Estate planning provides Missouri residents with the right to ensure that their final wishes are met. Unpredictable life events could prevent these individuals to distribute their estate as they wish. They could also place decision-making power in the hands of the state in terms of their children. The most effective way to avoid the unpredictable is to plan ahead through estate planning opportunities.
Protecting Against Diminished Capacity
While Alzheimer’s disease and dementia affect residents later in life, they aren’t the only causes of diminished capacity. The estate owner could face medical conditions that cause their inability to make sound judgments on their own. Alternatively, injuries sustained during an auto accident could lead to a similar outcome. To maintain control, the estate owner should include provisions in their plan for these probabilities.
A living will provides them with the power to make decisions about their health care. An additional directive could identify a family member as possessing the power of attorney. These modifications could help the estate owner ensure that he or she receives medical treatment as they wish. They could also make distinctions about their property throughout the rest of their lives. To start the planning process, contact an estate attorney in Jefferson County, MO now.
Why a Will Is Critical
A will determines which family members receive the estate owner’s property and assets. If the estate owner has children from more than one marriage, this allows them to safeguard inheritance for children produced during their previous marriages. This prevents their current spouse from making these determinations for them.
Reducing the Size of the Estate
The transfer of ownership of specific properties to a living trust allows the estate owner to reduce the value of their estate. Once the property is transferred, it is no longer a part of the estate. Hence, by assigning ownership earlier they could decrease the tax implications of inheritance.
Estate owners in Missouri should take precautions to safeguard their property and assets. This prevents others from making decisions for them and prevents issues after their death. To learn more about these concepts, contact an estate attorney in Jefferson County, MO now or click here for more information.
