Estate Planning

ESTATE PLANNING BASICS 

While there is no “one size fits all” in estate planning, there are common elements. The most important aspect of estate planning is to create a plan that details what will happen when you die, and also, what will happen if you become incapacitated.

At a minimum, every solid estate plan must contain these documents:

  • Advance Medical Directive;
  • Generable Durable Power of Attorney; and
  • Last Will and Testament or a Revocable Living Trust.

When disaster strikes a loved one, distributing an estate after death or managing as guardian/conservator after disability – can be a complex and emotionally draining process. Expensive and time-consuming problems can occur during the process, for example:

  • Wills and trusts can be challenged;
  • Guardian and/or conservator status can be challenged; and
  • Administration process can get botched by mistakes or fraud.

That means wills and trusts can be contested on a variety of grounds.  The administration process can also be disputed by involved parties who believe their rights have been disregarded.  Fiduciaries and administrators can have their performance challenged and beneficiaries can sue for increased inheritances including a spouse’s right of election.  These are serious legal matters and parties involved in estate litigation need legal assistance and guidance to prosecute or defend against these legal claims.

Planning is your best protection against these disasters. Continue reading and follow the links to find out more about these estate planning tools:

An Advance Medical Directive is a document that combines a living will (a statement of your desires in end-of-life situations) with a medical power of attorney (your appointment of an agent). [Click here to read more]

A Durable General Power of Attorney appoints an agent (attorney-in-fact) to make decisions for you if the time comes when you are longer are able to do so. [Click here to read more]

A Last Will and Testament is your written statement of what will happen to your estate when you die.. [Click here to read more]

A Living Trust (an inter vivos trust) is established while you are alive.  The Living Trust is a contract which spells out the ownership, administration and the disposition of the assets the trust owns. [Click here to read more]

Further, you may be wondering about the advantages and disadvantages of creating a Living Trust.

Reasons to Create a Living Trust. People have different reasons for doing a Living Trust. Avoiding probate, keeping estate information such as asset values private, avoid or reduce estate taxes, manage the guardianship appointment process if it becomes necessary, and mostly, for peace of mind you’ll have when you know you’ve protected your family. [Click here to read more]

WHEN IT’S DONE, IT’S DONE

The best thing about having a complete estate plan in place is that, hopefully, you will never have to completely redo it.  I work very hard to create “flexible” documents to provide for the foreseeable contingencies.  If a statute changes significantly, or you have major changes that require a document revision, you can make revisions or amendments simply.  My office will be happy to discuss with you and answer any questions you may have. 

If you have questions or would like a free case evaluation, call Dan Dorsch: 913-685-9190.

The Dorsch Law Firm is dedicated to helping your construction business prosper.