The Variety of Things You Can Accomplish Through Estate Planning
Whether you have an estate plan already or you have yet to begin creating one, it is wise to acquaint yourself with the many things that you can accomplish through estate planning. Once you see the full range of things that estate planning can do for you, you will be well equipped to revise your estate plan or move forward on creating an estate plan that takes full advantage of everything that estate planning has to offer.
Estate planning is something that benefits everyone because it involves planning for many different situations that may occur during each person’s lifetime, as well as one situation that is certain to happen at a time that none of us can predict. While it is true that estate planning covers what happens to your assets after you pass away, providing financial security to your spouse, children, and other loved ones, that only scratches the surface of what you can do as you create your estate plan. Many of the things you can achieve through estate planning will benefit you and your loved ones during your lifetime.
For example, you can use estate planning to manage your tax exposure and give gifts to others during your lifetime. Estate planning also includes the creation of essential documents that will guide your family and enable them to pursue health care for you according to your wishes. If illness, injury, or some other form of incapacity renders you unable to speak on your behalf at the time health care decisions need to be made, those documents enable your family members to advocate for the care you would choose for yourself. Family members who have been able to rely on health care powers of attorney and advance directives during their loved ones’ health crises report that having those documents to turn to during that difficult time provides peace of mind as well as clarity about what their loved ones wanted them to do.
Many of the things estate planning accomplishes do indeed occur after the person who makes the plan passes away. When you set these things as some of your estate planning goals and work with an estate planning attorney to create an estate plan that will achieve them, you can know that the things you planned for will occur even though you will not be there to witness it. This category of estate planning goals includes things like providing for the disposition of your assets through a will, a trust, or both, and naming a guardian for your minor children. It also includes avoiding probate as much as is possible and reducing the estate tax burden for those who inherit your assets, as well as supporting causes you believe in, and providing for the payment of your funeral, burial, and other final expenses.
Whether you are interested in expanding or updating an estate plan that you have already started or you would like to begin creating an estate plan, Wichita attorney J. Joseph Weber is here to serve you. Please call our office at (316) 265-7802, or contact us through our website to arrange a consultation to discuss your Kansas estate planning questions.