If you’re like many Americans today, you probably have a will. But, did you know that you need an estate plan, as well?
That’s right — a will isn’t enough to fully protect your assets and your wishes upon your death. In order to really plan for your family’s and your estate’s future, you need more advanced legal proceedings, such as trusts, powers of attorney and more.
So, whether you currently have a will or are planning to write one soon, don’t forget about the importance of wills and estate planning. Only by doing both can you make sure your future wishes are protected.
Fortunately, attorney Kevin Kenney is here to help. He and his legal team can handle all of your estate planning needs in Kansas City. Schedule a consultation online or give him a call at 913-671-8008 today to get answers to your questions.
Below, you can find a bit more information on the importance of estate planning, but remember: This information is not intended to be and should not be taken as legal advice.
Do I Need an Estate Plan in Kansas City?
We know there’s a lot of confusion when it comes to end-of-life and estate planning. It’s obvious in the fact that 55 percent of Americans die without a will or estate plan. Often, it’s because people don’t know who needs estate planning.
The answer? Everyone.
Whatever your personal situation, you do need an estate plan. The legal processes involved are the only way to ensure your family’s and your estate’s protection should something happen to you. Whether you are in your late 60s or a new parent in their 20s, the importance of estate planning cannot be overstated.
Every single individual needs to take advantage of estate planning procedures. These often involve the crucial designations of power of attorney and creations of living wills so, in order to protect your own interests, estate planning is a non-negotiable.
The importance of estate planning is even greater for:
- Anyone with real estate or stock market assets
- Any parent or guardian
- Anyone with particular wishes for their estate and assets after their death
Why Estate Planning is Important
As mentioned before, there are a few reasons why estate planning is important — namely, to protect your assets and your desires should something unexpected to happen to you.
Many people seem to think that a will is enough to protect their wishes, but that’s not the case. By itself, a will must still go through the probate process, which often takes a great deal of time and subjects your beneficiaries to extra costs and taxes. Proper estate planning allows you to avoid probate and name a personal representative (an executor) to carry out your wishes.
Attorney Kevin Kenney is always happy to explain why estate planning is important in your situation during your initial consultation.
For Parents and Guardians:
If you are a parent or guardian to a child, your estate planning goals and objectives will be to set your child up for future success, taken care of by the legacy of your assets and property.
Attorney Kevin Kenney encourages every parent to complete a will as early in their child’s life as possible and update it frequently to reflect their current situation. In fact, he requires all of the families he assists through adoption and assisted reproduction to complete estate planning prior to finalizing the addition of their child.
When you’re a parent, estate planning allows you to:
- Establish guardians for your children in case of your untimely death or incapacitation
- Allocate your estate in a way that avoids estate taxes and prevents family fights in the face of uncertain designation
- Set up trusts and third-party asset management for young or irresponsible children
- And more
Estate planning isn’t just for those with dependents. As an individual, you must complete estate planning to protect yourself in case of an unexpected development — and to ensure your wishes are followed in this kind of situation.
There are a few reasons why estate planning is important for individuals, even if they don’t have family to plan for:
- To create a living will and designate a power of attorney to ensure your wishes are carried out for medical care and financial management, in the case you are otherwise incapacitated
- To transfer your personal business ownership to someone you trust and want to be in charge
- To express your wishes for philanthropic donations (such as scholarships and sponsorships) after your death
Start Your Estate Planning Today
Still asking, “Do I need an estate plan?” Attorney Kevin Kenney is here to help.
Schedule a consultation online or call his legal team at 913-671-8008 to get started on your personal estate plan. Kevin will be happy to answer all of your questions, including why estate planning is so important in your particular situation.
Plan for the future today — don’t wait until it’s too late.