Estate planning in Hays, 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 assistance 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. Nonetheless, it is rarely the only part of a solid estate plan.
In addition to a well-drafted will, a comprehensive estate plan should contain 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 Hays, Kansas?
Obviously, the answer to this depends on many factors, as well as your goals and preferences. But, most people, when deciding what type of estate plan they need, consider their health, age, and wealth.
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 have a life partner in Hays, Kansas, but aren't married to him or her, estate planning is necessary. If you want your partner to have most of the same rights and responsibilities as a spouse, it's typically possible with good estate planning. You should grant your partner power of attorney, so they can make arrangements for you in case you become incapacitated. Moreover, you should name your partner as a beneficiary in your will, because, unlike a spouse, a life partner will not automatically inherit your property if you die without a will.
If you are very old, and have a considerable estate in Hays, Kansas, you should definitely come up with an estate plan if you haven't already. Admittedly, this includes confronting some unpleasant and morbid subjects, but it is still very critical. Estate planning is essential if you care at all what happens to your property, and, more importantly, your loved ones, after you die.
Do I Need a Hays, Kansas Estate Planning Attorney?
Because estate planning can be a confusing process, the expertise of a good lawyer in Hays, Kansas who specializes in wills, trusts, and estates can make the process a great deal easier.