Kansas City, MO Estate Planning Attorney
You might be under the false assumption that estate planning is only for those who are wealthy or nearing retirement. However, this simply isn’t true. In reality, virtually everyone has an “estate.” A typical estate isn’t a vineyard in the country with a lovely manor in which to reside. Instead, a typical estate is simply your possessions. Your home, your car, your savings account, your retirement account and the like are all part of what you should consider your estate. Therefore, estate planning is creating a plan for these assets in the event of your death.
Can Estate Planning Wait?
In short, no. You shouldn’t put off creating an estate plan simply because you are young or currently enjoying good health. Imagine if you wait and something happens to you before you’ve prepared your estate properly. In this situation, your family and friends who remain behind will be forced to deal with a variety of situations and aggravations an estate plan would’ve predetermined and prevented.
What Does Estate Planning Cover?
There are many things you can communicate within your estate plan. An estate planning attorney like The Law Offices of Rebecca Martin can guide you through the process, making estate planning a pretty painless process. Your estate plan should include your preferences for your assets. For example, you will want to communicate who you are leaving all your assets to, along with when they should receive their assets. An estate plan is also a great way you can communicate who should take over the guardianship of your children if they are under the age of 18 upon your death. If you don’t set up an estate plan, the state will determine where your assets go. The process will also be more drawn out and could lead to hurt feelings among relatives and friends.
What is Involved in Estate Planning?
The single biggest element of an estate plan is your will. This is where you outline your preferences for who gets what. You can also set up what’s called a living trust. This includes your will but goes a bit further. By setting up a living trust, you choose administrators of your estate who will oversee your assets. By setting up a living trust, the process of transferring assets after your death is easier and can bypass probate.
Today is the day for you to start estate planning. Call us at the Law Offices of Rebecca Martin to learn more about how we can help you get your estate in order.