Wills and trusts are both useful estate planning tools. The debate over whether wills or trusts are better in estate planning has been argued by many for decades. The nature of this argument may be likened to whether a screwdriver or wrench is a better tool. It depends on what you need for the specific […]
Living trusts and wills are both effective in distributing an inheritance. In times past, ancient pharaohs and other royalty were buried with portions of their wealth. This is no longer a common practice. Nowadays, people generally believe you cannot take your stuff with you when you die. As one old saw holds, "You will never […]
A "pour-over will" is an often misunderstood legal document. In fact, a "pour-over will" is really just a "last will and testament," which is always paired with a revocable living trust (RLT). And a pour-over will may have no practical purpose if its maker (i.e., the "testator," if male, or the "testatrix," if female) has […]
Estate planning often has multiple benefits. People tend to avoid doing things if they do not benefit directly. Estate planning is one of those areas where people believe it is helpful for some people but not them. Often the mistaken belief is such planning and preparation is only for the super-wealthy. According to a recent […]
Many people believe common myths about estate planning. All cultures around the world have myths. Some of these involve stories of heroes, villains, and supernatural creatures. Others involve pithy phrases or offer solutions to common ailments. Although some of these myths are fairly harmless, others can have dire consequences. According to a recent The Street […]
Some documents are essential in an emergency. Most people think tragedy will strike anyone but them. When serious accidents, debilitating illnesses, or natural disasters do happen, they are disorienting and frightening. People are thrust quite suddenly into emergency situations. According to a recent MarketWatch article titled “3 tasks your family needs to complete to ease […]
Serving as a guardian is a significant responsibility. Estate planning is important at any life stage. Each stage has its own specific concerns to be addressed. Young adults must prioritize agents to make medical and financial decisions for them in the event of incapacity. Older seniors must consider how to best pass what remains of […]
Minor children are a vulnerable population. Children need trustworthy and caring adults in their lives. Even adolescents who just want to be independent rely on others for food, safety, shelter, love, and guidance. Often these "others" are the parents of the children, but not always. According to a recent The News-Enterprise article titled “Children need […]
Having a valid last will and testament simplifies probate. Far too often families are shocked to learn of estate planning mistakes or neglect after the death of a loved one. Sometimes this includes having an outdated or even an unsigned last will and testament. Other times the executor has died, afterborn children or grandchildren have […]
It can be helpful to reduce the size of a probate estate. The probate courts exist to oversee the passing of property between people and their heirs. Like many legal systems, it can be slow. When time is money, the costs can certainly add up. According to a recent Indianapolis Business Journal article titled “Try […]
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Overland Park Estate Planning Attorney Kyle Krull assists clients in Kansas and Missouri with Estate Planning, Wills, Trusts, Revocable Living Trusts, Charitable Planning, Asset Protection and Business Succession Planning in the greater Kansas City area including Overland Park, Leawood, Olathe, Lenexa, Johnson County Kansas and Jackson County Missouri.
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