Estate planning in El Dorado, 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.
One of the first things an estate planner will ask you about when you come to them for help is what you want to put in your will. A will is a document which says who is going to get your property after your death. Once it is proven valid, a will is binding, meaning that the beneficiaries get legal ownership of whatever is left to them. Obviously, if you have any interest in what is done with your property after you die, a will is going to be at the center of your estate plan. However, it is rarely the only part of a solid estate plan.
In addition to a well-drafted will, a comprehensive estate plan should include things like a living will (healthcare directives made in advance, in case you become incapacitated and unable to make or express such decisions), funeral instructions, and instructions relating to organ donations.
If you have young children, it is absolutely crucial that you make arrangements for their care, as well as their custody. Obviously, if you want someone specific to take custody of them in the event something happens, you need to discuss the matter with them, to ensure that they are actually able and willing to care for them.
What Type of Estate Plan Do I Need in El Dorado, Kansas?
This typically depends on your individual goals and priorities, your age, health, and the nature and quantity of your assets.
For instance, if you're unmarried, and in your early 20's, estate planning is probably not the most important thing in your life. However, if you're seriously ill, and/or unusually wealthy, estate planning might be a priority for you.
Individuals who are, for varied possible reasons, unwilling or unable to get married, but are in committed, lifelong relationships, are perhaps most in need of a good El Dorado, Kansas estate plan. Because couples who aren't married don't automatically get any of the legal rights (such as hospital visitation, inheritance rights, and power of attorney) that come with marriage, they have to secure these rights through other means, such as wills and power of attorney agreements.
If you are elderly, and have a considerable amount of assets in El Dorado, Kansas, estate planning may be more important at this stage of your life than any other. While estate planning deals with some morbid and unpleasant subjects (requiring us to confront the reality of our own mortality), it is necessary if you wish to live your life secure in the knowledge that your loved ones will be provided for to the extent that your assets allow.
Do I Need a El Dorado, Kansas Estate Planning Attorney?
In El Dorado, Kansas, estate planning is rarely simple, even if it's not the most intricate thing in the world. Given the importance of what's at stake (the financial security of your loved ones), a good estate plan is essential, as is the help of an attorney who specializes in wills, trusts, and estates law.