Welcome to our comprehensive series of videos on estate planning! Whether you’ve previously made an estate plan or are just starting to think about your future, understanding the basics of estate planning (and keeping your plan up to date) is crucial for securing your assets and ensuring your loved ones are taken care of. In this series, we’ll walk you through the essential elements of estate planning, from knowing the difference between a will and a trust to knowing what to include in your estate plan.
Estate Planning: Getting Started
With over 15 years of experience, attorney Ryan Farley has assisted families with various estate planning needs, from simple arrangements for raising kids to complex cases involving large estates and business structures. In the first video, he guides you on identifying assets, understanding ownership types, and updating beneficiary designations to ensure assets are distributed as desired.
Estate Planning: Why Choose to Plan
In the next video, Ryan explains why estate planning is essential for several reasons. Firstly, it allows you to retain control over how your assets are distributed, ensuring they benefit your chosen beneficiaries. Secondly, it provides opportunities for tax planning and optimization, both during life and after death. Lastly, estate planning offers asset protection for beneficiaries and helps reduce future administration costs, making sure your wishes are efficiently carried out.
Estate Planning: Intestacy
While you may not know it, you already have an estate plan by default, determined by state laws if you haven’t made your choices clear. For instance, in Kansas, if someone dies without a will or beneficiary designations, assets are distributed to surviving spouses and children. Click here to see how your assets are distributed in intestacy. To avoid this default distribution and ensure your assets go where you want, it’s crucial to proactively create an estate plan that addresses your wishes, including provisions for charities if desired.
Estate Planning: Will v Trust
A will is a common document that dictates asset distribution and other important decisions after one’s death, while a revocable trust serves as a will substitute that can avoid probate and may be more efficient to administer after death. The choice between a will and a trust depends on factors like cost, administration process, and personal preferences.
Estate Planning: Not All Distributions Are the Same
If your a parent, you may be grappling with whether you should treat your children equally or fairly when putting together your estate plan. You can customize your estate plan based off of individual circumstances, such as differing financial needs or situations. Leaving assets in trust, staggering distributions, or including class beneficiaries are some strategies to ensure assets are distributed in a way that aligns with your intentions and the best interests of the beneficiaries.
Estate Planning: What to Include in an Estate Plan
An estate plan involves more than just a will or a revocable trust; it includes a comprehensive review of assets, decision-making instructions for certain situations, and proper document preparation to ensure your wishes are carried out. A typical estate plan may consist of a will, financial power of attorney, healthcare power of attorney, and a living will declaration. An estate plan involving a revocable trust will include all the same documents, in addition to an asset review of ownership and beneficiary designations, revocable trust, and additional collateral documents. While it is possible to create an estate plan on your own, consulting with an experienced estate planning attorney is advisable to avoid potential errors and ensure legal requirements are met.
Estate Planning: Conclusion One
Estate Planning: Conclusion Two
It’s never too early to start making a plan to ensure that your assets are protected for your family, your partners, and your employees. For personalized guidance and to take the next step in securing your peace of mind, call our office at 316.631.3131. Our estate planning team is here to answer your questions and provide tailored solutions to meet your unique needs.
Estate Planning: Back to Basics
What to do Before Meeting with Your Estate Planning Attorney
