For many, planning for future can take on different meanings. While most will agree it’s important to take steps to insure their business is handled properly during their days on earth, what about afterward? For most, the thought of having a Will is only for those who are advancing in age. Is this a sound way of thinking?
Better think again.
According to Jayson Lenox of Niedner, Bodeux, Carmichael, Hull, Lenox and Pashos L.L.P. located in Historic St. Charles, Missouri, most people just have not taken the simple steps to create a Will. While it may not seem like your most pressing concern, creating a Will & Trust could spare your family a tremendous amount of headache.
The benefits of creating a Will & Trust start with finances and assets, but aren’t limited to this area by any means. Just by having a Will, you can insure that your assets are distributed how you have wish. Forego having a Will, and your assets and items end up in Probate Court.
Avoiding Probate
Instead of taking a standard 2-6 months for assets to be distributed after death, Probate can take 12-18 months! Probate is not only time consuming; it’s also costly. For example, Probate Fees for $500,000 worth of assets would be in the neighborhood of $28,000. This is a staggering amount, especially when considering it could easily be avoided by creating a Will & Trust.
One Hour Of Planning
Lenox goes on to to say that much of the stress of dealing with the loss of a loved one and how their assets are handled, could be saved in as little as an hour of planning. A Will can quickly be produced after an office visit that takes about an hour in length. Still not convinced? The price of creating a Will package starts as low as $250.
Aside from the financial implications of not having a Will & Trust, the hardships that can arise within families after a death can be reason alone to create these important legal documents. Families already have to endure the stress of coping with a loss. Throw in the task of trying to decide who gets what, when motives and interests among the parties involved can be very different, and it is instant fuel for a family conflict – the worst kind of civil war. Take the advice of a good Will & Trust attorney: The benefit and gain far outweigh the small amount of effort it takes to create a Will.
What About The Kids?
Going a step farther, a Will allows for parents to decide who would take on the responsibility of children left behind. In the unfortunate case that children are left parent-less, it is important to decide in advance who would take responsibility for kids. Rather than children becoming wards of the state and their fate decided in a court room, that burden can be removed by creation of a Will & Trust. All responsible St. Louis area parents should stop for a moment and think about that scenario and the level of uncertainty and doubt it would cause a child to have.
An added benefit of a Will & Trust, is that the creator also can dictate how and when those assets are distributed to children. Should you pass early, is it important that funds are designated for your child’s college education? Will they need additional funds for extras such as clothing, a personal computer or even a car? Failing to designate this ahead of time means the funds will be under the supervision of Probate Court. This means that every cent spent must be documented and accounted for; and you’ll pay the court for the privilege. The costly fees for Probate Court will cut into the child’s inheritance, leaving less for them than initially planned for.
Power of Attorney
Along the same lines, a Power of Attorney over Finances and Health Care are also recommended by every good Law Office. A Power of Attorney outlines a person’s wishes for what happens to them while they are still alive. In the event a loved one becomes incapacitated either mentally or physically, or is just no longer to care for themselves or their affairs, a Power of Attorney handles the important questions. Questions such as “Who will take care of everyday business and affairs of the loved one?” or “If our loved one is hospitalized and incapable of making decisions for themselves, ‘Exactly what are their wishes?” These are all situations that can be handled much easier by creating a Power of Attorney. Not only is creating a Power of Attorney convenient and helpful to families, they are also inexpensive to create. A Power of Attorney can be created for as low as $125.
Not everyone wants to think too far ahead when it comes to planning for what happens when they have passed. A Will & Trust, as well as a Power of Attorney over both Finance and Health, can help to ease what is often already a tough and painful situation. Niedner, Bodeux, Carmichael, Huff, Lenox and Pashos, L.L.P., handles this type of planning for people in St. Charles County, Warren County, Lincoln County and St. Louis County, Missouri and is very sensitive to family matters such as these. Call today (1.888.572.2192) with questions on how to plan for the future.