Any one who leaves an estate should try to avoid conflicts. It is not unusual for an inheritance, or lack of one, to destroy a family. The best way to handle estate decisions is to let the family know in advance. If you plan to leave the family home to charity, tell the children in advance. They will be shocked and hurt if taken by surprise. Take the opportunity to explain decisions while you are living.
Visit wills lawyers in Lawrence, KS to consult about estate planning. Go to website to schedule a consultation. Another key to successful estate planning is selecting the right executor. The executor should be someone who is trusted and organized. That is because they must gather and distribute estate assets. Other duties include filing the will in probate court and opening an estate account. The executor must also pay any estate debts.
Wills lawyers in Lawrence, KS help clients construct a will. In addition to naming an executor, the will can be used to leave instructions for funeral arrangements. Also, a will directs the executor about existing insurance policies and what to do with them. Some people, with minor children, nominate guardians for the children in their will. Most states have specific requirements for wills such as requiring two witnesses for the document. A lawyer may advise clients to establish a trust rather than write a will.
The major advantage of a trust is one can avoid probate court and fees. Your lawyer will write a document called a declaration of trust. The declaration of trust names the property owner as trustee. Further, the declaration states who inherits the property when the trustee dies, and who serves as successor trustee. After the trustee’s death, the successor turns over the trust property to the beneficiaries. It takes much less time to distribute a trust than going through probate court. One attractive feature is that a trust document is never made public while a will becomes public record. Whether one has a will or trust, make sure an attorney draws up the documents. This is the best way to avoid legal disputes.
