It’s important to have a valid and enforceable estate plan in place. Unfortunately, you never know when your time is up, and it’s vital that you have a plan that your family can benefit from by protecting your assets and making sure they’re distributed accordingly. Estate plans are common not just among the wealthy, but among anyone who wants their family’s future protected. It’s easy to make mistakes with your plan. A Missouri estate planning lawyer can help.

There’s nothing wrong with being prepared. The last thing you want is to pass away without an estate plan in place. The consequences of that could be disastrous for your estate and for your family. It would trigger the state’s intestate succession laws, and your assets would pass to your closest living relative. You might not want that to happen in the slightest. However, the more mistakes you make with your plan, the higher the chances of your plan failing when you need it.

Hire the Right Kind of Lawyer

One of the most important decisions you can make for your estate is hiring the right lawyer to handle every aspect of it. You will want someone with significant experience handling an estate plan like yours, as well as someone who fully understands Missouri’s estate plan laws as they apply to you. The legal team at Stange Law Firm has helped countless clients put together and enforce their estate plans across the country. We know the kind of legal help you’ll need.

According to recent statistics from the U.S. Census Bureau, the median household income for a family of four in Missouri is around $106,000 per year as of 2024. For many families and individuals, this is a significant sum that might warrant estate plan protection, if only to be safe. The right lawyer can help you draft your plan, establish a power of attorney, and ensure that your beneficiaries include people you actually want in your plan.

One of the hardest parts of putting together an estate plan is discussing it with your family. Many people who want to draft an estate plan are reluctant to speak about their death with their families, which is understandable. It’s a morbid discussion to have, but it’s a necessary one. 

To help facilitate such a discussion, you may want to enlist the help of a local grief support group like GriefShare. They can ensure the conversation stays on point and that all points are discussed.

Estate Planning Mistakes to Avoid

Nobody’s perfect. Everyone makes mistakes. The important thing is not to make any costly mistakes in situations that require focus, attention to detail, and the right kind of help. Putting together a comprehensive estate plan can be overwhelming, confusing, and time-consuming. The alternative, however, is leaving your family with zero guarantees regarding your assets. The more legal help you have, the fewer mistakes you can make. Here are some estate planning mistakes to avoid:

  • One of the most costly mistakes you can make is also the most obvious. Not having a plan in the first place is arguably the worst mistake you can make. If you procrastinate long enough and put off the plan, you may run out of time to put a good one together before it’s too late. By that point, there may be nothing you can do to ensure your estate passes to the right people.
  • Another mistake you want to avoid is giving the wrong person power of attorney. Power of attorney is a decision-making ability that can completely destroy your estate if it ends up with the wrong person. Never give this power to someone you don’t trust completely. Give it to a sibling, a child, or a friend you’ve known for decades. Revoking power of attorney can be a costly process.
  • Above all, you don’t want to fail to communicate your intentions with your loved ones. Everyone included in your estate plan should know about it. Sitting down and talking to your family about this can be difficult, emotional, and raw. A lack of open communication can lead to confusion, disputes, and broken trust among individuals who expect to be beneficiaries.

FAQs

Q: Do I Need a Lawyer to Modify My Plan?

A: You may need to hire a lawyer to modify your estate plan. If you understand the process and want to handle it yourself, you are completely free to do so. However, if you have never modified your plan before and don’t fully understand the process, you should enlist the help of an experienced estate planning lawyer to help you figure out what you need. 

Q: Does My Estate Plan Automatically Update After Significant Life Changes?

A: Your estate plan does not automatically update after significant life changes. It’s entirely up to you to go into your plan and change it when things change in your life. Many people choose to wait until life events like weddings, divorces, funerals, births, and adoptions to make those kinds of changes. In Missouri, a divorce will result in your spouse being removed from your will immediately, but not from other parts of your plan. That’s your responsibility.

Q: Why Does Estate Planning Matter?

A: Estate planning matters for many reasons. First and foremost, it’s a way for those with substantial assets to leave something behind for their families and make sure they are taken care of. If you should pass away without an estate plan in place, the resulting legal fallout for your family could be frustrating. You don’t want the wrong people to benefit from your estate.

Q: Should I Hire an Estate Planning Lawyer?

A: Yes, you should hire an estate planning lawyer, especially if you have not yet drafted your plan. There are many possible mistakes you could make if you don’t know what you’re doing. A good lawyer’s help can make quite a difference and could prove to be invaluable. The last thing you want is to end up drafting an estate plan that’s not enforceable because you missed a crucial step.

Contact Us Today

At Stange Law Firm, we can help you put together a comprehensive estate plan. Contact us to speak to someone on our team.