An estate plan is the process that implements the management and distribution of assets owned by someone upon his or her incapacity or death. An estate plan protects the wishes of the individual as it relates to his or property in life and death. It is critically important for everyone eighteen years and older to have an estate plan.
A will is a legal document that states how you would like your property to be distributed upon your death. A will, also known as the “Last Will and Testament” becomes effective once it has gone through a court-managed process called “Probate” after the death of the one who made the will.
Any property you own in your name at the time of your death will be distributed according to the rules of the state if you die without an estate plan. This means your assets may or may not be distributed in the manner you would have desired. Further, if you become incapacitated without an estate plan, then the court may step in and appoint a guardian, someone likely not known by you to manage your affairs. Therefore, it is absolutely important for everyone to have an estate plan.
Kay Legal estate plans consist of a package including either a Last Will or Trust, a Financial Power of Attorney, a Medical Power of Attorney, and a Living Will. Kay Legal will also represent you if you need to modify an existing will or trust or if you need guidance in funding an existing trust.
If you have children who are under the age of eighteen (18) then you should have an estate plan. If you do not name a guardian of your minor children through an estate plan, then your children are likely to fall under the guardianship of the state. This means that in the event of your demise your children may not end up with the love one you desire to raise them in your absence. So please, take care of your minor children by making sure you have an estate plan that will provide for them in the event of your incapacity, or death.
