Estate Planning FAQs

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Estate planning is more than just creating a will. It's a comprehensive approach to managing and protecting your assets during your lifetime and ensuring they're distributed according to your wishes after your death. A well-designed estate plan also addresses healthcare decisions, guardianship for minor children, and business planning.

A will is a legal document that:

• Names who will receive your property upon your death
• Appoints a guardian for your minor children
• Names an executor to manage the distribution of your estate
• Only takes effect after your death
• Must go through probate, which is a public court process

A trust is a legal arrangement that:

• Can be effective during your lifetime (living trust) or after death (testamentary trust)
• Allows property to pass outside of probate, often saving time and money
• Provides greater privacy than a will
• Can manage assets for minor children or beneficiaries who need assistance
• May offer tax advantages in certain situations
• Can include provisions for your care if you become incapacitated

Estate planning is not a "set it and forget it" process. Your estate plan should be reviewed:

1. Every 3-5 years as a general rule
2. After major life events, including: 
   • Marriage or divorce
   • Birth or adoption of a child
   • Death of a spouse or beneficiary
   • Significant changes in assets or business ownership
   • Moving to a different state
   • Changes in tax laws
   • Children reaching the age of majority
   • Retirement

For business owners, additional reviews may be necessary when:

• Your business structure changes
• You add or lose business partners
• Your business experiences significant growth or contraction
• You're considering succession planning

A power of attorney is a legal document that grants someone else the authority to act on your behalf in certain legal and financial matters. This can include managing your finances, paying bills, and making medical decisions if you are unable to do so. By creating a power of attorney, you can ensure that your affairs are managed according to your wishes even if you are unable to manage them yourself.

A living will is a legal document that outlines your wishes regarding end-of-life medical treatment, such as whether you want life-sustaining treatment if you are in a terminal condition. A healthcare directive, on the other hand, is a broader document that appoints someone to make medical decisions on your behalf if you are unable to do so. It can also include instructions for your medical care if you are unable to communicate your wishes.

At KC Legacy Law, we specialize in creating custom estate plans for business owners and families with minor children in Kansas. Our approach ensures your plan reflects your unique situation and goals.

Call  me today to discuss your estate planning needs and protect what matters most. 913-717-5951