may take people out of your life.