Estate planning in Larned, Kansas is simply the act of deciding what you want to happen to your assets after your death. It normally 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 Larned, Kansas?
The answer to this question depends on your individual needs, your priorities, your health, and the size and nature of your estate.
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.
If you have a life partner in Larned, Kansas, but aren't married to him or her, estate planning is essential. If you want your partner to have most of the same rights and responsibilities as a spouse, it's normally possible with good estate planning. You should grant your partner power of attorney, so they can make choices for you in case you become incapacitated. Additionally, 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.
Individuals who are elderly and/or have a massive amount of money in Larned, Kansas are probably more in need of an estate plan than almost anyone else. Most people place a lot of value in the peace of mind that comes when they know that the people they love, or the causes they care about, will be taken care of after their death. Of course, nobody likes to confront the facts that this process always contains, but it's necessary.
Do I Need a Larned, Kansas Estate Planning Attorney?
Because estate planning in Larned, Kansas can involve some complicated legal and financial issues, it is essential to undertake this task with the guidance of an experienced attorney who specializes in estate planning.