Estate planning in Bonne Terre, Missouri is simply the act of deciding what you want to happen to your assets after your death. It typically entails making plans about funeral arrangements, as well as plans for end of life care.
The creation of a will (the document laying out what is to be done with your property after your death) is an essential element of an estate plan, but it is typically not the only element. There are many other necessary things that most estate plans should include.
A will is rarely the only aspect of a comprehensive estate plan. Most persons have quite strong preferences about their end-of-life care, especially when, and under what circumstances, they would want to be taken off life support, if that every happens. These wishes should be made in writing, and discussed with family. Additionally, preferences on organ donation and funeral arrangements should also be made clear.
Crucially, your plan should make arrangements for the care and custody of your children, if they are minors. However you should first discuss this matter with the person who you intend to take custody of your children in case something happens to you, to make sure they are willing and able to do so.
What Type of Estate Plan Do I Need in Bonne Terre, Missouri?
The answer to this question depends largely on your goals and priorities, as well as your age, health, and the amount of assets you have.
If you are in good health, young, and not married, planning an estate is probably not a high priority. And at this point in your life, it doesn't really have to be, with a few possible exceptions, such as individuals who work in very dangerous jobs, or who are very wealthy.
There is one group of unmarried people for whom estate planning in Bonne Terre, Missouri is absolutely necessary: adults who are not married, but have a life partner who they'd like to provide for in the event of death. There are many rights that automatically attach with marriage, such as the right to inherit if a spouse dies without a will, the right to make medical decisions for the other spouse if they become incapacitated, etc. If you and your partner are, for whatever reason, unable or unwilling to get married, you will have to take various steps to secure these rights, such as granting power of attorney, and writing them into your will.
There is another considerable group of people who would benefit from having a good Bonne Terre, Missouri estate plan: the elderly and those with a lot of money really need to consider making a comprehensive estate plan as soon as possible. While this necessarily includes facing some uncomfortable realities, it is necessary and unavoidable.
Do I Need a Bonne Terre, Missouri Estate Planning Attorney?
Because estate planning can be an intricate process, the expertise of a good lawyer in Bonne Terre, Missouri who specializes in wills, trusts, and estates can make the process a great deal easier.