What Are My Options?
After your death, if your estate goes to Probate without a Will, the Court will impose a plan for your assets. Without a Will, you have no say in who takes care of your minor children. When two or more family members disagree about your medical care and feel strongly about their positions, the family can be divided. If you have a poorly drafted Will, you may inadvertently cause family strife and division. Kansas Law Group has experience litigating family disagreements in Probate Court so we know how to help you avoid them.
Your Will is a written set of instructions to the Probate Court. You must petition the Court to accept your Will as valid and accept its instructions. Unlike a Will, a Trust-based Estate Plan avoids Probate.
You may name someone you trust as your Personal Representative (Executor). If you do not name a Personal Representative, the Court will appoint one for you. The Court may even appoint one of your creditors.
You can incorporate a Trust into your Will to protect assets for beneficiaries in the case of law suit, divorce, or devastating life events. Since the Trust is in the Will, the Trust does not become legally valid until your death. The Will must go through Probate for the Trust to become legally operational.
Your Will does not help manage a your affairs when you are incapacitated, whether by mental disability, illness, or injury.
Many people choose Will based Estate Planning because they believe that a Will is cheaper than a Trust. A Properly designed Will based Estate Plan should be comparable to a Trust-based Estate Plan. When including the additional expense of Probate, a Will-based plan is often more expensive.
In a Will-based Estate Plan, your Will expresses your final wishes for distribution of your assets.
A Will is the place to nominate guardians for your minor children. If you do not designate a guardian for your minor children, the Court will decide on a person it deems appropriate to care for your children OR may even place your children in foster care.
If someone who receives government disability benefits is a beneficiary of your Will, he or she may be disqualified for those benefits. A properly drafted Trust overcomes this concern.
You can make your wishes known about funeral arrangements, burial or cremation, and memorial services inside of your Will. However, a will is not necessary to make your wishes known regarding these arrangements. They are most often recorded in stand-alone documents.
Without such a provision family members may dispute and even litigate your final arrangements.
The Legal Term For Dying Without A Will Is Called Dying “Intestate.” If You Die Intestate, The Court Will Decide How And To Whom Your Property Will Be Distributed.
The Court’s Distribution And Guardianship Orders May Not Be The Same As Your Desires.
You Cannot Prevent Heirs The Court Choses If You Die Intestate. You Can Prevent This By Creating An Estate Plan.
If The Court Finds No Legal Heirs, Your Assets Will Be Distributed To The State.
Your Will is a written set of instructions to the Probate Court. You must petition the Court to accept your Will as valid and accept its instructions. Unlike a Will, a Trust-based Estate Plan avoids Probate.
You may name someone you trust as your Personal Representative (Executor). If you do not name a Personal Representative, the Court will appoint one for you. The Court may even appoint one of your creditors.
You can incorporate a Trust into your Will to protect assets for beneficiaries in the case of law suit, divorce, or devastating life events. Since the Trust is in the Will, the Trust does not become legally valid until your death. The Will must go through Probate for the Trust to become legally operational.
Your Will does not help manage a your affairs when you are incapacitated, whether by mental disability, illness, or injury.
Many people choose Will based Estate Planning because they believe that a Will is cheaper than a Trust. A Properly designed Will based Estate Plan should be comparable to a Trust-based Estate Plan. When including the additional expense of Probate, a Will-based plan is often more expensive.
In a Will-based Estate Plan, your Will expresses your final wishes for distribution of your assets.
A Will is the place to nominate guardians for your minor children. If you do not designate a guardian for your minor children, the Court will decide on a person it deems appropriate to care for your children OR may even place your children in foster care.
If someone who receives government disability benefits is a beneficiary of your Will, he or she may be disqualified for those benefits. A properly drafted Trust overcomes this concern.
You can make your wishes known about funeral arrangements, burial or cremation, and memorial services inside of your Will. However, a will is not necessary to make your wishes known regarding these arrangements. They are most often recorded in stand-alone documents.
Without such a provision family members may dispute and even litigate your final arrangements.
Tabitha Just Got Divorced From An Abusive Husband And Is Taking Action To Keep Her Children From Their Abusive Father. She Cannot Stop Worrying About Her Children Going Back To Her Ex-Husband If She Were To Die Before The Court Makes A Decision.
Tabitha Meets With An Attorney At Advanced Legal Planning And Designs An Estate Plan That Instructs Her Personal Representative (Executor) Of Her Will To Expend Whatever Resources Are Necessary On Court Proceedings To Find That Her Ex-Husband Is Not Fit To Be A Parent. In That Will, She Nominates Her Sister As The Guardian For Her Children And Nominates A Good Friend As A Backup Guardian.
Henry’s Mother, Jennifer, Had An Estate Plan Prepared By Advanced Legal Planning.
Jennifer Just Died And Now Her Son, Henry, Is Administering Her Trust. When Going Through His Mother’s Records, Henry Finds Out That His Mother Inherited A Home From Her Aunt But The Home Was Never Transferred Into Her Trust. Henry Comes To Kansas Law Group Seeking Advice On What To Do.
The Attorney Shows Henry That His Mother Had Both A Trust And A ‘Pour Over Will.’ The Pour Over Will Was Created To Probate Any Assets Which Jennifer Failed To Transfer Into Her Trust. The Beneficiary Of Jennifer’s Pour Over Will Is Her Trust (The Will “Pours Over” Into The Trust).
The Attorney Explains To Henry That He Was Appointed As The Personal Representative Of The Pour Over Will And That He Needs To File A Probate Petition To Transfer The Home Into Jennifer’s Trust.
All Of Jennifer’s Other Assets Are Already In Her Trust. The Probate Will Only Be Used To Transfer The Home Into The Trust. Henry Can Continue Administering The Other Trust Assets While Waiting For The Probate Proceedings To Conclude.
We provide education and counseling to individuals and families so that you can make informed choices with confidence.
Estate planning is the process of structuring your assets to ensure they are distributed according to your wishes after your passing or incapacitation. Estate Planning helps you minimize taxes, avoid legal disputes, provide for your loved ones, and maintain control over your financial affairs. Proper Estate Planning can also protect your beneficiaries from creditors and other potential risks.
Key estate planning documents include a will, trusts, a financial power of attorney, a healthcare power of attorney, living will, beneficiary designations, and guardianship designations. Each document serves a specific purpose and can be customized to suit your unique circumstances and goals.
It is generally recommended to review and update your estate plan every 3 to 5 years or after significant life events such as marriage, divorce, birth of a child, death of a beneficiary, or substantial changes in your assets or financial situation. Regular reviews ensure that your estate plan remains current and accurately reflects your wishes.
One way to make sure your plan is up to date is to join a maintenance program. A maintenance program assures your plan is being reviewed regularly and gives easy access to an attorney if you have any questions or need any changes.
If you pass away without a will or estate plan, your assets will be distributed according to your state’s “intestacy ” laws, which may not align with your preferences. This can lead to family disputes, increased legal expenses, and increased hardship for your loved ones. It is crucial to have a well-crafted estate plan in place to ensure your wishes are honored.
While it is possible to create your own estate plan, working with an experienced estate planning attorney is highly recommended. An attorney can help you navigate complex legal requirements, identify potential issues, and create a customized plan that addresses your unique circumstances and goals. This ensures that your estate plan is effective and legally sound. This provides peace of mind for you and your loved ones.
A revocable trust is a flexible legal arrangement that allows you to maintain control over your assets during your lifetime and make changes to the trust as needed. Upon your death, the trust becomes irrevocable, and assets are distributed to your beneficiaries.
An irrevocable trust, on the other hand, is a permanent arrangement that cannot be altered or revoked once established. Irrevocable trusts offer greater asset protection and tax benefits but require you to relinquish control over the assets placed in the trust. An experienced Estate Planning attorney can create “some” flexibility to an irrevocable trust while maintaining its benefits.
Elder Law and Medicaid Planning involve navigating the complexities of aging, long-term care, and government assistance programs. By working with an experienced attorney, you can develop a strategy to secure quality care, preserve your assets, and expedite your eligibility for Medicaid benefits. This process can help alleviate financial burdens and provide peace of mind for you and your family.
Special needs planning is the process of creating a comprehensive plan to support a loved one with special needs, ensuring their long-term well-being and financial security. This can involve establishing a special needs trust, selecting appropriate guardians, and identifying government benefits and resources. Proper planning can help your loved one maintain their independence, quality of life, and access to essential support services.
A trust administrator, also known as a Trustee, is responsible for managing and distributing trust assets in accordance with the terms of the trust agreement. Their duties may include investing assets, paying taxes, maintaining records, communicating with beneficiaries, and addressing any legal or financial issues that arise. Trust administration requires a thorough understanding of fiduciary responsibilities and trust laws to ensure compliance and protect the interests of the beneficiaries.
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