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Article This article is part of the Missouri Saves Program |
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Estate Planning - Where Do I Begin?
Janet LaFon, Consumer and Family Economics Specialist, Jasper County University of Missouri Extension
The topic of death and what will happen to your
belongings when you're gone is not an easy one to think
about or to discuss with family members. If it's
something that concerns you and you haven't already
developed an estate plan, you may be wondering where to
start. A question that is frequently asked is, "Do I
need an attorney?" While it may be legal to
do-it-yourself, it's not advisable. Lawyers can help you
develop a document that says exactly what you mean in a
manner that will see that your wishes are carried out.
He or she can also help you understand the ins and outs
of inheritance laws and estate taxes.
If you don't already have an attorney, you may be
wondering how to find one. Probably the best place to
begin is through referrals. Visit with friends,
relatives and business associates to see whom they would
recommend. The Missouri Bar Association also has a
lawyer referral service that can help you locate lawyers
in your area. This lawyer referral service can be
contacted on the Internet at
www.mobar.org or by calling 573-636-3635.
One concern that is often expressed is about the fees
charged for developing an estate plan. It's appropriate
to ask about fees up front. Many attorneys will give a
free initial consultation and then quote a flat fee they
would charge if you choose to hire him or her.
Perhaps the best thing you can do is to be prepared
before going to see an attorney. Here are a few
suggestions:
- Gather personal information for yourself and other family members. This would include such things as legal names, birth dates, addresses and telephone numbers, Social Security numbers, martial status, employers and citizenship status.
- Determine what you own and what you owe, the value of these items and how property is titled. Also include where the items and relevant documentation are located.
- Decide what is important to you. Who do you want to provide for through your estate plan? How do you want property distributed? How do you define "fair?" Who do you want to speak on your behalf?
- Discuss your thoughts with your spouse and family members.
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Last update: Wednesday, March 12, 2008
