What Happens If You Die Without a Will? Spoiler Alert: It’s a Real MessPicture this: you’re binge-watching your favorite series, totally engrossed in the drama, when suddenly the main character dies—without a will. Chaos ensues. Families argue, long-lost cousins appear out of nowhere, and the next thing you know, aunt Karen’s cat inherits the prized vinyl collection. Believe it or not, life can be just as dramatic if you die intestate (fancy legal word for “without a will”).But don’t … [Read more...] about What Happens If You Die Without a Will? Spoiler Alert: It’s a Real Mess
Outdated Wills: It’s Like Bringing a Flip Phone to a 5G World
Having Outdated Wills is Like Bringing a Flip Phone to a 5G World...*By Chris Gaughan and Casey Connealy, Gaughan & Connealy Estate Planning Attorneys*---So, you've done some estate planning before. You might have a will, a trust, or even a file folder stuffed with a few notarized documents that you proudly dust off every now and then. We get it—you took that first step, and for that, we tip our hats to you. But before you lean back in your chair thinking you're all set, let’s … [Read more...] about Outdated Wills: It’s Like Bringing a Flip Phone to a 5G World
Hitting “Pause” at the Finish Line May Be a Costly Mistake
Don't shoot yourself in the foot by hitting "Pause" at the finish line.When it comes to estate planning, the decision to take that first step and meet with an attorney is crucial. You understand the need to protect your family, your assets, and your legacy. But there's a common mistake many people make after taking that first step—meeting with an estate planning attorney and then pausing with, "I need to think about it."It sounds reasonable at first—after all, estate planning can feel … [Read more...] about Hitting “Pause” at the Finish Line May Be a Costly Mistake
Not Wasting Your Money on Probate: The Simple Economics
**Why You Should Put Your House in a Trust in Missouri and Kansas: The Simple Economics of Not Wasting Your Money on Probate**By Casey Connealy, Gaughan & Connealy Estate Planning AttorneysLet’s cut to the chase. If you're reading this, you’ve probably already heard that probate is a long, expensive process—and you'd be right. But you might be wondering, "Is it really that bad here in Missouri and Kansas?" Oh, yes, yes it is. If you're the type who enjoys spending unnecessary time … [Read more...] about Not Wasting Your Money on Probate: The Simple Economics
A Classic Foot-Shooting Move in Estate Planning
Hey there, it’s Chris Gaughan, partner at Gaughan & Connealy Estate Planning Attorneys. Let’s talk about a little phrase I hear all too often in my line of work: “I just need to think about it.” If you’re planning your estate, this phrase might seem like a smart play, but let me tell you, it’s more like the classic foot-shooting move of estate planning. Here’s why taking too much time to “think about it” can backfire—big time.1. **Information Overload Can Make You Feel Like a Cat with a … [Read more...] about A Classic Foot-Shooting Move in Estate Planning
3 Reasons You Don’t Need an Estate Plan
When people hear the words "estate plan," their minds often jump to wealthy individuals or elderly folks organizing their affairs. But truthfully, an estate plan is something every adult should consider, regardless of their age or income level. However, if you're reading this and thinking, "I don’t need one," perhaps one of these reasons applies to you. If so, you can certainly skip this crucial task. But, before you make that decision, let's take a closer look at these *reasons* and what they … [Read more...] about 3 Reasons You Don’t Need an Estate Plan
Estate Planning: There’s Something Here for Everyone – Part I
I have often heard someone say they "didn’t need an Estate Plan", or needed only a “simple plan” because they didn’t have much in the way of assets, or they only had relatively few beneficiaries. Other potential clients indicated that they didn’t need a plan because they added a beneficiary to all their assets. None of these circumstances means that an individual doesn’t need an Estate Plan. In fact, individuals whose estates are modest, who have few beneficiaries, or who have added … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part I
Estate Planning: There’s Something Here for Everyone – Part II
Recently, this blog examined the benefits of creating an Estate Plan and made the point that while many individuals think that they need only a “simple plan” because they don’t have significant assets or have few beneficiaries, that’s simply not true, see Estate Planning – There’s Something Here for Everyone Part I. This second part of the series will examine the most common mistakes that occur in an Estate Plan and how to avoid them.Of course, any individual who fails to create an Estate … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part II
A Message from the Murdochs
Regular readers know that celebrity estates gone wrong often become the subject of this blog. Given the numerous sources that detail the consequences of failed Estate Plans, it surprises me that anyone, let alone a person with any degree of fame, would fail to implement a proper Estate Plan prior to their death. Sometimes, it’s because they died an untimely death and never created the plan or created a convoluted plan. Other times it’s because they neglected to update the plan as family … [Read more...] about A Message from the Murdochs
Tread Carefully with Specific Bequests
Even those individuals who have not yet created an Estate Plan have certain goals in mind regarding their legacy. They may have had conversations with their loved ones regarding what they want to happen, including discussing detailed disposition of their assets upon death. Often, these goals reflect long-standing plans to reward a beneficiary for their devotion to the business or even to follow through on a promise to gift a particular asset to a beneficiary. When an individual creates a plan … [Read more...] about Tread Carefully with Specific Bequests
