Thursday, April 2, 2015

Simple (But Crucial) Estate Planning Reminders

Every one of us was born into this world at some point in time, and every one of us will pass on out of this world at another point in time. There are steps that should be taken before we pass in order to leave our survivors in good positions after we are gone. Here are some important things to think about as you begin planning your estate at the Lake of the Ozarks.

Design A Will
Your son may insist that you promised him your car after you passed, but your daughter may just as easily make the same claim. Verbally identifying which assets will be passed to whom is perfectly okay (and natural), but it won't be enough on its own. Your will is a legal document that will officially identify how your assets will pass to your heirs, and it will save your loved ones a lot of time and energy. If you have minor children, your will is also your opportunity to designate who you wish to be their guardian(s) in the event of your passing.

Provide Healthcare Instructions
Unfortunately, some people are unable to provide instructions regarding their own personal care because of incapacitation, and therefore must rely on others to make these decisions for them. Who will make decisions on your behalf if you become incapacitated? Putting together a living will now will enable you to put the person of your choice in this important role.

Identify A Financial Power Of Attorney
Your power of attorney does not have to be a real attorney at the Lake of the Ozarks. In the estate planning sense, power of attorney refers to the individual who has been appointed to oversee your financial assets if you become incapacitated. This is an important role to fill - make sure you designate someone you trust completely.


Purchase Life Insurance
Some people are surprised when they first hear life insurance associated with planning their estate, but it makes sense if you think about it. Life insurance will provide financial compensation to your loved ones in the event of your passing. If you have a spouse or children who are dependent on the income you currently provide, life insurance becomes a crucial aspect of a successful estate plan. 

Ready To Plan Your Estate? O'Donnell Law Center Can Help.
Planning your estate is the best way to set your loved ones up for success after you are gone. If you are ready to plan your estate, contact our estate planning attorney at the Lake of the Ozarks. We look forward to working with you.

Call the most trusted law firm at the Lake of the Ozarks to get started today.

O'Donnell Law Center

We Carry Your Burden ~ You Carry On With Life.

Disclaimer: No attorney-client relationship is created by the publication of this blog.


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O'Donnell Law Center, LLC
1026 Palisades Blvd. Suite 3
Osage Beach, MO  65065
(Located on the McDonald's Side of the Building)

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