Writing your own will can cause trouble. Estate planning is important but often overlooked. In 2021, only one-third of Americans had estate planning documents. Despite these small numbers, there was actually a 63 percent increase from the previous year of those with estate planning documents in the demographic between ages 18 and 34. Although this […]
A revocable living trust can protect assets for you and your loved ones. Selecting the right tool for a task is critical. Although one could eat chili with a fork, a spoon is superior. Both deliver food to the mouth, but one would be more efficient given the circumstances. Similarly, estate planning documents should be […]
Estate plans need to be updated after a divorce. Rarely do you hear of people getting married with the expectation of divorce in their future. In general, couples enter marriage believing they will be together forever. They build their lives anticipating long-term goals. Many couples include estate planning in these long-term plans. According to a […]
Failing to designate a beneficiary on your accounts can cause problems for your estate. Assets come in all shapes and sizes. While some assets like a house take up significant physical space, others are held in accounts. Whether these accounts are bank accounts, retirement accounts, or investment accounts; it is likely each of these has […]
Having an estate plan is foundational to protecting loved ones and assets. People are planners. We plan our routes when driving. We prepare for meetings at work. We develop five- and ten-year plans. According to a recent Digital Journal article titled “What is an Estate Plan and What are its Benefits?,” many people, unfortunately, neglect […]
Celebrities often make headlines for a variety of reasons. However, when they make the news after they have died, that is when we learn of their estate planning mistakes. Most people live their lives in relative anonymity. They go to work, pay their bills, and care for their families with no fanfare. They are remembered […]
Cryptocurrency should be included in the estate plans of those who hold these assets. The world has grown increasingly digital. Pictures and movies no longer need to be taken on film. Music can be streamed rather than played from records, tapes, or compact discs. Sidebar: I actually remember 8-track tapes and had quite a collection […]
The probate process does not have to be scary. Few Americans understand probate. In fact, some adults are not even aware of its existence. Perhaps this is because probate highlights an unpleasant reality. It reminds people of their own mortality. According to a recent WTOP article titled “Everything You Need to Know About Probate,” the probate […]
Giving bank account access should be carefully considered prior to taking action. As children become adults, they get to know their parents in new ways. Although parents will always be parents and children will always be children, the relationship begins to resemble more of a peer relationship at the functional level. Parental advice becomes less […]
Some individuals could get away with having either a trust or a will. Estate planning involves making decisions. You will need to choose who makes decisions if you become incapacitated. It also will be important to select heirs and perhaps protect their inheritance "for" or "from" them as needed. According to a recent MSN recent […]
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Overland Park Estate Planning Attorney Kyle Krull assists clients in Kansas and Missouri with Estate Planning, Wills, Trusts, Revocable Living Trusts, Charitable Planning, Asset Protection and Business Succession Planning in the greater Kansas City area including Overland Park, Leawood, Olathe, Lenexa, Johnson County Kansas and Jackson County Missouri.
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