One of your primary purposes for creating an estate plan is to have the final say over what happens to your personal property in the future. You may also want to have control over the specific types of medical care you could receive in the event of your incapacitation. However, it does not matter what you hoped for your beneficiaries and heirs or what you intended for your property if there are problems with the physical documents.
The careful preparation, organization and storage of all your important documents is not only important for you but also for your heirs and beneficiaries. If you have taken the time to create an estate plan, ensure that these documents are handled appropriately. Preparing these documents is an important step for all Missouri adults regardless of age, income level and health status.
The most important documents you have
An important step is to take a careful inventory of what you have and what documents are important. This can also provide you with insight regarding the other documents you may need to draft in order to have the full amount of protection and security you require. If there are gaps in your estate plan, it could lead to complications in the event of your incapacitation or after your passing. The most important documents include:
- Your will
- Financial power of attorney
- Health care power of attorney
- Living will
Every estate plan is different, and the documents you will need in order to have a complete plan depend on your specific goals for the future, your estate and other details. Regardless, it is critical to keep these papers carefully organized and stored in a safe location, such as a safe deposit box. It is also important that at least one person know where these documents are and have instructions regarding how to access them if needed.
Face the future with confidence
Having a complete estate plan and storing these documents in a safe location will provide both you and your loved ones with peace of mind regarding the future. Disorganized documents, missing papers or gaps in your estate plan can lead to confusion, legal complications and even financial loss for your heirs and beneficiaries. If you are unsure of what steps you need to take to have confidence for your future, you will benefit from seeking experienced guidance regarding your options.