![]() Readers with legal questions should consult with an attorney prior to making any legal decisions. *This article is very general in nature and does not constitute legal advice. You can learn more about our Estate Planning Attorneys here. When you are ready to plan your estate, you should contact a qualified estate planning attorney. You’ll get the most value out of your estate plan when you act with expediency and review your plan periodically. Contact Our Experienced Estate Planning Attorneys in Kansas City TodayĮstablishing an estate plan that reflects your wishes for when you pass will empower you with the knowledge that your legacy is secure. For these reasons, it’s best to regularly review your estate plan every few years to make sure it always adheres to your desires. Even if your situation hasn’t changed, the laws may have. Your priorities for your estate can change over time as well as your relationship dynamics with your beneficiaries. It’s best to think of your estate plan as a living thing that can evolve rather than being something that’s static and unchanging. Regularly review and update your estate plan every few years. Anyone else whom you trust and who would have an interest in your estate planĥ.Once all of the documents for your estate plan are in order, make sure that all of the key people in your life know where you keep your originals and copies. Furnish all important documentation to key people. We’ve covered wills and trusts in greater detail on this blog before and we recommend you read this post for more information. Trusts may also reduce your taxable estate so you may end up paying less in taxes overall. For instance, a condition for distributing assets to a child could be that they have to finish school. ![]() They may be more flexible in managing how certain assets will be distributed. Trusts differ from wills in that they allow you to protect yourself and your family from the probate court system. Remember though, a will is only effective when you die and must be probated. Of course, these should be people whom you trust completely. Wills also allow you to name guardians if you have minor children and an executor who will oversee the distribution of your assets. Wills let you indicate what you want to happen to your assets and who will receive them after you pass on. This way, you’ll have a clear picture of the total value of your estate with all of the information organized at your fingertips. You should also take this opportunity to update your beneficiaries. Next, add up all of your debts and liabilities including: Take stock of everything you own that’s of value including both physical and non-physical property. ![]() Take inventory of assets and liabilities. The less pressure you feel to make decisions quickly, the better your choices will be, and the more opportunity you’ll have to adjust your plan if necessary.Ģ.
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