The Faulstich Law Firm. St. Louis Family Law Attorneys. -
My Blog

Wills

Why should I have an Estate Plan?


As an attorney, I think a lot of people think that their assets aren't big enough and their life isn't interesting enough to warrant an estate plan. To the first issue: you would be surprised. You don't have to be "wealthy" to make an estate plan a smart move for you. As I have mentioned before for instance, having a small business (or any business) would make estate planning a must for you. You don't have to be wealthy to have a small business. Most people who have kids, a decent job, some savings, some retirement savings, a house, a spouse, a car or two, even someone with a special collection of collectibles—anyone with any one or any combination of these is a great candidate for an estate plan.

What are the Right Estate Planning Documents for Me?

Estate planning involves planning for incapacity and death: The most common Estate Planning documents seem to be (1) the will (2) the durable power of attorney and (3) the health care directive. There are otherless common documentsor "instruments", but the vast majority of people should consider the above.

Death:

Most people need a will. It is a good idea for just about everyone to have a will or at least to look into the idea and have a discussion with an attorney to explore your present situation.

Why is it recommended that you update a will? 1 Reason of Many

One reason to update a will may be that the guardian you initially chose is no longer appropriate, able, or willing. One obvious problem would be that a guardian is deceased now, where as he/she/they were not when the will was written. In this situation, you may have designated an alternate guardian, which is recommended. However this is not always the case. Sometimes there are situations that you cannot solve by writing into a will an alternate guardian.
For instance, perhaps your parents that you originally designated have become much older since the last time you wrote a will and so have your children.

Why is it recommended that you write a will when you have your first child?

There are more important considerations at play than just splitting up possessions when you write a will. Yes, splitting up possessions and assets can also be important. It can be important to allocate assets to adisabled family memberfor instance, or simply to pass on something that has sentimental value by making aspecific bequest.
When a child is involved however, the most important facet of a will is guardianship. What will happen to your child if something happens to you? Who do you want to take care of your child if you cannot?
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