Putting Your Affairs In Order

We have already talked about the importance of Estate Planning and making sure you are covered for the “what ifs”. You know that you need to have a Last Will & Testament, Powers of Attorney, and Non-probate Transfers in place. You are aware that you can learn more about these vital documents or have them prepared on your behalf by contacting us today at wpllc@wplawpractice.com / 913.438.1112.

But, what about the emotional, logistical, and familial aspects of Estate Planning -- Are you prepared? Is your family?

For example, a woman recently went to her doctor. The doctor, after an examination, sighed and said, “I've some bad news. You have cancer, and you'd best put your affairs in order.”

The woman was shocked, but managed to compose herself and walk into the waiting room where her daughter had been waiting.

“Well daughter, we women celebrate when things are good, and we celebrate when things don't go so well. In this case, things aren't well. I have cancer. Let's head to the club and have a martini.”

After 3 or 4 martinis, the two were feeling a little less somber. There were some laughs and more martinis. They were eventually approached by some of the woman's old friends, who were curious as to what the two were celebrating. The woman told her friends they were drinking to her impending end.

“I've been diagnosed with a STD.” The friends were aghast and gave the woman their condolences.

After the friends left, the woman's daughter leaned over and whispered, “Momma, I thought you said you were dying of cancer, and you just told your friends you were dying of a STD.”

The woman said, “Yeah, well, I don't want any of those women sleeping with your father after I'm gone.”

While that is indeed 'Putting Your Affairs In Order' – we’ll have some more practical suggestions for you next week.

ADVANTAGES OF ESTATE PLANNING DOCUMENTS

Along with your Last Will & Testament, there are several other basic estate documents you should consider. Take a look at the advantages of:

Powers of Attorney
• Establishing a powers of attorney is inexpensive.
• You can decide who should make decisions on your behalf if you are unable.
• You control whether your agent has general or specific power.
• The document can require the agent to become bonded or to give an account of his or her transactions.

Living Will
• Provides you with the authority to reject medical treatment.
• Provides your family and health care professionals a clear description about the types of treatments you wish to have.
• Prevents arguments among family members.
• Prevents your family from going through the strain and difficulty to decide to keep you alive or not.

Non-probate transfers
• Avoids expense of probate
• Avoids delay of probate.
• You can change beneficiaries or revoke transfers at any time, retaining full control of the property throughout your lifetime.
• No risk to you or co-owners.

To learn more about these estate planning documents, you can visit http://wplawpractice.com/estateplanning_26.html .
If you are ready to have documents prepared on your own behalf or have specific questions about your estate, contact us today. 913.438.1112 or wpllc@wplawpractice.com .

Estate Planning for the What Ifs

The official start of summer is right around the corner. As the weather heats up families head to the highways to begin their long anticipated summer vacations. Families are going to enjoy horseback riding, river rafting, hiking, and other various fun filled activities. During these care free, relaxing times no one wants to think about the dreaded “what ifs.”

However, it is important to think of the “what ifs” before you head out on that well deserved vacation. What if there is an accident and you are not able to make decisions concerning your physical welfare or finances? What if there is an accident and you perish leaving your loved ones to sort out your finances and last wishes? Creating a Last Will & Testament, Powers of Attorney, Transfer on Death Deeds, Living Wills, and Trusts are the necessary steps to plan for the “what ifs.”

A Last Will & Testament is a person’s opportunity to put into writing how and to whom they wish their real and personal property to be distributed upon their death. If someone passes without a Will, the State’s laws determine who will inherit and how much. A Will also gives parents or guardians the opportunity to inform the court who they believe is a suitable guardian for their minor children or ward. Trust language for certain beneficiaries can be inserted into the Will so those individuals receive their inheritances at the age you believe is appropriate. The benefits of a Will are numerous and should be discussed with an attorney.

Next week we will briefly review the benefits of the other estate planning documents every individual should consider.