Determine How To Pay For Your Burial
Do you have a plan for how your funeral and burial will be paid for? After you pass away, your personal representative will likely be expected to satisfy this cost from the assets of your estate. If there is not enough cash in your estate to satisfy this debt, property and other assets may have to be sold.
Decide When To Distribute Assets To Your Heirs
When do you wish for your assets to be distributed to your heirs? If your children are under the age of eighteen, you may want to establish a trust that will allow you to designate the age your children must be before they have control over their inheritance, and a trustee who can manage the assets until that time.
Decide Who To Distribute Your Real And Personal Property To
Your savings account and financial investments may only be part of the picture. It is also important to consider who gets your real and personal property, such as your home, condo, land, cars, collections, etc. Wills, trusts, and non-probate transfer designations are perfect tools for assisting you with directing who will inherit these assets.
Designate Who You Want To Be Guardian For Your Children
If you have children under the age of eighteen, this will probably be one of the most important decisions you make when it comes to estate planning. You will want to nominate the person (in your will) that you would like to serve as guardian of your children in the event that something should happen to you before they become adults. We recommend that parents begin this conversation with one another even before they have kids, as it may take some time to arrive at a decision.
Appoint A Power Of Attorney
A durable power of attorney for your financial affairs gives someone else the authority to make financial decisions and take care of your affairs in the event that you become unable to do so. A medical power of attorney appoint someone else to carry out your end of life and healthcare decisions when you are unable to do so.
O'Donnell Law Center Is Here To Make The Process Easier
In order to make things easier on the loved ones you leave behind, you will want to ensure that your estate plan is properly constructed. End of life decisions and conversations aren't always easy, but that doesn't make them any less critical. Our Lake of the Ozarks law firm is here to facilitate the discussion and answer any questions you have about the process.
We Carry Your Burden ~ You Carry On With Life.
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Phone: (573) 552-0317
O'Donnell Law Center, LLC
Osage Beach, MO 65065