Elder Law
Estate Planning, Wills and
Probate:
We all need to remember that the quality of life has allowed our
population to live longer. This means that both we and our relatives need
to plan ahead for situations that might arise so is to protect and
preserve our assets, property and peace of mind. Proper estate planning
may avoid costs, taxes, lost time and inconvenience upon death. This may
include preparation of a Will or Trust necessary to transfer your property
at the time of your death. Other documents may be appropriate; these
documents can accomplish the transfer with little or no involvement of a
Probate Court.
Proper estate planning involves not only providing for your assets and
property at the time of your death but also for periods of time when you
may be incapacitated or disabled. Documents such as Durable Power of
Attorney, Living Wills, and Durable Powers of Attorneys for Health-Care
Decisions give individuals control and piece of mind. Not only have these
individuals prepared for disability, but they also have eased the burden
on their relatives and loved ones desiring to follow their wishes and
direction.
Attorneys can help you understand what these documents may do, and the
information that must be included in each.
Last Will and Testament:
The document that most people associate with the power to transfer
property upon their death is called a Last Will and Testament. In order
for a person's last will and testament to be valid, it must comply with
state law. In Kansas, there are several requirements. Two witnesses and a
notary public are normally required, and the person making the will, as
well as the witnesses, must be properly sworn on their oaths. Wills may
also include a person's instructions on burial, who they wish to serve as
the executor of their probate estate, and who they wish to be appointed as
guardian and conservator of their minor children. The provisions an
individual may wish to include in their will are actually without limit,
as long as they comply with state law and do not violate public policy.
While this document is very important, and certainly helpful, in
expressing an individual's intent on who will inherit their property, it
is only one means of doing so. Unfortunately, many people fail to
understand that there are other methods of transferring their property
that may not only conflict with the provisions of a will but, actually,
take priority.
These matters can best be understood in a personal conference with an
attorney who can explain these matters in further detail.
Trust:
A trust is in arrangement where a legal entity is created under the laws
of this State where property (usually funds) are administered by a trustee
for the benefit of another, called the beneficiary. The trust may be
created for any purpose which is not illegal, and not against public
policy. A fiduciary relationship is created where the trustee has the
responsibility and obligation to keep, use, or manage the property for the
beneficiary in conformity with the instructions given in the trust.
These matters can best be understood in a personal conference with an
attorney who can explain these matters in further detail.
Probate Court and the Probate Estate:
If one is a resident of the State of Kansas or owns any real estate in
Kansas at the time of death, Kansas law must be followed in providing for
the orderly transfer of property, called the probate estate. For the
property to be passed to your legal heirs or named persons, it passes
through probate court. After payment of all claims and debts against the
probate estate, the Court issues Orders transferring whatever property
remains. If one dies without a will, the laws of the State decide the
manner in which your probate estate is distributed to your legal heirs. If
one dies with a will, ownership of your property (probate estate) must be
distributed to the persons designated in your will. You determine the
amounts and direction of the distribution, not the State.
The Attorneys at Slape & Howard, Chartered can not only provide
appropriate disability and death planning but also provide guidance as to
the most efficient and least expensive way to accomplish your goals.