Estate planning encompasses various legal strategies such as last wills, revocable living trusts, irrevocable trusts, general durable powers of attorney, and health care directives. Many new clients are unaware they already have an estate plan. Without specific legal planning, Kansas intestacy laws may dictate how your estate will be distributed after death. However, this may not align with your objectives. To ensure your objectives are followed, it is crucial to establish a properly drafted, executed, and implemented estate plan tailored to your needs with the assistance of an experienced estate planning lawyer. Once that estate plan is in place, you need to continue working with your lawyer over the years to keep your estate plan up to date.
Your last will is a vital component of a comprehensive estate plan. When a person passes away without a last will, known as dying "intestate," Kansas law determines the distribution of their assets.
Here are some key points to understand about last wills:
Trusts come in various forms, ranging from simple to complex, and serve different purposes: legal, personal, investment, or tax planning. At its core, a trust is a legal entity involving at least three parties: the trustmaker, the trustee (trust manager), and the trust beneficiary. Often, these three roles are fulfilled by a single person or a married couple. For instance, with a revocable living trust, an individual may establish the trust (the trustmaker) and appoint themselves as the current trustee (trust manager), managing the trust assets for their personal benefit (trust beneficiary).
Establishing a trust can yield several advantages, including the avoidance of probate court. In most cases, assets held in a revocable living trust can be immediately transferred to the trust beneficiary upon the trustmaker's death, bypassing the need for probate. Certain trusts may also provide tax benefits for both the trustmaker and the beneficiary. They can safeguard assets from creditors or designate someone to manage and invest property on behalf of the trustmaker and the named beneficiary. Moreover, well-drafted trusts remain effective even if the trustmaker dies or becomes incapacitated. Contact our estate planning lawyer to explore the potential benefits of establishing a trust for you and your family.
A power of attorney is a legal document that grants another person, known as the attorney-in-fact, the authority to act on your behalf for specific matters. The extent of these powers depends on the terms outlined in the document by you, known as the principal. The authority to act under a power of attorney ceases upon the principal's death and may also terminate if the (principal) becomes incapacitated. To designate a backup decision-maker in case of incapacity, it is advisable to use a "durable" power of attorney. It is crucial to update your durable powers of attorney regularly, as financial institutions and banks may be hesitant to honor a power of attorney that is more than a year old.
Request a consultation today with your Leawood Estate Planning Attorney.
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Mary D. CushingFebruary 12, 2024Highly recommend the people and services in this law firm.Anita FinnJanuary 25, 2024Kyle was patient and thorough. He was able to explain the legal concepts in an easy to understand manner.Susan HerwigJanuary 19, 2024I am a 2nd generation family member to use the Law Office of Kyle Krull , PA and I couldn’t be happier with my experience and estate plan!Kathleen DeMunckJanuary 17, 2024Our two meetings and communications with Kyle and Gretchen Krull were excellent. They are knowledgeable, able to explain the difficult concepts of Estate Planning and have thought of every detail needed to make one comfortable with the end result. Their patience with my many questions was extraordinary. We especially appreciated their connection to us. They are people who care.Kate EsquivelJanuary 17, 2024Highest of ratings! We had met with a few firms to finalize our estate and knew immediately upon meeting these two this would be it. Explained everything to our understanding, gave us guidance, and never felt rushed or sold! Recommending them to everyone I know!Gary WellsJanuary 10, 2024Kyle has been our Estate Planning Attorney for the last 12 years. During this time he has listened carefully to our wishes, asked thoughtful questions, and created plans that exceeded our expectations. Highly recommend!Merideth RoseNovember 16, 2023My mother and I cannot speak highly enough about our experience with Kyle and Gretchen Krull. Having conducted extensive research on estate planning attorneys best suited to support my mother in updating her revocable living trust, health directives and other estate planning documents, we were first drawn to Kyle and Gretchen due to the plethora of positive reviews we found in conjunction with their services. Having completed the process and now with current and finalized documents, we can attest to the quality, attention, great sensitivity and trauma-informed personal touch Kyle and Gretchen provide. Assisting my mother who is of age and at times found this process to be a bit daunting, Kyle approached my mother, her needs and the totality of her experience with great grace, patience and thoroughness. I like to believe he cared for my mother, only as I would and could. Our hearts and minds are now with great comfort in knowing her wishes for her personal and financial affairs have been adequately heard and prepared for. Indeed we are grateful to have met Kyle, and now to be considered as clients of the Krull family.Melinda EmigSeptember 20, 2023Kyle returned my call the same day to speak with my mom and me about her trust/estate status and gave my mom spot on advice/insight without charging my her. My mom has extremely limited vision, and a family member had taken documents from her trust/will out of her home without telling her. After our initial call, mom hired Kyle. He made sure all my mom’s PoA's, Addendums, etc. were in order, updated, and delivered to her within a few days. Kyle has vast knowledge in all estate planning, wills, and trust matters. His kindness and integrity were apparent from our first call and meeting. His staff is very professional (Gretchen is amazingly helpful and responsive). Kyle guides his clients through the trust/will/estate procedure with knowledge, insight and efficiency while taking great care of his clients which made the entire process easy!Pascal LutzSeptember 10, 2023My spouse and I had a great experience working with Kyle and Gretchen to get our estate planning organized. We felt we received good advise and that the process was smooth and efficient. We recommend Kyle and Gretchen without any hesitation.
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