To many people, estate planning is only something upper-class families with several homes and a complicated stock portfolio need to worry about? After all, if you’ve told everyone where you want your belongings to go after you die, shouldn’t your family be able to take care of it? Unfortunately, the situation is a lot more complex than that, which is why everyone can benefit from preparing a will and giving their loved ones the legal authority to act on their behalf.
Writing a Will
Everyone has something they’ll want to pass on their family or friends. If you own a vehicle, home equity, a small savings account, or a 401(k), you’ll want to ensure that it gets passed on to those you chose. Verbally expressed wishes aren’t legally enforceable, so you’ll need to prepare a will that gives you control over who inherits your possessions. Without it, your belongings will be distributed according to a formula in state law, which doesn’t take your actual relationships into account.
Other Elements of Estate Planning
A good estate plan involves a lot more than just writing a will. For instance, a durable power of attorney can prepare you for the unexpected, giving those you trust the ability to make medical decisions for you, manage your finances, and take care of your affairs if you’re physically or mentally unable to do so. An advanced health care directive gives you even greater control over the type of medical assistance you receive, allowing you to consent to treatment and outline acceptable outcomes if you’re unable to express yourself for any reason.
George A. Shaffer, Attorney at Law, is an accomplished legal team with over 30 years’ experience providing high-quality legal advice guidance to clients throughout the Buffalo, MO, area. Visit their website today to see more about their estate planning and other legal services, or call (417) 345-2262 to set up your initial consultation.