Everyone needs an estate plan.
But, what does estate planning mean?
Estate noun: all the money and property owned by a particular person, especially at death.
Plan noun: a detailed proposal for doing or achieving something.
Plan verb: decide on and arrange in advance.
Your estate plan consists of the planning and documents you prepare during your lifetime in anticipation of your possible incapacity and to direct how you would like your property transferred upon your death. Your estate plan will have documents that are useful during your lifetime and documents that are necessary at your passing.
Lifetime Planning Estate Plan Documents
General Power of Attorney allows you to name another person to handle your finances. There are different options on how and when you would like to allow your attorney in fact to be able to assist you. This is a document we recommend every adult have in their estate plan.
Power of Attorney for medical decisions allows you to name a person to help handle your medical needs. Your attorney in fact can help schedule appointments, speak with doctors, choose a care facility, and make medical decisions.
HIPPA release allows the person you name to receive your medical records/information from your medical providers. Many times you will sign this document directly with the provider’s office.
Living Will allows you to put your end of life decisions into writing so there is no confusion as to what your wishes are. This can bring certainty at a difficult time for your loved ones.
Revocable Living Trust is a document that transfers ownership of your property to a trustee (usually you during your lifetime). The Living Trust can address financial and property issues during your lifetime and deal with any times you are unable to handle your own finances. Your backup trustee will be able to quickly begin handling your affairs if necessary.
At Death Estate Plan Documents
Revocable Living Trust & Pour-Over Will provide a smooth transition of assets based on your directions. The Living Trust will avoid probate keeping your estate private and allow for a quicker transition of property. The Living Trust will also transfer property according to your directions – you name when and to whom your property will be dispersed. This document can help protect property for minor children and limit distributions to adults based on necessity to help protect from creditors.
Last Will & Testament directs who will receive your property. Upon your death your Will must be filed with the court. A judge will oversee the probate case to ensure your property is distributed as stated in your Will.
The estate planning process does not have to be intimidating, it is just you taking the time to address your fears and express your thoughts. Our Kansas estate planning attorneys can help you draft an estate plan that helps you during your lifetime and allows your loved ones, during a difficult time, to quickly deal with your property by following your directions.