Putting together an estate plan can be a long, difficult process, especially if you are starting from scratch with no idea where to begin. You may not want to start putting together an estate plan without help from the right people. Having the right lawyer throughout this process can be extremely beneficial and can make the entire process go much smoother. Recognizing the most important steps in the process is crucial. A St. Louis estate planning lawyer can help you.

Having a valid, enforceable estate plan can be crucial to ensuring that your loved ones are taken care of in the event of your death. You want to ensure your estate plan is sound so that your estate isn’t distributed according to Missouri’s intestate succession laws. If that happens, your assets will be divided among your closest living relatives first, which may not align with your intentions. A good lawyer can help you figure out a good plan that works for you.

Why Hire an Estate Planning Lawyer?

Putting together an impressive estate plan can be tough work on your own. Having the right lawyer to streamline the process can make a significant difference. The legal team at Stange Law Firm has helped countless clients across the country establish, enforce, and modify their estate plans. Our multi-state approach may be exactly what you need to make sure your estate plan is everything you intend it to be. We are here to help with a personalized approach.

According to recent statistical data collected by the U.S. Census Bureau, the average household income of a family of four in Missouri is approximately $106,000. Many families may view that level of income as significant enough to warrant an estate plan and power of attorney to make sure your assets are properly managed when the day comes. Discussing your death with your family can be a lot. You may want to enlist a local grief support group like GriefShare for help.

Vital Steps in Estate Planning

How you handle your estate plan is entirely dependent on what you need from it and whether or not you have legal assistance to help you figure things out. Choosing to develop an estate plan without a lawyer can be overwhelming and confusing, especially if you are doing so after a significant life event like a divorce. Here are some important steps in the estate planning process that you may want to prioritize:

  • First and foremost, you want to have clearly defined goals. You won’t be able to move forward with building an estate plan if you don’t have a goal in mind. No two estate plans are ever the same. They are always tailored to the principal’s needs. It’s important to remember that your estate plan will be the primary document that the court will use to distribute your assets. Your intentions should be clearly defined.
  • Then, you may want to consider drafting a will. Having a last will and testament as part of your estate plan is quite common and is often a vital part of your plan. Notarizing a will is something you may want to prioritize early in the estate planning process. Make sure your will reflects your most recent wishes. You may want to change things after a divorce, a birth, a death, or an adoption.
  • You may want to consider establishing a trust as well. A trust can be a useful way to protect certain assets while avoiding certain estate taxes. Your designated beneficiary may have considerably more control over assets placed in trust, and an experienced lawyer can assist you in putting a trust together.
  • It’s also important to be very clear about who you want your designated beneficiaries to be. Choosing who among your friends and family will benefit from your estate can be easier said than done. Depending on who you end up excluding, you could cause serious emotional turmoil amongst your family. Be as clear as possible when deciding on your beneficiaries.

FAQs

Q: What Are the Most Important Parts of an Estate Plan?

A: An estate plan has many important parts. Depending on your own needs, your estate plan may be quite different from someone else’s. Generally, the most important parts of an estate plan include a last will and testament, a living trust, a designated power of attorney holder, and even funeral arrangements if you want. Your lawyer can help you decide what you should include in your plan and what you may want to leave out.

Q: What Is the Most Difficult Step in the Estate Planning Process?

A: There is no telling what the most difficult step may be in the estate planning process. Everybody’s estate plan is different. What may be quite difficult for you may be fairly easy for someone else. For many people, the most difficult step in the process is discussing death with their family. Many people may be uncomfortable talking about such a morbid subject with their families, which is understandable. Still, it’s important to have that talk.

Q: Why Do I Need an Estate Plan?

A: There are many reasons why you may need an estate plan. Anyone who has significant assets may want to put together an estate plan to ensure the right people are able to benefit from their estate. Having a plan in place can show the court exactly how you intended your estate to be divided. It ensures your loved ones are taken care of and that nobody tries to take advantage of your estate.

Q: Should I Speak With an Estate Planning Lawyer?

A: Yes, you should speak with an estate planning lawyer. Having the right lawyer by your side can make all the difference as you attempt to put together a comprehensive plan that outlines your intentions with your estate. You may not know exactly what to do to establish the plan that you want. The right lawyer can help guide you through every step of the process and make sure you don’t make any costly mistakes.

Contact a Lawyer

At Stange Law Firm, we can help you create a comprehensive estate plan. Contact us to speak to a member of our team about your case.