Wills, Estates, & Trusts
Preparation and execution, in accordance with Kansas Law, of The Last Will and Testament in accordance with their instructions includes estate and inheritance tax advice, terms to protect minors and impaired heirs, as well as other terms to reduce the expense and delay of administering the estate of the client.
Estates represent heirs of deceased persons in administering estates including the liquidation of assets, defense of claims filed against the estate, resolves disputes among heirs and beneficiaries, and proper distribution of assets according to terms of the Last Will and Testament of the deceased person.
Trust agreements prepare assets of the trust to be dispersed to the designated beneficiaries (i.e. family members and loved ones) upon the clients death, without the expense and delays occurred in the probate of the client’s estate following his/her death.
Why You Need a Will
If you pass away without a will, the state disperses your assets and decides who gets what without regard to your wishes. If you have children, a will determines guardianship of your children. Having a will can save your family time, money and grief.
What is a Living Trust?
Like a will, a living trust is a document that spells out your plans in regards to your assets, dependents, and heirs. A will becomes effective only after you die, whereas, a living trust can be created while you’re alive. A living trust also avoids probate, meaning a faster distribution of your assets.
Don’t Delay, Update your Estate Plan
Everything that you own, such as your home, automobiles, furniture, real estate, checking and savings accounts, investments, life insurance, personal possessions, are considered your estate. Estate planning is a process in which you make a plan as to who will own these possessions once you die.
It’s a good idea to update your estate plan every few years due to major life changes, including marriage, divorce, remarriage, children, or a change in financial status. You may realize that these changes have made you reevaluate your priorities.