Property

Many people use their estate plan to help decide how their property will be distributed at the time of their death. Wills are the most commonly used tool for this because they are simpler, cheaper, and the most commonly understood. A living trust can be used as well.

Young Children

Estate planning can include naming a guardian to care for any young children that may be left behind if the child’s other parent is not available. A custodian or property manager can be assigned to manage your children’s property as well.

Taxes

For some time, average families utilized their estate plans to bypass or decrease inheritance and estate taxes. Nonetheless, federal estate tax is currently imposed on extremely affluent estates, most valued at several million dollars. Consequently, if you have an average estate, there is no need to be concerned about estate taxes; however, some states do levy inheritance and estate taxes on less affluent estates. Fortunately, Missouri does not have any death or inheritance tax.

Health Care Arrangements

An estate plan can be used to make decisions concerning the type of health care you prefer before death. In addition, a power of attorney can assign an individual to make health care determinations on your behalf if you become incapacitated. Additionally, a living will can explain more clearly what type of health care you prefer.

Bypassing Probate

Probate is the means by which the court will distribute your property following your death. However, this can be an expensive process that can take a long time to resolve, which is the reason why many individuals prefer their estate plan to bypass the probate process.

Your Final Wishes

Many people include instructions in their estate plan concerning what should happen to their body following death along with the type of memorial or observance desired.

Taking Control of Your Estate Planning

Why not take control of the estate planning Springfield has to offer by contacting our law offices? We tailor your estate plan to suit your wants and needs taking into consideration family dynamics and long-term consequences. By hiring the Law Offices of BJ Richardson in Springfield Mo, you are making the first move to securing the future of your loved ones. Life or death should not be a deterrent to your legal wishes being met.