Estate planning in Pratt, 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.
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 Pratt, Kansas?
The answer to this question varies on your individual needs, your priorities, your health, and the size and nature of your estate.
If you are in good health, young, and not married, planning an estate is likely not a high priority. And at this time in your life, it doesn't really have to be, with a few possible exceptions, such as individuals who work in very hazardous jobs, or who are very wealthy.
If you have a life partner in Pratt, 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 elderly, and have a considerable amount of assets in Pratt, Kansas, estate planning may be more essential 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 Pratt, Kansas Estate Planning Attorney?
Because estate planning can be a confusing process, the expertise of a good lawyer in Pratt, Kansas who specializes in wills, trusts, and estates can make the process a great deal easier.