The Dorsch Law Firm LLC

Overland Park, Olathe, and Lenexa, Kansas Estate Planning Law Firm

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Daniel B. Dorsch, Attorney at Law

The Dorsch Law Firm specializes in Estate Planning services for Missouri and Kansas residents. We are focused on helping you distribute your possessions the way you wish. We all know that death is guaranteed, but it is still a source of stress and fear for many of us. A lot of that fear stems from the unknown; how or when will we die, or what will happen to our loved ones? None of us can avoid our ultimate end, but we can take control of the situation and implement measures to overcome many of the uncertainties associated with death.

• Are you concerned about the welfare of your loved ones in the event of your premature death?
• Are you concerned that your life insurance proceeds would be squandered due to inexperience or immaturity, or subject to risk because your spouse remarries.
• Are you concerned that the children from a current or previous marriage may not be cared for adequately if you're not around?
• Are you worried that your loved ones may be left financially devastated—unable to pay household and education bills—because of the extensive time it takes to settle your estate after your death?
• Are you worried that your assets will be wasted on unnecessary and fruitless medical care because your wishes regarding life support are not honored or known?
• Do you want your estate to avoid paying unnecessary taxes to the state and/or federal government because of your death?

Here is a list of items every estate plan should include:

• Will / Trust
• Durable power of attorney
• Beneficiary Designations
• Pour-Over-Will
• Living Will
• Guardianship designations
• Nomination of Conservator

Does your estate plan measure up? A simple, pre-packaged Will kit may not be enough; additionally, it’s important to have an expert estate attorney engaged in the entire process to ensure that you haven't left any decisions to chance. Let’s review the list of items every estate plan needs:

Wills or Trusts

A Will or Trust is the main component of every estate plan, even if you don’t have a lot of assets. Wills help to ensure that property is passed according to an individual's wishes (if drafted according to state laws). However, a Trust provides so much more. Besides avoiding probate (which prevents your heirs from receiving their share of the estate for at least 1 ½ to 2 years and the courts will deduct 8% - 10% of the value of your estate, plus attorney fees), the tax benefits (which are always subject to change),a Trust gives one “privacy” (not being recorded with the County Records like a Will is), you can establish various multiple distributions of your estate (to avoid a potentially immature recipient), and a Trust is far less likely to be open for attack, than a Will.

Durable Power Of Attorney(s)

All estate plans should have a durable power-of-attorney (POA) relating to financial and healthcare issues. These essentially act to designate an individual that will act on your behalf, in the event of you become incapacitated or disabled. Without a power of attorney, the court will be left to decide what happens to your assets (if you are found to be mentally incompetent). The court’s decision may very well not be what you wanted.

Beneficiary Designations

There are a limited number of your possessions that can pass on to your heirs without being spelled out in the Will or a Trust. This is exactly why it is paramount to designate a beneficiary and contingent beneficiary in your Will or Trust. In fact, all retirement accounts and insurance plans should contain a beneficiary and a contingent beneficiary because they too typically pass outside of a Will.

Pour-Over-Will

This document acts as a safety net, in the event you do not transfer some of your assets into your Trust. It essentially tells the court that “Oops, I forgot to move this asset into my Trust. So, please act as if I did and distribute it according to my directions spelled out in my Trust.”

Living Will

A Living Will is becoming more and more important as a protection for you and your family. This document says that in effect that, if your life is being sustained solely by artificial means, it is your desire to pull the plug. By making this decision before the onset of major medical problems, you want the right to die with dignity and not simply being kept alive by a machine.

Guardianship Designations

While many Wills or Trusts contain this type of verbiage, some “do-it-yourself” Wills do not. If you have kids or are considering having children, regardless if you have a domestic partnership or not, picking a guardian is incredibly important and sometimes neglected. Make sure the individual or couple you choose shares your views, is financially sound and is genuinely willing to raise children. As with all designations, a backup or contingent individual/family member should be named as well.

There is more to estate planning than deciding how to divvy up your assets when you die. It's also about making certain that your family members and other beneficiaries are provided for, and have access to, your assets upon your temporary or permanent incapacity.

Don't leave the future of your loved ones to chance, contact our office today or call (913) 685-9190 to see how we can work with you to structure an estate plan that ensures your wishes are respected and your loved ones are cared and provided for as they would be if you were around.

Nomination of Conservator

This identifies an individual who is responsible for your person if you become incompetent. This document should not be confused with the Competency Clause, which authorizes the successor trustee to administer the assets of your estate if you become incompetent. The designated conservator becomes responsible for ensuring your safety and well-being.