Misconception: Estate Planning Solely Involves Asset Distribution

by | Jan 3, 2024

Misconception: Estate Planning Solely Involves Asset Distribution

Reality:

Estate planning extends beyond the simple distribution of assets. An estate plan also addresses vital parts of you and your family’s life, such as determining the guardian for your child.

While a comprehensive estate plan should always address asset inheritance, it delves much deeper into aspects like legacy and incapacity planning, ensuring a thorough consideration of your unique goals and family dynamics.

Incapacity planning is a vital component that prepares you for unexpected life events. This aspect of estate planning involves decisions on who will manage your finances if you become unable to do so, outlines the type of care you wish to receive, along with designating a healthcare overseer. Neglecting incapacity planning can lead to long, costly court proceedings where a probate court judge appoints a decision-maker, potentially deviating from your preferred choice.

Guardianship for minor children in Missouri stands as a paramount element within an estate plan for those with young families. Your life’s values, experiences, hard work, and cherished memories contribute to your unique legacy. When deciding on a guardian for your children in the event of your incapacity or passing, these factors should be central. As the one who knows your children and family best, you possess insights crucial to making this decision, surpassing the understanding of the court. Your wishes must guide this significant determination!

Ready to Establish Your Estate Plan?

Reach out to our office at 816-399-2757 or schedule your initial consultation online. Meet with our seasoned estate planning attorneys to discuss your objectives and explore how we can assist you in achieving them!