Make sure you have these estate planning documents.
You probably already know that you should have a will. What you may not realize is that a comprehensive estate plan goes far beyond a last will and testament. To provide the protection you and your loved ones need, your estate plan should include several essential legal documents. An experienced estate planning attorney can draft documents tailored to your unique needs and goals.
Essential Estate Planning
Although a will is a good place to start, here are several other key areas of estate planning:
Because your will is only effective upon your death, you need estate planning documents that address what happens in the event you become mentally or physically incapacitated during life. Incapacity planning allows you to appoint a trusted individual to oversee your financial and health care needs if you become unable to look after them on your own.
Most people want to avoid probate, and for good reason. The probate process can consume a great deal of time and money, creating stress for your surviving family members. Careful estate planning can help your heirs receive your bequests quickly and without the hassle of a lengthy probate process. In some cases, a Revocable Living Trust is an option that can help people avoid probate, although it’s not always necessary to use a trust to achieve probate avoidance.
As people continue to live longer, healthier lives, it’s important to ensure you have enough assets to be financially secure in your golden years.
Business Succession Planning
Many business owners spend years and even decades building their business yet fail to plan for how the business will survive after they’re gone. Don’t allow your hard work to fall apart upon your passing. A business succession plan can help your business continue to run smoothly in the transition period after your death.
Springfield, Missouri Estate Planning Law Firm
A well-built estate plan includes much more besides a will. To discuss your unique estate planning needs, the Law Office of Randy L. Smith, LLC today at (417) 841-2775 to speak to an experienced estate planning lawyer about the estate planning documents you need to secure your future.
This website has been prepared by The Law Office of Randy L. Smith, LLC for informational purposes only and does not, and is not intended to, constitute legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice from an attorney licensed in your jurisdiction.