There are specific responsibilities you must take care of as you age. One of them is making sure your family is cared for upon your death. Going to an attorney to get your estate plan squared away should not result in a sad feeling, but in a sense of accomplishment for planning for your family’s future. The following three documents are examples of some of the items you may want on hand should the unexpected occur.
1. Last Will and Testament
Your will is an important component in your estate plan. Many people considering having only a will as appropriate estate planning. When you want to decide who gets what, draft a will. This is important for divvying up assets and personal property after your death. You will also want to decide who is going to be in charge of administering the will. This person can be an attorney or someone you trust in your family to carry out your wishes. Some people appoint more than one executor as a form of checks and balances. If you have children, your will also sets out the chain of custody for them until they reach 18. A will may have to go through a court system known as probate before things get disbursed.
2. Revocable Living Trust
If you want to go about creating a trust in st. louis, you’ll want to ask your attorney about your options. One of the most popular types of trusts is called a revocable living trust. It allows you, the grantor, to move money and property in and out during your lifetime. Doing this may save you money on taxes throughout your lifetime. Upon your death, whatever is in the trust will pass directly to your beneficiaries. Unlike a will, there is no probate when it comes to a trust.
3. Financial Power of Attorney
In the event you are injured or incapacitated for some time, you will want someone you trust to have access to your money and make financial decisions on your behalf. A financial power of attorney grants one (or more) people the right to full access to your assets, property, debt and the like to take care of your needs. The power of attorney you select may sell property or liquidate assets to help pay for your care if need be.
When drafting an estate plan, not all documents may apply to your situation. Therefore, it’s a good idea to see an attorney who can help you sort through it all.