It can be difficult to put together a comprehensive and viable estate plan, but it’s also quite important to have one. If you have no idea where to start putting yours together, you may want to consult with an experienced estate planning lawyer and discuss your options. The last thing you want is to have no plan when the time comes to say goodbye to your loved ones. Understanding the important steps in the process can be crucial. A Kansas City estate planning lawyer can help.
Everyone has different needs when it comes to establishing an estate plan. Above all, you want to make sure your plan is enforceable by law and includes all necessary elements. Without the help of an estate planning lawyer, it may be difficult to ensure that your plan is everything you want it to be. Without a plan, your estate will be divided in accordance with Missouri’s intestate succession laws, which may not be what you want in the slightest.
Why Hire an Estate Planning Lawyer?
It’s okay to not know where to begin when it comes to putting together a comprehensive estate plan. There may be certain myths you believe about estate planning that could turn out to be totally inaccurate. You will want an experienced estate planning lawyer to help guide you through this process.
The multi-state legal team at Stange Law Firm has considerable experience handling estate planning cases just like yours. We can offer you a personalized and empathetic approach.
According to recent statistical information collected by the U.S. Census Bureau, the average median household income for a family of four in Missouri is approximately $106,000, as of 2024. To many families, that’s more than enough consistent income and potential savings to warrant a considerable estate plan that lays out asset distribution and power of attorney, among other factors. You want to make sure your assets are managed properly when the time comes.
Talking to your family about your wishes can be a difficult conversation to have, especially if you haven’t prepared them for it. Regardless, this is something they will need to know about. You may want to consider reaching out to a local grief support group like GriefShare to help your family prepare for this conversation. You want to make your wishes clear to the right people so there’s no confusion over your estate when the time comes to deal with everything.
Important Steps in Estate Planning
The way you handle your estate plan is entirely up to you. You may want to include certain provisions, clauses, and conditions. You may want to wait until a significant life event to establish or modify a plan, such as birth, marriage, or divorce. Here are some of the most important steps in the estate planning process that you may want to consider with the help of an experienced lawyer:
- Define Your Goals: Above all, you want to be clear about what your goals are with your estate plan. If your goals aren’t clear, it will be awfully difficult for your loved ones to decipher your wishes and move forward the way you wanted them to. Every estate plan is different. They are made in accordance with the wishes of the principal. Be sure to clearly define your intentions.
- Draft a Will: A last will and testament is an important element of an estate plan. It lists out your assets and describes everyone you wish to leave something to. You want to make sure your most current will accurately reflects your current wishes. Be sure to change things if necessary.
- List Out Beneficiaries: You don’t want your list of designated beneficiaries to be up for debate. If there are people in your life you want to include in your estate plan, be sure to include them clearly. It’s okay to exclude people if you want, even if they’re family. It may cause some friction, but if you make your wishes clear, there’s very little they can do about it.
FAQs
Q: What Is the Most Important Part of an Estate Plan?
A: There’s no telling what the most important part of an estate plan may be. Everyone’s estate plan is different. What you may consider a crucial element of your plan may not even be included in someone else’s plan. Generally, the most important part of an estate plan may be the last will and testament, as it clearly outlines your assets and who you wish to leave them to. Without a will, the plan can be difficult to determine.
Q: What Is the Hardest Step in the Estate Planning Process?
A: It’s difficult to determine what the hardest step in the estate planning process is. Everyone has different feelings going into creating an estate plan. For some, drafting a will can be hard. For others, establishing a trust can be even harder. For many, though, the hardest part is often just sitting down and discussing your own death with your family. It’s not an easy thing to talk about, and many people find it morbid.
Q: Why Is an Estate Plan Necessary?
A: There are many reasons why an estate plan is necessary. If you have significant assets that will be distributed upon your death, an estate plan can ensure that your wishes for those assets are obeyed and respected. You may want to keep certain people from ever getting their hands on your property. An estate plan can make that happen. You want to make sure your loved ones are financially protected once you’re gone.
Q: Can an Estate Planning Lawyer Help?
A: Yes, an estate planning lawyer can help. Mostly, an estate planning lawyer is there to guide you through the process and offer the right kind of legal advice when necessary. It’s entirely possible that this is your first time developing an estate plan. A good lawyer can make sure you don’t make any costly mistakes. Having the right kind of legal help by your side can only be a good thing.
Contact Us Today
At Stange Law Firm, we can help you put together a strong estate plan. Contact us to speak to a valued member of our team today.