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What are the basics of estate planning?

On Behalf of | Oct 5, 2018 | Estate Planning

Missouri residents who are left handling matters of the estate may find themselves with a lot of questions. This is especially true if you have never had to deal with estate management or planning before. If that’s the case for you, take a look here for some basic information about estate planning that you should know.

FindLaw defines estate planning as the path in which one’s final health care and property wishes can be honored. A comprehensive estate plan will cover whether or not the person in question owes money toward anyone, who they want their property to go to, how they wish for their assets to be divided, and what their financial state was. In the event that minors may be left without care, it will also determine who will take care of the child.

Other matters that can be taken care of include funeral planning and arrangement, what a person wishes to have done with their body after they pass, and the taxes that will need to be paid if a transfer of ownership happens.

Your estate includes all manners of personal items. It usually involves life insurance policies, bank accounts, real estate, personal property, and any stocks or other potential securities that you might have.

Estate planning is best done with the help of an experienced attorney. This is because the wording in these documents needs to be precise in order to be considered valid. If you are dealing with managing someone else’s estate or wish to create an estate plan of your own, you may want to make seeking an attorney your first step.