Whether you’re a single adult who owns a pet, a single parent, or married with a house full of kids, you need estate planning. As Missouri attorney David Schmidt of Woodlawn Law Offices in O’Fallon tells the public, preparing a few documents and keeping them updated gives peace of mind in the present and reduces confusion and family arguments in the future. From wills and trusts to powers of attorney, the following paperwork simplifies life now and later.   

3 Essentials for Effective Estate Planning  

1. Wills & Trusts

A last will and testament lets you have the final say about distributing your assets. This document also allows parents to name guardians for their minor children and adult children with special needs. Mention in the will that you are setting up trusts, such as special needs trusts or testamentary trusts, which protect assets for children and loved ones. Missouri law allows pet trusts, so owners can designate caretakers and provide funds for animal companions.

2. Up-to-Date Beneficiary Forms

Keeping information current on documents, accounts, and jointly owned property is crucial for effective estate planning. Check life insurance, annuity policies, pension, retirement, and financial accounts periodically to ensure the accuracy of names and contact information for beneficiaries and alternates. Marriage, divorce, relocations, and adoptions are among the events that require changes to these forms.  

3. Durable Power of Attorney   

A power of attorney authorizes someone you trust to make business, personal, and medical decisions for you. A durable power of attorney allows them to exercise the authority you give them, even if you are incapacitated. You decide how much authority you want to delegate, and your estate planning lawyer drafts the document according to your wishes. 

Effective estate planning strategies require deep legal knowledge, skill in preparing documents, and continual evaluation of changing laws and client circumstances. Discuss your goals and needs with an experienced lawyer at Woodlawn Law Offices in O’Fallon, MO. Attorney Schmidt offers more than 25 years experience in all aspects of estate planning. For wise counsel and compassionate representation, call (636) 240-6667 and make an appointment or visit the website for more information.