Writing a will or a trust is all a part of estate planning, this is to protect the assets and wealth that a person accumulates over the course of their life. Many people will plan various aspects of their futures, but tend to forget to plan how their affairs will be dealt with upon their passing. An estate planning attorney in Lawrence, KS will assist clients in how they can protect their assets and loved ones from having to deal with the probate courts.
Individuals’ who pass without a will leave their heirs to wait for the probate courts to settle the estate; this is known as “dying intestate.” Probate courts cannot and do not protect the estate from tax liabilities by the state and federal governments. Nor will it protect against creditors looking to collect on debts. The probate courts are also slow to finalize the deceased person’s affairs. A family can wait in some jurisdictions up to a year or more before the estate is released; that is if there are any funds left to be dispersed. Future income from investments and businesses will also be lost as there are no designated beneficiaries in writing.
An estate planning attorney in Lawrence, KS can benefit those looking to protect their assets and loved ones from the probate court. Estate planning can be as simple as a will to complex trusts and living trusts set up to disperse income and assets. These legal documents can protect future earnings, help to lessen tax liabilities and keep creditors from claiming the money or property. In many cases, it can also protect from future lawsuits filed after a person passes. A living trust also protects a person while they are still alive, allowing them to designate an individual to handle their financial and medical affairs should they become mentally incapacitated.
Documenting all last wishes leaves nothing to question when someone passes and helps families handle all the legal aspects of the person’s affairs. Discussing these options with an attorney well versed in estate planning is advisable and John R. Hooge and Associates will happily assist those with questions. Their staff works to ensure that all aspects of a person’s wealth are protected as well as their loved one’s future. Visit John Hooge Law Office for a free consultation to discuss estate planning and begin the process of protecting loved one’s future.
