Which Documents are Essential in an Estate Plan?

Planning for the future means more than just making sure there are arrangements to distribute your property after your death. Comprehensive estate planning should also outline what happens if you become ill or infirm. An estate planning lawyer can help you put arrangements in place in Kansas City, MO, and ensure that your interests and wishes are properly protected.

The Documents You Need

Last Will and Testament

A will allows you to specify how you want your personal property to be distributed and managed after your death. It can also address the issue of guardianship for minor children.

A will must be created legally to be accepted as valid. This means there must be no illegal clauses, and it must comply with all legal requirements. Although it’s possible to draft a will without professional advice, it’s not advisable because it’s easy to inadvertently fail to meet all the required conditions. A will that hasn’t been drafted by a legal professional may also be more vulnerable to challenges regarding its validity.

Revocable Living Trust

Any property that is distributed by a will is typically subject to probate. This process can be onerous and delay the distribution of assets. A revocable living trust is an alternative way of distributing your assets that bypasses the need for your heirs to go through probate. As a revocable trust, it can be revoked or altered during your lifetime if circumstances change.

Under the terms of a revocable living trust, you place your assets into a trust, appointing yourself as the trustee. This ensures you retain control over your assets during your lifetime, but after your death the trust can be managed by a replacement trustee. A replacement trustee can also manage your assets during your lifetime if you become ill or incapacitated.

Durable Power of Attorney

Unlike a will, a power of attorney is only valid during a person’s lifetime and ceases to have any legitimacy upon death. It allows a person’s health, legal, and financial affairs to be managed by another individual, should they become unable to act on their own behalf.

You can appoint anyone over the age of 18 as the named agent in the power of attorney, but it should be someone whom you trust to act in your best interests. A durable power of attorney can be revoked or changed, provided you are of sound mind.

Get Personalized Advice From an Estate Planning Lawyer

An attorney can draft any necessary legal documents, as well as provide advice about what to consider. Estate planning is a very individual process, so it’s essential to seek professional advice that’s tailored to your specific needs. It’s also advisable to have your plans reviewed regularly, as arrangements may need to be updated to reflect life changes.

With more than 80 years of combined experience, our attorneys have helped numerous clients with estate planning. To get professional advice that’s tailored to your circumstances, contact our office at Troppito Miller Griffin Attorneys at Law in Kansas City, MO today.

Tags: Estate Planning
Posted in Troppito Miller Griffin Attorneys at Law Service | No Comments »