The process of estate planning is based around the idea of arranging for the disposal of your goods and belongings after you pass away. In anticipation of those one believe should receive benefits from after they die they usually set about making a legal will to bequeath their estate to those they choose. Making a will eliminates, to a large degree, the uncertainties of the estate administration, disposal of duties and helps to reduce taxes and expenses.
An estate planning attorney in Wichita KS, for instance, will help you with trusts, wills, powers of attorney, tenancies, property ownership, creating a living will—if that is your choice, as well as all other probate related issues. There is much to do when it comes to estate planning and it can be an extremely complex process, depending on the size of the estate, amount of money being distributed, who it is distributed to and the amount of recipients. The subjects covered under estate planning are taxes, mediation, beneficiaries, trust provisions, and remainders, as well as charitable donations.
Providing for those you love
When you set out to provide for your family and friends after you pass, you will need the assistance of a competent lawyer to write your last will and testament to the extent that it covers every tiny little detail and lays out your wishes to the smallest fine print. Taxes in the United States work differently to some countries. For instance, life insurance proceeds are not taxable as income, but if a decedent has the ability to change beneficiary, the proceeds can remain as part of their estate. In cases such as this some people use ‘trusts’ to avoid the inclusion into the estate.
Minors are usually awarded trusts from large estate and this means they may not be able to access the benefits until they reach a certain age—usually eighteen, twenty-one or twenty-five. Other trusts might be set up to help finance the treatment for an ill or mentally incapacitated minor for when they come of age and others might simply be a trust that allows the minor to pay for college fees or another other educational institution. Whatever the reason you want to leave your money to others, you may also want to appoint executors of your will to ensure that they carry out your final wishes just as you expect.
To find estate planning attorneys in Wichita KS contact Fleeson Gooing Attorneys at Law to find out how they can help with your last will and testament.