Estate Planning Checklist: Prepare Early & Consult With an Estate Planning Attorney in Missouri
It’s Never Too Soon to Think Ahead. Follow the Steps for Creating a Successful Missouri Estate Plan With Haden & Colbert
Whether it’s your family farm or small business in Missouri, having a plan for the future is imperative to your property’s legacy to carry on. The best thing you can do for your estate is to compile a will and other legally sound documents with an estate planning attorney. This estate plan will ensure that there is no confusion or pushback when the time comes to delegate assets and property ownership. Before creating your estate plan, it is essential to have a clear understanding of the process and what you need to prepare. Our Missouri estate planning attorneys are here to guide property owners during one of their most important decisions.
Start by curating an inventory of your physical & monetary assets
Estate planning is intended for everybody, from agribusiness owners to small ranchers, to agree on a smooth succession plan. To get started, take inventory of all the assets you own – vehicles, investments, real estate, life insurance policies, personal property like jewelry or family heirlooms, and more. The items you own on your property in Missouri can be divided into three distinct categories: tangible, digital, and financial.
Tangible assets include any physical property, such as furniture, equipment, buildings, etc. On the other hand, digital assets like online accounts or cryptocurrency exist on the internet, and it’s a good idea to make sure your passwords are safe and secure, but known only to the parties who will need access after you pass. Lastly, financial assets include non-tangible assets that derive their value from a contractual claim. This includes everything from stocks and bonds to bank deposits and retirement accounts. When you have an easy way of referring to your assets in Missouri, our estate law attorneys can tailor the plan in your favor and help you meet your goals.
Take note of all your debts & financial obligations with an estate planning attorney or executor in Missouri
It is common for Missouri property owners to have a few remaining debts when they start building an estate plan. Mortgages, vehicle loans, credit cards, student loans, home equity lines of credit, and other financial obligations should all be listed along with the lender information, location of agreement, and account numbers of each. An executor, the person responsible for distributing assets to dependents, will benefit from knowing your financial condition and having a more detailed understanding of your estate in Missouri. Keep any outstanding debts in mind as you choose how much you want to leave for your loved ones in a succession plan.
Outline your goals & the people you would like to manage your Missouri estate
After you've gathered all your assets and organized all your financial responsibilities, the next step is establishing an official estate plan and thinking about its key components. Who will manage the farm operations? Who will be entrusted with certain assets like vehicles or personal property? During this stage, you and your estate planning attorney will consider business objectives, family structure, and more to organize your succession plan in Missouri seamlessly. There are more options for property owners than passing their possessions to loved ones – you can also donate the money to a charitable cause or start a fund to provide for a family member’s education in the future. Haden & Colbert will develop a deep understanding of your estate plan expectations before moving forward.
Start a draft of all the necessary documents for estate planning in Missouri
The final decisions of your estate plan will be made once you and your attorney begin drafting the key legal documents. By this step, you should know who will be your executor, trustee, power of attorney, and guardian if you have children. Choosing an experienced Missouri attorney is vital for protecting your estate planning documents, making sure to avoid the possibility of a dispute or change against your will. The most important and common documents are your last will and testament, healthcare power of attorney, letter of intent, living trust, and HIPAA authorization.
Evaluate your Missouri property’s estate taxes with an attorney like Haden & Colbert
Your heirs may have significant estate taxes to pay on the estate if you don’t plan strategically with an estate attorney in Missouri. Luckily, there are several ways to help reduce your estate taxes on a farm or business. One method is by gifting to others within tax limits. You can also use the money for a charitable organization, helping you with your annual taxes and possibly lowering the value of your estate, leading to reduced estate taxes. For more advice on Missouri’s estate taxes, you can turn to our determined lawyers.
Make updates to your estate plan in Missouri when needed
Your best course of action may not be the same five years from now. If a major life event occurs, such as a divorce or another birth in the family, it’s important to make necessary changes in the estate plan documents. To stay on track and make sure everyone receives their rightful assets, you should revisit your estate plan with an attorney at least every three years.
Haden & Colbert Can Guide You From Start to Finish on a Secure Estate Plan in Missouri. Reach Out to One of Our Attorneys for Help
The attorneys at Haden & Colbert offer multiple estate planning services in Missouri statewide, including farm estate planning, small business planning, probate and trust administration, and elder law. For decades, our firm has given families and businesses the assistance they need when planning for the rest of their lives. We’ll communicate with you closely and work diligently towards an agreement that satisfies all parties, so you can continue your legacy knowing it has legal protection. If you have any questions or want to schedule a consultation with one of our estate planning attorneys, don’t wait to contact Haden & Colbert.
