If you ask someone about estate planning, their first thought will be creating a last will and testament. That is probably the most common estate planning tool there is. The will must have the appropriate language to accomplish the goals you have for your own estate plan. The best way to ensure your will is drafted correctly, you need to have the assistance of a Missouri or Kansas estate planning attorney.Drafting the Last Will and TestamentThe Last Will and Testament, or “will” for … [Read more...] about Drafting Your Last Will and Testament
Estate Planning
What You Should Know about Revocable Trusts
Trusts are an important component to every good estate plan. There are several types of trusts you can choose from. Knowing which type of trust you need is also important. It is often suggested that, as your financial situation or other aspects of your life change, you should review the terms of your trust and make changes as necessary. In order to do that, you must have a revocable trust. The flexibility of revocable trusts is one of their most important benefits.How do I know it’s a … [Read more...] about What You Should Know about Revocable Trusts
How Irrevocable Trusts Protect Assets
Business owners and owners of commercial property are typically concerned about asset protection, but you don’t have to own special property to want to protect your assets. We all have creditors of some type. There may also be potential legal claims in the future you may have to defend against. If you don’t want to run the risk of losing everything you own as a result of an unexpected situation, you need asset protection. Irrevocable trusts are one way to accomplish that.The primary goal of … [Read more...] about How Irrevocable Trusts Protect Assets
5 Things You Need to Know About a Pour Over Will
Many clients ask us, “what happens if I have an asset outside the name of my trust at the time of my death? Is there any way to transfer it to my trust at that point?” The answer is YES. Typically, a pour over will is used in conjunction with a living trust, which allows selected property or assets to “pour" into a trust. Once that happens, the property can be distributed to the beneficiaries named in the trust.Advantages of Pour Over WillsMany estate planning attorneys believe that … [Read more...] about 5 Things You Need to Know About a Pour Over Will
Estate Administration and Distribution of Assets
Estate administration is an important fiduciary duty. If you have been named as executor of a loved one's estate, then you should have some basic knowledge about the requirements of estate administration and distribution of assets. Fiduciaries, in the probate and estate context, are usually executors or trustees. Here are some of the basics.The basic steps required in probateThe first step in probate involves initiating the court proceedings by filing a petition. This petition should be … [Read more...] about Estate Administration and Distribution of Assets
