When people plan for retirement, they don't necessarily think about estate planning. People often focus on investments to use in their advanced years. They do not think about what will happen if they pass away.
Missouri, like other states, allows war veterans to exercise their choice in the kind of healthcare they desire. If a veteran falls ill, the doctor must explain all available modes of treatment to the patient and the patient can choose the desired mode of treatment.
Financial inventory is a very important document in estate planning. It provides the executor with all information required for proper will execution, thereby saving time and money. It also helps the estate owner with financial planning since it presents a concise view of one's own finances on a given date. Every Missouri resident executing a will should consider preparing a financial inventory in advance.
Often, a person's last wishes may be disregarded due to an oversight or simply because a power of attorney had not been chosen by the deceased, so no trusted loved was identified to execute these last wishes. Missouri law gives a resident the right to give power of attorney to any trusted individual who may be a relative or a legal professional.
Under Missouri's legal statutes, one specific legal document allows a citizen to grant authority to another person to make decisions on his or her behalf. This power of attorney essentially establishes a principal and agent relationship. The agent who has the power of attorney is assumed to act at the principal's behest, so the principal is assumed to be responsible for any act of the agent under authority of legal power of attorney. When faced with assigning or receiving this complicated authority, many Missourians consult professional legal help to understand what the law requires of them.
Estate planning is one important area of financial planning that is often, knowingly or unknowingly, ignored by many Missouri residents. The reasons for the failure to have a comprehensive estate plan in place are many but that does not justify the lack of it. In fact, estate planning is one task that every individual must complete before death, irrespective of how much that person's assets are valued or how difficult it may be to discuss death with family members and friends.
Due to the widespread media awareness campaigns, many people in St. Charles, Missouri, have started paying serious attention to estate planning. Wills are being updated and trusts established, so that future generations can avoid probate court, where a number of complications may arise. In spite of such measures, probate disputes are common and huge estates are not passed on to intended heirs, but to government coffers through inheritance taxes.
A Missouri living will is an instrument by which an individual can provide instruction to temporarily withhold a medical treatment or completely stop it from carrying on any further. The legal system in Missouri allows individuals to use a declaration to authorize physicians or providers of health care to withhold or cease treatment under specific circumstances. The statement used in living wills has a specific format where the intent of the individual must be clearly explained.
Saint Charles, Missouri, residents know that wills form the grounds upon which an effective estate plan is prepared. Some of the critical aspects that an individual needs to address while drafting a will were discussed in an earlier post on this blog. Once issues, such as identifying assets and executors, are settled, the next step is to choose the estate's beneficiaries, who consist of three types: primary, secondary and contingency.
There are many situations in which a person cannot communicate with his or her loved ones in order to express end-of-life wishes. If this situation occurs during a major illness or while in a hospital bed, such miscommunications may have grave repercussions. As a result, it may be advisable to make advance health care directives in order to let health professionals, as well as friends and family, know how one feels about the medical care that they want to receive.