1. You Need an Estate Plan to take care of you and your loved ones when you die.
Important reasons for Estate Planning are:
1. A. Avoid or minimize estate taxes;
2. B. Avoid or minimize probate costs;
3. C. Avoid family squabbles over your property;
4. D. Protect beneficiaries from squandering their legacy; and
5. E. Primarily to ensure that your property will be used as you want it to be used.
You should be the person to decide how your property will be distributed or used when you die. It is your property. If you do not make an Estate Plan, the state has already written a will for you that will decide who receives your property. If your estate is subject to tax, Government also will decide how to spend your money.
2. Estate Planning is not just for Older People.
If you have children, you need an estate plan to provide guidance, direction and resources for them in the unhappy event that the should become orphans. It is both a way to show your love and continue to carry out your responsibility as a parent even after you die.
3. Estate Planning is not just for the Wealthy and it is not just about money.
When you make an estate plan you review and make decisions about matters that affect all of us - even if we have not thought about them. For example:
- Who do you want to make health care decisions for you if you are unable to do so because of illness or injury? You can name that person or persons in a Durable Power of Attorney for Health Care.
- Who will you trust to handle your financial affairs and pay your bills if you are not able to because of an illness or injury? You can name that person in a Durable Power of Attorney.
- Who do you want to take care of your minor children if they are left without a parent?
- Do you want to be kept on life support if there is no chance you will regain consciousness? You can make a Living Will (sometimes called an Advance Directive) to relieve your loved ones of making the decision. And in your Living Will you may include conditions such as requiring opinions from your attending and personal physician that they believe to a reasonable degree of medical certainty that you will not regain consciousness before you are removed from life support.
- Who do you want to leave special items like a piece of art, your grandmother's wedding ring or your great grandfather's railroad pocket watch? In Missouri you can make a list, separate from your will, that can be updated any time to cover items like these.
- Do you have a child or loved one with special needs who may require a Special Needs Trust?
- Has one of your children married someone you do not trust?
- Do you have special care instructions about your pets or your grooming in a nursing home?
- Do you have special thoughts about your funeral, memorial service or do you want no service?
