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Include these 3 components in a simple estate plan

On Behalf of | May 3, 2022 | Uncategorized |

As you, your parents and your own children age, you may feel more inclined to create a Missouri estate plan if you have not already done so. Contrary to popular belief, your estate plan does not have to be especially complex to help you accomplish some of the most fundamental estate planning objectives.

According to Bankrate, a solid, effective estate plan ought to include the following three components.

1. A will

If you do nothing else during estate planning, create a will and make sure to follow the Missouri-specific rules associated with doing so. A will gives you a chance to say where you want your legacy to go after you die. Otherwise, you leave this decision up to the state, and this may lead to avoidable delays and other hardships.

2. A power of attorney

If you suffer incapacitation and your condition prevents you from keeping up with your bills and other financial affairs, the person you give power of attorney handles these matters on your behalf.

3. An advance health care directive

There are several types of advance health care directives, among them living wills and durable powers of attorney for health care. Both give you an opportunity to express your wishes when it comes to your medical care ahead of time. That way, if you suffer incapacitation, doctors and your loved ones have something to reference so that they may treat you in line with your wishes.

While you always have the option of updating or adding to your estate plan later on, having a will, a power of attorney and an advance health care directive in place is a solid place to start.