Estate Planning Documents

Documents Used in Estate Planning:

Living Will/Health Care Treatment Directive

Generally, this document provides for life-sustaining machines/procedures to be removed/stopped in the event you are in a certain condition and your physician does not expect you to to survive with the life-sustaining machines/procedures. Some examples of machines/procedures are CPR, respirator, tube feedings/water.

Power of Attorney for Health Care Decisions

This document appoints an individual(s) to make health care decisions for you in the event you are unable to make health-care decisions for yourself.

Power of Attorney for Financial Decisions

This document appoints an individual(s) to make financial decisions for you in the event you are unable to make financial decisions for yourself.

Last Will and Testament

This document provides for the disposition of your assets at your death and the appointment of an executor, guardian and conservator (if applicable) and trustee (if applicable). A Last Will and Testament is probated (court supervised transfer of assets).

Living Trust (Revocable Trust or Inter-Vivos Trust)

This document is used by an individual to hold assets while the individual is alive and is intended to avoid probate after the death of the individual. This is also used for tax planning and a number of other objectives and purposes which are discussed in our meeting. To properly use a Living Trust, assets must be transferred to the trust. We can assist in the transfer of real estate and closely held businesses to trust for our clients.

Estate Tax Planning

Trusts can also be used for estate tax planning. This will be discussed during your appointment and upon review of your situation. Examples of tax planning trusts are marital/non-marital trusts (also known as AB Trusts), charitable remainder trusts and irrevocable life insurance trusts, which can increase the amount that may be passed free from federal and estate taxes.

Deeds

There are several types of deeds, many of which are used in estate planning. Depending on your estate plan, we will prepare deeds for real estate you own in Kansas and Missouri. Some examples of deeds frequently used in estate plans are quitclaim deeds, warranty deeds and beneficiary deeds.

Tangible Personal Property

We will provide you with a form for you to list your tangible personal property. This list will be a supplement to your Last Will and Testament and Living Trust. It identifies specific items and names of people to receive those items. The Last Will and Testament or Living Trust will refer to the list and specify that these personal items should be distributed based on the list. By keeping a separate list, you can amend it as needed without altering your Last Will and Testament or Living Trust.

Funeral Wishes

You will outline your funeral wishes in a separate document from your Last Will and Testament and/or Living Trust and will give it to your executor, family member or a trusted friend. Unless you or your family members make other arrangements, funeral costs will be paid from your assets before anything is distributed to your beneficiaries.

We understand that all of this may be confusing, if you have any questions, feel free to call the office with any questions. 913-385-0444