Olathe Estate Planning Lawyer
Most people don’t like to think about death, but it’s vital that you take the time to consider what you want to leave to your loved ones once your time comes. Estate planning is difficult for many people, but having the right Olathe estate planning lawyer to guide you through the process can make a world of difference. A well-crafted and thoughtfully planned estate can provide peace of mind and assurance that your final wishes are honored to your specifications.
Since 1986, the Dorsch Law Firm has provided legal counsel to citizens of Missouri and Kansas in several practice areas, including business formation, asset protection, and with a special focus on all manner of estate planning law. Whether you want to create a living trust, plan the succession of your family business, or create an estate for a loved one with special needs, the Dorsch Law Firm has the compassion and experience necessary to help.
How Does Estate Planning Work?
Your estate is essentially the total amount of your assets and property that you will leave to your loved ones after death. Parents typically designate how they want their property and assets divided amongst their children or other surviving loved ones. As life has grown more complex in the last few decades, so have the considerations one must make when it comes time to prepare for death. There are several methods you can choose among when it comes to creating your estate.
Wills are a common choice because they are fairly straightforward and less expensive than some other options. A will, or a last will and testament, is an outline of your final wishes. For many, this includes designating who will care for surviving children or pets, who the executor of the estate will be, how to pay any debts or taxes, and other similar considerations.
For a will to be legally binding, the individual creating it must have a firm understanding of his or her assets and property and be mentally competent. This means the individual must be able to make informed, adult decisions unhindered by disease, disorder, or other ailments. The will must name beneficiaries, or the individuals who will receive your property after you die.
Finally, the owner of the will and two witnesses must sign the document. In some situations, a handwritten will can be acceptable if circumstances prevent a formal drafting. Wills don’t necessarily need to be notarized, but doing so will make it easier for a will to get through probate after death.
A living trust is another option that functions similar to a will. When you create a living trust, you can change the details of the trust any time during the rest of your life. Living trusts are typically more detailed than standard wills and often include instructions for the creator’s final wishes, such as their preferred means of burial or life-support and intervention options. One of the major reasons many people elect to create a living trust is that these trusts don’t need to go through probate court. Olathe estate planning lawyer, Dan Dorsch can help you sort out which option is best for you and your family.
The Probate Process
Probate is a term the courts use to describe the process for determining a will’s authenticity, accuracy, and handling of the obligations, such as paying off debts and distributing property. The probate process can take months or longer before beneficiaries receive money or assets. Legal fees, court processes, property appraisal, and other considerations of the probate process can add up, resulting in diminished inheritances for the beneficiaries.
Call the Olathe Estate Planning Lawyer, at Dorsch Law Firm Today
Whether you decide to create a will, a living trust, or some other form of estate, having the right attorney by your side will be a tremendous asset during a difficult process. Depending on your financial situation, your family, and several other possible considerations, the process can be stressful and expensive. When you work with the Olathe estate planning lawyer at Dorsch Law Firm, rest assured you have experienced and competent legal professionals in your corner.