Estate Planning 101: Tips for starting the process

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In the event they should become diagnosed with a mental disability or depart the earth, most people hope they will leave their family members with unforgettable moments to cherish. Part of allowing your loved ones the ability to treasure your memory in a stress-free way is to leave this life financially stable, ensuring the ones you leave behind can manage your belongings and estate straightforwardly.

The method of preparing for these critical moments involves estate planning. Although the idea of securing financial stability for one’s beneficiaries and the estate is common, many people avoid estate planning altogether due to a fear of death. Attorney Adam Gohn, who practices law in Cape Girardeau explains that it is important to overcome this fear because “it is more than money.”

“Estate planning also involves having legal documents that detail who parents want to be appointed over their children as guardians if something were to happen to both parents,” Gohn says. “Estate planning is like eating vegetables. It is not something we like to do, but we know we must do it.”

Now more than ever, it is imperative to avoid procrastination when it comes to estate planning. The novel coronavirus pandemic has had a dramatic effect on the nation’s financial health and the decisions people make. According to the Missouri Department of Health and Senior Services, an average of 2,371 Missourians test positive for COVID-19 each day. As such, Gohn encourages all people, regardless of age and health status, to get their affairs in order and request a consultation from an estate attorney. Here are a few ways you can start getting your estate plan in place:

1. Assemble a team.

Estate planning involves seeking professional advice from an attorney, financial advisor and banker who can assess one’s property and finances to determine what will happen to an estate, children and other belongings. Missouri Legislature has written an estate plan that can be tailored to fit the estate of Missouri citizens who did not have a plan in place before their death. If one has adequately prepared their estate, the transition of assets to beneficiaries, the execution of their will and testament, expenses associated with the estate and all other obligations will be taken care of with ease. Without these plans in place, Missouri lawmakers get to decide what happens to all the deceased person has worked hard for and dedicated their entire life to attain. Getting the proper professional help before you pass away can help ensure your wishes are fulfilled rather than someone else’s.

2. Get a consultation from an estate attorney. It’s free!

People often avoid estate planning because they think it’s unaffordable. However, after consulting with an estate attorney, one will find that planning an estate is simple, and the cost can be tailored to fit the specific needs of the individual. Estate planning is beneficial for all people of all salaries and tax brackets.

The probate process is a legal mechanism of transferring property from the deceased to someone else. In working with your estate attorney, you will explain what you want to happen with your estate, and the attorney will work to get the legal documents executed. The attorney can also determine which items should be included in the estate, how much the estate is actually worth and if a trust should be established, as well as analyze the current taxes and insurance policies associated with the estate.

3. If you have been deemed the power of attorney for a loved one, hire an estate attorney.

Being named the executor of a will shows the deceased person believed the person they have named is trustworthy and intelligent enough to get the job done. This is a task that cannot be taken lightly, as this person is legally obligated to make sure the deceased person’s expenses have been paid by making contact with creditors, speaking with insurance agents, obtaining death certificates and deciding the type of probate that may be needed and the proper distribution of the estate to the deceased’s loved ones.

It is necessary to hire an estate attorney so you are adequately advised on the procedures associated with managing an estate and can be given an abundance of knowledge to ensure all testator wishes are met. Both an executor of a will and power of attorney play critical roles in the estate-planning process.

Taking the first step is always the hardest, but it is also the most rewarding because you know you are doing the right thing. Do not be afraid to begin the process of estate planning. Instead, think in these terms: Who would become the guardian of your children or handle your estate if you were to depart the earth in the next 10 minutes? What if you did not have that in a legal document? Avoid creating resentment between friends and family over your legacy. Pick up the phone and make the call. The choice is yours.