Maryville Estate Planning Lawyer
It is not uncommon for people to put off estate planning. Often it is because they think they are not old enough to need a plan, they do not have children, or they do not believe that they have a substantial amount of assets to plan for. The truth is that everyone has an asset. Failing to plan for yours can make things even harder for your loved ones after you pass away. A comprehensive estate plan can also benefit you during your lifetime. Below, our Maryville estate planning lawyer explains what to include in your plan and how we can help.
Do You Need an Estate Plan?
Truthfully, all adults need an estate plan. If you own a home, a vehicle, or even nothing more than a few personal items, you need to create a plan. This can save your loved ones from the probate process, or from making difficult decisions in the future. An estate plan can also include durable powers of attorney and advance health care directives. These legal documents give someone else the authority to make financial and health care decisions on your behalf in the event that you become incapacitated and cannot make them for yourself.
Important Estate Planning Documents
There are many important documents that can help you draft a comprehensive plan. The ones you choose to use will depend on the facts of your case. Some of the most common estate planning documents are as follows:
- Last will and testament: Your last will and testament is the keystone of your estate plan. Your will outlines how your assets will be distributed after your death, and allows you to name a personal representative, also known as the executor, as well as a guardian for any of your minor children.
- Trusts: Trusts are legal documents into which you place property by funding the trust. Trusts are separate legal entities and so, any property within one does not have to go through probate. During your lifetime you can manage a trust and then name a trustee to take over those responsibilities after you pass away.
- Advance directives: An advance health care directive allows you to name a person who has the authority to make healthcare decisions on your behalf in the event that you ever become incapacitated.
In addition to the important documents above, your estate plan should also include provisions for your pets, a succession plan for your business, as well as your preferences for your funeral.
Our Estate Planning Lawyer in Maryville Can Advise On Your Case
When it comes to your estate plan, it is critical that no mistakes are made and that documents are executed properly so they actually provide the protection you intended them to. At Fox, Farley, Willis & Burnette, our Maryville estate planning lawyer can help you create a thorough plan that addresses the needs of you and your family. Call us now at 865-426-1966 or fill out our online form to schedule a review of your case with our seasoned attorney and to get more information.
