In a word – Olathe, Kansas is beautiful. Indeed, “Olathe” is the Shawnee Indian word for beautiful. Located in northeastern Kansas with a population of more than 125,000, it is the fourth largest city in the Kansas City metropolitan area and just west of Overland Park. Olathe, located just 20 miles southwest of downtown Kansas City, was once a stop on the Oregon Trail, the California Trail, and the Santa Fe Trail. If you visit this fine community, you can still enjoy stagecoach rides, Civil War re-enactments, and other activities.
In the 1950s, Olathe began to experience tremendous residential growth, becoming a part of the Kansas City metropolitan area. Then in the 1980s, Olathe experienced tremendous commercial growth. In fact, as of 2008, Olathe was ranked the 24th fastest-growing city in the country and number 11 on the list of the “100 Best Cities to Live in the United States.”
We appreciate our neighbors in Olathe
Olathe provides its residents a lifestyle of exceptional quality with its attractive and well-planned neighborhoods. Olathe’s Fire and Police Departments are among the finest in the state and its school system is one of the best in the nation. Olathe is popular area for hot air ballooning and sailboarding. The city has two public lakes: Olathe Lake and Cedar Lake. In Olathe, the outdoor recreation activities available include running, bicycling, fishing, boating, and team sports.
The City’s Parks and Recreation Department maintains year-round activities including music, dance, sports, health and fitness programs for all ages. Baseball diamonds, tennis courts and fitness trails exist throughout the city, as well as four public outdoor swimming pools. Due to the excellent quality of life offered in this community, the number of people looking to call this community home continues to increase.
Why Olathe residents should consider estate planning
Preparing for the future is an important goal in life. But, when it comes to your estate, planning ahead gives you the valuable opportunity to determine now who should inherit your assets after your death. Estate planning is also a great way to reduce your estate taxes. Incapacity is something else that needs to be considered in estate planning. Whether it is temporary or permanent, your family must have the tools they will need to help you through that incapacity. They need the authority to handle your affairs for you until you are able to do so yourself.
What estate planning actually involves
The fundamental components of most estate plans are wills and trusts. The purpose of a will is to specify how you want your estate distributed after your death. A will can also identify who should be guardian for any minor children you may have at that time. A trust is a fiduciary agreement between the person creating the trust and the chosen trustee. A trust allows the trustee to secure and manage the trust assets for the benefit of your named beneficiaries.
Preparing for your death with an estate plan
Generally speaking, an estate plan serves two primary goals – preparing for death and incapacity. In order to prepare your family for your death, your plan needs to first provide resources to pay off your debts. Then you can specify who should receive any remaining property. In most cases, the last will and testament is used to accomplish this. A will, as it is more commonly known, is basically written instructions about how to handle your property after you die. Your will can also identify the person you want to manage the ultimate distribution of your estate after your death.
Preparing for the possibility of incapacity
You can never predict when some unexpected injury or medical condition can result in your inability to handle your own affairs. For that reason, having an estate plan that provides for incapacity is so important. If incapacity befalls you, then you need someone trusted and reliable to make the important decisions you may no longer be able to make. Most incapacity plans address both financial and medical concerns.
What happens if you don’t have an incapacity plan?
The reality is if you do suffer incapacity at some point in your life, whether permanent or temporary, but you do not have a plan, it is very likely that a court-appointed guardian will be necessary. Besides being very expensive, a guardian will result in relinquishing control of your financial and health care matters entirely. In order to avoid the need for a guardian, you need to have an estate plan. Your estate planning attorney can help you get started. If you have questions regarding planning for death, incapacity, or any other estate planning matters, contact Gaughan & Connealy for a consultation either online or by calling us at (913) 262-2000.