The Unknown Facts About Estate Planning

Posted by Janssen Estate Probate and Elder LawDec 09, 20220 Comments

the unknown facts about estate planning

Are you seeking answers about 'the unknown facts about estate planning'? Janssen Estate Probate & Elder Law can be trusted as your companion on this journey. At Kansas City Metropolitan Area, we have more than 35 years of experience offering dedicated service to clients. We believe that informed clients are best equipped to make decisions regarding their estate plans.

Estate planning is an integral component of financial security, yet too often goes overlooked. There are a few unknown facts that can make estate planning simpler and more effective. In this article, we'll dive into the basics of estate planning, who needs it, 10 essential points to remember about it, the benefits associated with hiring an attorney, and when to seek legal help. We will also outline our firm's alignment with these criteria and offer actionable steps so you can begin your estate planning journey today!


What Is Estate Planning?

Estate planning isn't reserved solely for the wealthy elite - it is also essential to anyone who wishes to ensure their financial future and leave an enduring legacy for loved ones after they pass. Estate planning entails creating a plan outlining how your possessions and assets will be distributed after death in accordance with your wishes - this ensures your wishes will be honored while keeping your legacy alive!


Who Needs An Estate Plan?

Everyone! No matter your age, income, or family structure, putting an estate plan into action can provide peace of mind to both yourself and your family - be they young professionals with expanding household need retirees enjoying golden years, or new parents raising a growing family.


10 Essential Estate Planning Facts

Your estate consists of more than financial assets, this encompasses real estate as well as personal belongings and investments. It also encompasses digital assets like social media accounts, cryptocurrency wallets, and other such digital investments.

  1. Intestate Succession: Without a will in place, state laws will determine how your assets are divided among family members. However, this may not reflect your wishes if part of a large family unit.
  2. Children's Guardianship: If you have children, an estate plan should include provisions to name guardians who will look after them should either you or your spouse pass away.
  3. Healthcare Decisions: Estate planning allows you to outline your healthcare preferences in case of incapacitation.
  4. Tax Efficiency: With proper estate planning, the tax burden may be minimized significantly, providing more to your beneficiaries.
  5. Avoid Probate: Estate planning can help you and your family avoid the long, complex, and expensive probate process, ensuring a quicker transfer of assets.
  6. Donations: Leave behind an impressive legacy with charitable donations by including them in your will.
  7. Succession Planning: If you own a company, your estate plan should address its future as part of its legacy plan, including ownership, leadership, and management responsibilities.
  8. Update Your Plan: As life evolves, so too should estate planning. Regular updates will ensure it remains effective and applicable.
  9. Open Communication: Discussing estate planning with family is the key to avoiding surprises or conflicts later.


Why Is Hiring An Attorney Beneficial?

Estate planning is complex and laws vary from state to state. An experienced estate planner can guide the planning process and help create an estate plan tailored specifically to your unique needs while simultaneously advising on tax ramifications and potential pitfalls.


When Should You Hire An Attorney?

An estate planner should be retained early. Don't wait until an unexpected event or health crisis happens before starting this important process - by being proactive you can ensure your wishes will be legally binding and clear.


What Criteria Must I Follow To Identify A Good Attorney?

Selecting an attorney carefully is of utmost importance, with these qualities essential for selecting an effective legal representative:

  • Experience: Hiring an estate planning attorney who possesses proven expertise is crucial.
  • Communication: Someone who can listen and address all your worries while providing clear explanations about the process.
  • Credentials: Before engaging, confirm that all relevant licenses and certifications have been acquired.
  • Reputation: Examine reviews from reliable sources and solicit advice.
  • Compatibility: Your attorney should be willing and able to discuss personal matters with you freely.


Why Choose Janssen Estate Probate & Elder Law

Janssen Estate Probate & Elder Law can meet all of your estate planning needs. With 35 years of service excellence to clients in the Kansas City Metropolitan Area, our team of attorneys is knowledgeable on estate planning matters and takes great pride in communicating clearly to ensure you understand every element of your plan. We pride ourselves on having earned such an enviable reputation.


Suggestions For Action:

  • Start the Conversation: Engage your family members. Communication is key to developing an effective estate plan.
  • Make an Inventory: List all of your assets, liabilities, and beneficiaries to visualize your estate and determine its distribution.
  • Research Local Attorneys: Start by researching local estate planning attorneys. Pay attention to reviews, experience, and credentials.
  • Schedule a Consultation: Reach out to our firm or another estate planning attorney you trust for a consultation appointment to establish goals and determine the most effective course of action.
  • Plan Your Plan: Work closely with an attorney to develop a comprehensive estate plan that fulfills both your wishes and safeguards your loved ones' needs.
  • Regular Reviews: As life evolves, it is vitally important that estate plans be periodically revisited in order to remain effective.

Estate planning can be an intimidating topic, yet one that can bring great peace of mind to both you and your loved ones. By considering all relevant facts, hiring the appropriate attorney, and taking necessary actions. Contact us today at 913-322-6300 or send us an email on our Contact Page.