Recently I lost someone very close to me and it becomes very real that you need to make a plan for your family in order to de-vest yourself of your assets and the other things important to you.
Funeral? How to we access the bank accounts not held with your spouse? Who gets the jewelry, beach house, etc.? These are all questions that need to be answered before you pass. Unfortunately the result of not having an estate plan, all of those items go to the court. The court then can charge you a statutory fee, which is a percentage of the total estate, and make decision for your family! No one wants that.
While setting up your estate plan, it is important to have a living trust, that you can make changes to while you are alive. It is important to have a will. That way the state or county won’t know what your estate looks like. The will puts items into the trust. The trust are all the secret or important items that you want your family or trustees know.
Another important part of an estate plan is the durable powers of attorney. You have heard of health care power of attorneys and how the doctor needs a copy. Keep in mind, if you are not married to your significant other or don’t have the best family relationship, it might not be in your best interest for that person to make decisions on your behalf while you are incapacitated. family member. If you don’t have a durable power people can make decisions for you. That can also apply to financial matters. Also, don’t be afraid that once you sign one, everyone can take over your life. It only applies when you can’t make your own decisions, as an as needed basis.
Have more questions? We would be happy to help you in your Estate Plan. Call us today (314) 783-9400 or visit our website to learn more on Estate Planning, Wills and Trusts.
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