Estate planning is an important consideration for all adults. An estate plan can help you to ensure that heirs receive their share of assets after your death and minimize trouble that may arise with the transfer of an estate.
Proper estate planning requires a full evaluation of your current assets and a careful consideration of what you want to occur in the future. Developing the necessary estate planning documents can help you secure the future of your estate as well as bring you peace of mind.
A Junction City trust & estates lawyer is ready to help you today. A dedicated attorney can work with you to understand your needs, suggest a strategy for moving forward, and draft the documents necessary to give that strategy the intended legal effect.
What Does It Mean to Have an Estate Plan?
One may associate an estate plan with making preparations for their eventual death. Estate planning, however, encompasses a multitude of functions that legally protect one’s estate.
One primary function of an estate plan is to retain control over the probate process. This process oversees the payment of a decedent’s debts and the distribution of the remaining property. Having a valid will informs the court on what an individual wishes to occur during the probate process. It also serves to override the state’s statute concerning intestacy inheritance.
According to Kansas Statutes § 59-504, the law mandates that when a person dies without a will, half of the estate shall go to the decedent’s spouse, and the other half will go to the decedent’s children. If the decedent has no children, all property will pass to the surviving spouse. This can create confusion concerning the receipt of property and even breed animosity among family members. Having a comprehensive estate plan helps to avoid these conflicts. A knowledgeable trust & estates attorney could provide more information about the legal functions of estate plans in Junction City.
How to Protect Assets
Effective estate planning requires people to take a full inventory of their assets. Assets can include physical property, real estate, business assets, and financial instruments. In addition, individuals should understand their options in the estate planning process and be familiar with the functions of the necessary estate planning documents.
A will is a vital part of any estate plan. It helps to retain control over the probate process. However, other options exist that can bring immediate benefits or make plans for a persons’ retirement.
A common example here is a trust. A trust allows for the transfer of assets between two parties at any point in the future. Notably, it occurs outside of probate as long as the trust maker creates the trust prior to their death. A trust can allow for the tax-free transfer of property or allow trust makers to qualify for certain government benefits.
Similarly, a business succession plan can help company owners or sole proprietors plan for their retirements or provide protection in case of a sudden illness or injury. A Junction City attorney could work with individuals on trust and estate planning to explain their options and choose the path forward that is right for them.
Reach Out to a Junction City Trust & Estates Attorney Today
It is never too soon to get started on an estate plan. These plans can provide protection for your heirs upon your death but can also bring immediate benefits for you. Effective estate planning can limit the impact of taxation on your future as well as bring peace of mind knowing that a sudden accident or illness will not destroy all that you have worked hard to build.
A Junction City trust & estates attorney can work with you to understand your needs, explain your choices, and author documents that give your decisions the proper legal impact. Reach out today to see how a dedicated attorney can help determine the best steps forward for you and your estate.