Estate planning in Colby, Kansas is simply the act of deciding what you want to happen to your assets after your death. It typically entails making plans about funeral arrangements, as well as plans for end of life care.
While the drafting of a will (the document that dictates what is to be done with the decedent's property after death) is typically the central component of any estate plan, there are various other elements which you may want to include, depending on your goals, and your financial situation.
For instance, a reliable estate plan will include a living will, which gives your family members and healthcare professionals instructions about your medical care, to be followed in the event you become incapacitated. You should also include your funeral arrangements, and your preference with respect to organ donation.
For anyone who has children who are still minors, it is very critical to make arrangements for their custody and care, just in case the unthinkable occurs. You should think of a family member or extremely close friend who you know would be willing and able to take care of your children, and designate them as the person who would take custody. Of course, it's essential to discuss this matter with that person before you truly do it.
What Type of Estate Plan Do I Need in Colby, Kansas?
This typically depends on your individual goals and priorities, your age, health, and the nature and quantity of your assets.
Unmarried young adults usually don't think much about estate planning. In most cases, this is fine. Unless you are very sick or have an unusually large amount of assets, estate planning is not something to really worry about at this point in your life.
If you are unmarried, but have a life partner in Colby, Kansas, estate planning is crucial, if you wish for your life partner to be treated as if he or she were your spouse (to the extent possible). In such a case, the estate plan should make arrangements to give your life partner power of attorney in case you become incapacitated. Your will should also precisely include your partner (if you wish for them to inherit any of your assets).
There is another considerable group of people who would benefit from having a good Colby, Kansas estate plan: the elderly and those with a lot of money really need to consider making a comprehensive estate plan as soon as possible. While this necessarily includes facing some uncomfortable realities, it is essential and unavoidable.
Do I Need a Colby, Kansas Estate Planning Attorney?
Because estate planning can be a confusing process, the expertise of a good lawyer in Colby, Kansas who specializes in wills, trusts, and estates can make the process a great deal easier.