It can be intimidating to think about the future, especially what will happen after you pass away or what will happen in the event you become incapacitated. While these are not pleasant things to consider, it is essential for each Missouri adult to think about what plans are necessary in order to face the future with confidence. If you do not have a comprehensive estate plan in place, you will benefit from creating one as soon as possible.
Estate planning is an important process, but it is not always easy. You may be unsure of where to begin or what steps are necessary to have a complete plan. It may be helpful for you to learn about the most common estate planning terms and how they could apply to your individual situation. This knowledge can help you develop a meaningful strategy that will benefit you and your loved ones.
Important things to know about estate plans
Your goals for your estate plan are unique to you, and the specific terms you should include are specific to your needs and objectives for your heirs. While each plan is individual, there are some terms that will be critical to understand as you move forward, including:
- Will — This is the most basic estate planning document. Most people begin with this as it allows them to outline what should happen with their personal property after their death. Wills also allow parents to appoint guardians for minor children.
- Trusts — This is a tool that gives you the ability to set aside and protect assets for a specific use. There are different types of trusts, including special needs trusts, revocable trusts, charitable giving trusts and more.
- Advance directives — These are documents that allow you to appoint someone to act on your behalf if you can no longer speak for yourself. These documents include living wills, powers of attorney and more.
Each estate plan is unique and should be tailored to the individual needs of the Missouri adult creating the plan. If you do not have a plan already in place or you think you may need additional protections included in your plan, you will benefit from seeking the insight of a knowledgeable professional as you seek to shield your interests and care for your loved ones through these important decisions.
