LIFE & ESTATE PLANNING ATTORNEY
LIFE STAGES ESTATE PLANNING ATTORNEY J.O. VALENTINO
What is Life and Estate Planning?
Estate planning encompasses various legal strategies such as wills, revocable living trusts, irrevocable trusts, durable powers of attorney, and health care documents. Many new clients are unaware that they already have an estate plan in place. Without specific legal planning, Kansas’ intestacy laws dictate how their estate will be distributed after death. However, this may not align with their desired plan. To ensure your intentions are followed, it is crucial to establish a properly drafted estate plan tailored to your needs with the assistance of an estate planning lawyer.
Ex-Pats with US Assets
We provide estate planning services for US citizens living abroad with bank accounts in the United States.
Non-citizen with US Assets
We also provide probate services for international persons with US assets.
Your Last Will and Testament
Your last will and testament is a vital component of a comprehensive estate plan. When a person passes away without a will, known as dying "intestate," state laws determine the distribution of their assets.
Here are some key points to understand about wills:
- A will only holds legal authority after death, offering no assistance in managing a person's affairs during incapacitation caused by illness or injury.
- A will does not help an estate avoid probate. Instead, it serves as the legal document presented to the probate court, essentially acting as an "admission ticket" to probate.
- Nominating guardians (or backup parents) for minor children in your will is essential. All parents of minors should document their choice of guardians to prevent potential conflicts and ensure the well-being of their children.
Trusts: Revocable Living Trusts, Irrevocable Trusts, Testamentary Trusts, Special Needs Trusts, etc.
Trusts come in various forms, ranging from simple to complex, and serve different purposes in legal, personal, investment, or tax planning. At its core, a trust is a legal entity involving at least three parties: the trust-maker, the trustee (trust manager), and the trust beneficiary. Often, these three roles are fulfilled by a single person or a married couple. For instance, with a revocable living trust, an individual may establish the trust (the trust-maker) and appoint themselves as the current trustee (trust manager), managing the trust assets for their personal benefit (trust beneficiary).
Establishing a trust can yield several advantages, including the avoidance of probate court. In most cases, assets held in a revocable living trust can be immediately transferred to the trust beneficiaries or heirs upon the trust-maker(s)'s death, bypassing the need for probate. Certain trusts may also provide tax benefits for both the trust-maker and the beneficiary. They can safeguard assets from creditors or designate someone to manage and invest property on behalf of the trust-maker(s) and the named beneficiaries. Moreover, well-drafted trusts remain effective even if the trust-maker dies or becomes incapacitated. Contact our estate planning lawyer to explore the potential benefits of establishing a trust for you and your family.
