Estate planning helps to ensure the smooth transfer of your assets after you pass away. However, a multi-step approach is necessary to achieve a successful outcome, and it should include many different clarifications. Here's a look at some of the most significant aspects. 

What to Include in an Estate Plan

1. Wills & Trusts

A will outlines how you want to distribute your assets. It includes a detailed breakdown of property, funds, and accounts, as well as how your executor should split them between your beneficiaries. As a result, the legal document ensures that your wishes are followed by eliminating any guesswork.

Alternatively, you can create a trust. With this approach, you legally transfer your assets to a separate entity. As the trustee, you remain in control of the property and funds until you pass away, at which point the property goes to the beneficiaries. This option allows your beneficiaries to bypass the probate process, which is time-consuming and costly. 

2. Power of Attorney

A power of attorney (POA) is someone that you designate to make decisions on your behalf if you cannot do so. There are two main types of POA that you should select: durable and health care. The former is responsible for financial and legal decisions, while a health care POA is in charge of medical choices.

While you can choose the same person for both, estate planning attorneys will typically create two separate documents. This ensures that each option meets meets legal standards and is admissible in court. You should also highlight a backup POA for each option, as this protects you if your first choice cannot assume the responsibility. 

3. Letter of Intent

This document allows you to explain your wishes in greater detail. The letter of intent serves as a guide to your estate executor, offering directions on the handling of certain assets. You can also utilize the letter to outline your funeral service, as well as your burial or cremation desires. While it doesn't technically hold legal power, the paper helps loved ones that may have questions or concerns regarding end-of-life tasks.

When you need assistance with the estate planning process, contact Kirksey Law Firm LLC in Bolivar, MO. These local attorneys go above and beyond for their clients throughout southern Missouri, from Stone to Gasconade County. Visit them online for more information about their services. Call (417) 326-4529 to schedule a consultation.