When planning for the final disposition of your estate in Odessa, Missouri, there are a few things you'll want to consider: who do you want to give your assets to, and under what conditions? Do you have any preference for how your funeral should be done? Do you have any particular wishes regarding end-of-life care? These questions, and more, should all be taken into account.
While the drafting of a will (the document that dictates what is to be done with the decedent's property after death) is typically the central component of any estate plan, there are numerous other elements which you may want to include, depending on your goals, and your financial situation.
A clear estate plan will also contain instructions to your doctors about your preferences for end of life care, in case you become unable to express them. This is identified as a "living will." It should also include instructions about funeral arrangements and organ donation.
For anyone who has children who are still minors, it is very essential to make arrangements for their custody and care, just in case the unthinkable occurs. You should think of a family member or extremely close friend who you know would be willing and able to take care of your children, and designate them as the person who would take custody. Of course, it's crucial to discuss this matter with that person before you truly do it.
What Type of Estate Plan Do I Need in Odessa, Missouri?
The answer to this question varies on your individual needs, your priorities, your health, and the size and nature of your estate.
If you are young and unmarried, estate planning likely doesn't need to be on your radar, unless you are very ill, independently wealthy, or perhaps if you work in a very hazardous job, such as the military.
There is one group of unmarried people for whom estate planning in Odessa, 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 authorizing power of attorney, and writing them into your will.
Other groups for whom estate planning is very crucial in Odessa, Missouri are people who are elderly and/or have a lot of assets. This may be the time in one's life where estate planning is most crucial. While it's true that the process of making an estate plan requires a person to deal directly with the reality of their own mortality, it is very important if you value the security that comes with the knowledge that your family will be provided for.
Do I Need a Odessa, Missouri Estate Planning Attorney?
Because estate planning in Odessa, Missouri can involve some confusing legal and financial issues, it is necessary to undertake this task with the guidance of an experienced attorney who specializes in estate planning.