It is essential for every person to have a Last Will and Testament. Your will allows you to decide where your wealth goes, rather than having the state decide according to Kansas intestacy laws. Your will also helps your beneficiaries obtain their inheritance in a reasonable time, without the delay and expense of a hearing in the district court.

Your will need not be complex, but to ensure that it is valid, you should consult an experienced will attorney before attempting to execute a will on your own. If the court were to rule that your self-executed will is invalid, you would lose control over how your wealth passes, and some of your intended beneficiaries could be omitted.

A living trust is one that you create during your lifetime to hold your assets for your enjoyment and then pass them to your beneficiaries after you die. There are many advantages of a living trust, which include:

• Avoiding probate
• Quicker asset distribution
• Privacy
• Reduced costs, such as attorney fees
• Financial information consolidated in one place
• Flexibility to meet grantor’s goals
• Easier to amend than a will

There are numerous other reasons to employ a trust, and our trust attorneys can explain how these instruments can fit your circumstances. Many individuals can benefit from multiple trusts to address their particular circumstances:

• Individuals in a second marriage may consider a Qualified Terminable Interest Property (QTIP) trust to protect inheritances for their children from their first marriage.
• Grantors wishing to keep a beloved vacation home in the family can leave the property to an endowed trust rather than to an individual.
• Testators with large estates can use a combination of trusts to avoid triggering federal estate tax.