Children under the age of 18 are protected by their parents’ estate plan. However, everyone over the age of 18 needs to have his or her own estate plan. This is because once you turn 18, your parents can no longer act on your behalf without proper legal documentation in a number of states, including Missouri.

Estate planning isn’t only for the rich. If you have a bank account with any amount of money in it or own any type of property (a cell phone, jewelry, car, home, etc.) and want to control who gets your property if you pass away, you need an estate plan.

It is crucial for people with children under the age of 18 to have an estate plan. Through the execution of a Last Will and Testament, you can appoint a guardian for your children in the event that you (and your spouse) become incapacitated or pass away. If you fail to appoint a guardian and you (and your spouse) pass away or become incapacitated, the court will ultimately decide who raises your kids.

If something happened (accident, medical condition) and you became incapacitated, someone would have to petition the court to be appointed your agent in order to maintain your finances (pay your bills, etc.). By executing a Durable Financial Power of Attorney, you are able to control who makes your financial decisions if you become incapacitated, without requiring the court’s intervention.

If something happened (accident, medical condition) and you became incapacitated, someone would have to petition the court to be appointed your agent in order to make medical decisions on your behalf.  By executing a Durable Medical Power of Attorney, your appointed agent would be able to make medical decisions on your behalf without having to go to court.