Most people skirt the idea of estate planning because of its unfortunate context, failing to realize its importance in protecting their surviving loved ones. Although a solid estate plan doesn’t have to be a scary prospect,  it does require forethought to ensure bitter disputes and needless expenses are avoided.

4 Key Steps for Estate Planning

1. Work With a Professional

When creating an estate plan, have a legal professional on board to provide counsel. There is no substitute for experience, so look for an experienced estate attorney to navigate through the tricky process of planning when you have complicated family situations, such as combined families or dependents with special needs. 

2. Create a Will and Possibly a Trust

A will contains instructions on how to divide and dispose of your assets. It also includes nominating a personal representative (a/k/a executor) for your final wishes and a guardian to take care of any minor children. Your attorney can also discuss with you whether a trust is appropriate in your situation.

3.  Use Non-Probate Transfers

In many cases, non-probate transfers, such as “Transfer On Death” designations for titled assets, “Pay On Death” for bank accounts, and “Beneficiary Deeds” for real estate are simple and effective methods to ensure that your assets transfer outside of probate, without the need for a Trust.

4. Assign Power of Attorney

During estate planning, be sure to set up a power of attorney. This allows a designated person to handle every financial decision on your behalf when you’re incapacitated or unable to do so. Similarly, prepare a medical directive that outlines your wishes on health care and intervention. 

4. Organize & Store Everything

Entrust your estate planning documents to someone who understands you the most. Be sure to leave detailed, written instructions for your executor or trustee to follow. Indicate your end-of-life wishes and funeral arrangements on this document, as well. If you have accounts with usernames, passwords, and access codes, write them down, and keep the documents somewhere safe.  

When planning your estate, it’s essential to work with a lawyer who has extensive experience. Based in Cameron, MO, the Law Offices of Drew F. Davis has provided outstanding legal counsel for estate planning to clients throughout Northwest Missouri for more than 20 years. Call (816) 632-7575 to discuss the specifics of your estate with a professional, or visit their website to learn more about their practice areas, including criminal defense and personal injury.