Your future needs are unique. From your requirements later in life to your wishes for how your property is divided after your passing, an estate plan could provide you with the control you deserve. A seasoned legal professional could advise you on all of your options.
The laws regarding estate planning tools are strictly enforced by the courts. That means seemingly minor errors could have devastating consequences for your estate plan. A Wabaunsee County estate planning lawyer could ensure your plan is free from errors that could cause significant problems for your beneficiaries.
There Are Many Tools Available to You
There are numerous estate planning tools that could be valuable to an individual depending on their specific wants and needs. A knowledgeable Wabaunsee County estate planning attorney could explain what each of these tools does and advise which option might be best in a given situation. Some important estate planning tools include:
- Last will and testament
- Irrevocable trusts
- Revocable trusts
- Payable-on-death accounts
- Life insurance policies
There are many factors to consider when selecting an estate planning device. For some, a last will and testament will satisfy all of a person’s future needs. More complex estates could require an array of tools. An experienced legal professional could assist in determining which options make the most sense in any given situation.
Your Choice of Beneficiary is Important
One of the most important decisions a person will make during the estate planning process is naming their beneficiaries. Beneficiaries are the individuals that are intended to receive the assets of a person after they pass away. Selecting these beneficiaries involves not only choosing who should receive the assets, but it also requires considering potential tax complications as well.
Making the initial selection of a beneficiary is only the first step. It is also important to review beneficiary choices each year or following major life changes. Over time, it is possible for relationships to change. Many people wish to change their beneficiary information following major life events like marriages or divorces. A committed Wabaunsee County attorney could ensure an estate plan remains up to date throughout every stage of a person’s life.
Proceeding On Your Own is Risky
There is nothing in the law that prevents you from drafting an estate plan on your own. However, doing so is a risky proposition that could endanger the stated goal of the plan. A skilled attorney could eliminate the errors that are common in self-created estate plans.
One of the risks of developing an estate plan without an attorney is failing to meet the statutory requirements of a legal document. There are strict requirements that apply to documents like wills and trusts and failing to meet these requirements could render the document invalid.
Estate planning is an ongoing process, not a one-time problem that can be solved and forgotten. That said, many people that handle their own estate plan fail to keep it updated over time. A proactive estate planning lawyer in Wabaunsee County could ensure that these plans remain updated.
Contact a Wabaunsee County Estate Planning Attorney Right Away
The right legal counsel could work with you to determine your priorities and help you achieve them. If your estate plan meets your needs and complies with the law, it could ensure your final wishes will be respected.
Let a dedicated Wabaunsee County estate planning lawyer guide you through this important process. Reach out to get started today.