In many cases in which a person becomes incapacitated, courts appoint outsiders to make decisions regarding the incapacitated person's financial affairs and health matters. The way to ensure that a person of your choosing who knows your wishes and will act on your behalf is to execute a power of attorney to designate an agent or attorney-in-fact.
Planning for the Future to Protect Your Loved Ones in Kansas
The right estate plan can give you peace of mind that the people you care most about will be taken care of in the future. At the Stockton Law Office, we have helped eastern Kansas families create personalized estate plans for nearly 10 years.
Without a will, the state will decide how your assets will be distributed. Take care of your loved ones and your assets by outlining your wishes today. Call 913-884-3672 or contact us online to schedule a free consultation with our experienced estate planning lawyer.
Thank you for contacting Stockton Law Office, L.L.C. Your message has been sent.
Call us now
or use the form below.
When you need an estate planning attorney in Gardner, Kansas, turn to the Stockton Law Office. With nearly 10 years of experience, we will help you create a will, powers of attorney and other documents you need. Call 913-884-3672 or contact us online to schedule a free consultation.
Do not leave your family's future in the state's hands. The right combination of estate planning documents such as a will, powers of attorney and trusts can protect the people you love and your assets down the road.
Wills and Trusts
A will is a document that tells a person’s family or heirs and the courts how to distribute his or her money and property. A will is a basic estate planning tool, and a current and valid will is the best way to make sure your property is distributed according to your wishes and your family is taken care of after you’re gone. Many people also use trusts in conjunction with their will, as an independent estate planning tool or both.
Whether you want to prepare your first will or you are interested in updating your estate plan or exploring trusts, an estate planning lawyer from Stockton Law Office in Gardner, Kansas, can help you tailor a plan to your needs.
Wills
A will tells the world how you want your property to be distributed when you pass on. You may use a will to name your family, friends, distant relatives, charities or others as recipients of your property, and you can also use your will to give other types of instructions, such as naming a guardian for your kids and specifying an executor for your estate. If you wish to name a guardian to make decisions regarding your children's health, education and upbringing, it is important that the person you name as guardian has agreed to the role because a named guardian can refuse the responsibility. Similarly, because the executor is the person who will make sure your directions are followed as closely as possible, it is important that the person you name as executor understands that the role involves considerable responsibility and time and is willing and able to perform the functions required of an executor.
Because the law, your financial circumstances, your family circumstances and your objectives change over time, you should review and update your will with your attorney periodically. For example, many wills do not automatically take into account events that occur after the will was drafted, including divorces and remarriages, births, and deaths of named beneficiaries. A will can be updated by a new will or by amendment (known as a codicil). Wills and codicils must be drafted and witnessed in specific ways to be valid; your attorney can advise you on the relevant rules.
Trusts
A trust is a legal entity that is created to hold assets for the benefit of another person or entity. The person or entity for whose benefit property is held in trust is called the beneficiary, and the person who creates the trust is known variously as the settlor, creator, donor, trustor, grantor or founder. The settlor creates the trust by transferring property or assets into the trust and by establishing the terms of the trust, including the rules regarding management of the trust, the identities of beneficiaries and the circumstances under which trust income or assets will be distributed. The person or entity who is responsible for managing the trust in accordance with the terms of trust is called the trustee.
A trust can be created and take effect during the settlor's life or when the settlor dies. A trust that is created and becomes effective during the settlor's lifetime is called an inter vivos or living trust. A trust that is created by a will and becomes effective when the settlor dies is called a testamentary trust, a trust under will or a pourover trust. A trust that cannot be terminated once it is created is called an irrevocable trust, and a trust that can be terminated by the settlor after it is created is called a revocable trust. In most jurisdictions, a trust is considered irrevocable unless the settlor has specified that it is revocable.
Conclusion
There is no one-size-fits-all approach to estate planning, and an estate plan typically needs to be tailored to an individual's particular needs. Because your needs change over time, reviewing your will and other estate planning tools with an attorney on a regular basis can help you to ensure that your estate plan will continue to be tailored to achieve your goals. An estate planning attorney at Stockton Law Office in Gardner, Kansas, can work with you to draft a will or create a trust designed to help you achieve your objectives.
Copyright ©2010 FindLaw, a Thomson Business
DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.