A well-crafted estate plan is worth its weight in gold.
Are you human?
Are you getting older every day?
Will you die?
If you answered "yes" to any of these questions, then you should have an estate plan.
According to a recent article in The Sabetha (KS) Herald, titled “Understanding the estate planning process,” an estate plan is about protecting your loved ones—whether you are a prince or a pauper.
What are some ways to begin planning?
Consider a revocable trust.
This trust gives you greater control over the eventual asset distributions and care for children.
On the other hand, beneficiary arrangements for retirement funds are extremely tricky.
Seek the guidance of an experienced estate planning attorney.
Provide for a family members.
If you have a loved one who needs specific medical care or who has special needs, then your estate requires advanced planning.
Even simply funding college tuition for a child would benefit from the estate planning process.
Analyze and communicate your situation.
Inventory your assets and liabilities and share these with your estate planning attorney.
What should you include?
- Current income
- Projected future income
- Property ownership
- Current legal arrangements
- Social Security
- Profit-sharing plans
- Certificates of deposit
- Real estate
- Life insurance policies
- Trust agreements
- Previous will (if you have one)
- Loan balances
- Real estate lies
- Consumer debt
- Estimated funeral costs
- Estate settlement fees
By selecting an experienced estate planning attorney and providing him or her with these details, you will be setting yourself up for a successful legacy.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: The Sabetha (KS) Herald (August 9, 2016) “Understanding the estate planning process”