Creating an estate plan can ensure that your final wishes are respected and provide you with peace of mind. Developing the appropriate strategy does not happen overnight, but strong legal counsel can help you every step of the way.

The estate planning process in Lake St. Louis can be complex, and even minor errors can render these efforts meaningless. The best way to ensure you are prepared for the future is to rely on guidance from a dedicated estate attorney.

Identifying Assets

Before property can be divided, liquidated, or given away, it must be cataloged. An effective estate plan takes into account every valuable item owned by a person during their lifetime.

Creating a catalog often begins with reviewing a person’s accounts to identify the cash they have on hand. Other examples include real estate, stocks, and physical items like furniture or family keepsakes.

Once there is a comprehensive list of an estate’s assets, the next step is determining their worth. The value of these items can impact the creator’s decision-making process. There are also tax implications to consider. While the state does not have an estate tax, property held in other states might be subject to their laws. An attorney in Lake St. Louis could determine what property may be subject to taxes during the estate planning process.

Selecting the Right Tools

An attorney can use various options to create the perfect estate plan. The last will and testament is the most common building block attorneys use. It provides a mechanism for distributing a person’s assets according to their final wishes after they pass away. However, many people are best served by including other aspects in their plans.

Trusts are another important option because they can take ownership of property, allowing beneficiaries to manage their tax burden and avoid the probate process. Some other versatile options include living wills, life insurance policies, and payable-on-death accounts.

Creating Documents That Will Hold Up in Court

Once a roadmap is laid out, the next step is to create the documentation that formalizes the estate plan. Wills and trusts generally must be in writing, and each has technical requirements. For example, a will must be signed and witnessed by two independent parties.

Failing to execute these documents properly can have significant consequences. Even a minor error could render the paperwork invalid and defeat the entire purpose of the plan.

Another common mistake is failing to take all of the creator’s assets into account. Even when all the documentation is perfect, an asset that is not addressed by a will or trust could require probate hearings. An attorney in Lake St. Louis can use the estate planning process to create things like remainder clauses that ensure any leftover assets are dealt with. This can avoid extensive costs and delays for a person’s heirs in the future.

Call an Attorney in Lake St. Louis to Discuss the Estate Planning Process

When you have questions about the estate planning process in Lake St. Louis, now is the time to ask. Strong legal counsel can put you in the best position to have your final wishes respected and followed. Reach out right away to discuss your options with a lawyer during a private consultation.