Some people think that estate planning boils down to one simple act. You take a few minutes to fill in the blanks on a last will template that you buy from some company on the Internet, and the task has been completed.
In reality, there is a lot more to consider if you want to be properly prepared. Let’s look at a number of different reasons why you would do well to engage an estate planning lawyer.
Asset Transfer Devices
One of the first things you should understand about the process of estate planning is the fact that a will is not the best choice for most people with a reasonable store of resources.
If you are like most people, you would like your family to receive their inheritances shortly after you pass away. When you use a will, it would be admitted to probate, and the court would preside over a long, costly procedure.
Your loved ones would play a waiting game, and it can take close to a year in many cases.
Plus, generally speaking, you would be allowing for lump sum inheritances. This may make you feel uncomfortable if you have concerns about the money management capabilities of someone on your inheritance list.
There are trusts that can be used to avoid probate entirely, and you can include spendthrift protections. It is also possible to facilitate limited distributions over time.
And what about the unique circumstances that can enter the picture? People with disabilities usually rely on Medicaid for health insurance, and many receive Supplemental Security Income.
These are need-based-based programs, so a windfall of money can cause a loss of eligibility. There is a certain type of trust that you can use to safely provide for loved ones without impacting benefit eligibility.
These are just a couple of the different reasons why you may want to use a trust instead of a will, but there are many others.
There is no reason why you would be aware of all the options that are available to you if this is not your field. This is why it is wise to discuss your family dynamic and your estate planning goals with a licensed attorney.
As we have stated, a will would be admitted to probate, and the court would make certain legal demands. There are also state laws that must be followed when a trust is being administered.
Do you know how you should proceed? Are you sure you can rely on a download that you purchased online for a few bucks? After all, we are talking about the final gifts that you will be giving to the people you love the most.
There is no reason to take chances when qualified, affordable legal assistance is readily available.
If you are faced with some type of enormous expenses toward the end of your life, the cupboard may be bare when it is time for your estate to be transferred to your heirs. This is something to take seriously, because most elders will need long-term care, and Medicare will not pay for it.
Medicaid will cover a stay in a nursing home, and it is possible to qualify if you have resources if you position them wisely at the right time. Advance planning is key, and we know exactly how to advise clients who want to preserve their legacies.
We Are Here to Help!
Now is the time for action if you are going through life without a professionally prepared estate plan. You can schedule a consultation appointment if you call us at 913-262-2000. If you would rather send us a message, fill out our contact form and we will get back in touch with you promptly.