Kansas City residents may understand the importance of creating an estate plan, but may be unsure of where to start or what to do. That is when the advice of a dedicated attorney, such as those at Stockton & Stern, LLC, can come into play, particularly if you are creating an estate plan for the first time later in life, as you may have numerous valuable assets, adult children and even grandchildren to consider.
One decision that people in such situations need to make is whether to create a will or a trust. Sometimes both are useful. A will is a common way to protect your assets in order to pass them on to your children, grandchildren and others. While some people can get by with only a will in their estate plans, this is not usually the case. The legal team at Stockton & Stern, LLC, has provided honest advice to their clients about their estate planning needs.
A trust is also an estate planning document that can provide the creator with a good deal of power and flexibility. This is because, as opposed to a will, it can protect the creator’s assets while the creator is still alive, as well as provide for disability planning. Many people have a revocable living trust as part of an estate plan. However, the legal team at Stockton & Stern, LLC, have experience helping their clients design more complex trusts, such as veteran’s trusts and special needs trusts.
In addition to wills and trusts, there are other types of documents that can make up a well-rounded estate plan. Attorneys can help their clients determine what they need, be it a powers of attorney, an advance directive or other types of documents. For more information about estate planning in Kansas City, you can review the estate planning webpage of Stockton & Stern, LLC.