Estate planning allows you to prepare for the future by determining what will happen to your assets and family when you pass on. While it might sound like a task reserved for senior citizens, it's wise to get the job done sooner rather than later. An illness or injury can strike unexpectedly, and you want to be prepared if needed. Here’s what you should know about estate planning.

Financial Aspects of Estate Planning

Even if you feel like you don't have much, you do possess valuables. Perhaps you own a small house or a car. Maybe you have investment accounts, a bit of money saved in the bank, or a retirement fund you pay into. All of these are assets that will be transferred upon your death. 

You want to make sure they go to your chosen loved ones. Without proper estate planning, you can't control what happens in the future. State laws generally come into effect and designate that assets should go to the next of kin like a spouse or children.

Nonfinancial Aspects of Estate Planning

Drafting an estate planning document like a will or a living trust isn’t just about possessions and money, however. Another essential element is the designation of guardianship for minors. Who will care for your little ones if you can’t? These documents designate the responsible person. 

Estate Planning should also involve consideration of what will happen if you become incapacitated.  A power of attorney names an individual to make decisions (both financial and health care related) on your behalf if you are physically or mentally unable to. The person you name to make financial decisions on your behalf does not have to be the same person you name to make your health care decisions.

Estate planning allows you to take care of all of these essential details, providing you and your family with peace of mind. Let the Law Offices of Drew F. Davis in Cameron, MO, guide you through the process of establishing a will or living trust. Serving all of northwest Missouri, this lawyer has over 20 years of experience and a reputation for thorough and knowledgeable legal counsel. Review his full list of practice areas on his website. Schedule a consultation with the law firm by calling (816) 632-7575.