Missouri residents know that there may come a time when they must choose a guardian for a beloved family member. It may be that their loved one's physical condition has deteriorated or that this person may now be unable to make their own decisions. But it's important to remember that a guardianship may not have to be in effect for that person's entire life. So here are some situations when a Missouri guardianship can be terminated.
As people age and raise their families, many begin to see the benefits of developing an estate plan. Even if they may not possess a large amount of assets, they still see the advantages of creating the plan in order to preserve these assets for their loved ones. However, a lot of individuals still refuse to develop an estate plan even though they understand the many benefits it provides. So here are some of the main reasons why people fail to develop an estate plan.
While human life is uncertain at times, death is often considered the only constant in a person's life. Thus, one of the most important things that a Missouri attorney will suggest to a person is to make sure that they make provisions for loved ones after their death. One of the best ways to ensure that the loved ones are taken care of, at least financially, is to write a will. A will lets the testator make provisions for various people and causes that they love and are passionate about during their lifetime.
Many Missouri residents think of finances as an immediate concern. Thus, mortgages, loans and other financial obligations are often of great concern and require planning. However, it should be noted how important it is for a person to plan for the future, including after the person's death. Careful planning will help the person's loved ones tremendously once the person is no longer living.
Estate planning is something that many people in Missouri as well as in the rest of the country know to be important but ignore, intentionally or unintentionally, because it is not pleasant. However, estate planning is often the key to maintaining peace among the heirs after the person dies. In order to achieve that, it is important for people to have a solid plan in place. A previous post on this blog discussed two key points that can help a person to draft a comprehensive will.
Most Missouri citizens understand that preserving personal property and assets for generations to follow requires having a comprehensive estate plan. Although various estate planning tools are available to state residents, the most common is a will that directly leaves a person's estate to specifically chosen people or entities. A person can draft a will and change it as needed over time, but the last legal will in place before a person's death is the will that matters.
As a person ages, he or she may choose to pass on his or her estate to family members and friends before he or she passes away. Among the assets that people generally transfer, real estate is one of the most valuable. Therefore, it is important that every Missouri resident understands certain points in order to avoid experiencing legal issues. The same rule applies when people want to sell real estate and add a name to an existing title.
Some single people in Missouri may not think it's necessary to have an estate plan of their own. However, succession among singles that die without a will is particularly difficult. Therefore, it is important for singles to have an estate plan that will divide their assets according to their wishes.
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.
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.