KS/MO Wills

You facilitate asset transfers that will take place after you pass away when plan your estate. This is typically done through the utilization of a will or a trust. Many people think that a will is a simple, straightforward document that is all you need, but this is not always the case. At Parman & Easterday, we understand the complexities of estate planning and can help you navigate the intricacies of wills and trusts in Kansas and Missouri to ensure your assets are managed according to your wishes.

Estate Administration

You name an executor to administer your estate when you use a will, but they would not be able to act independently. Under the laws of the State of Kansas and the State of Missouri, the will would be admitted to probate after your death.

During probate, the court supervises the administration of the estate. Assets are identified, secured, and inventoried, and the beneficiaries are notified. The executor will pay final debts, and ultimately, the assets will be distributed when the estate has been probated and closed.

Probate Drawbacks

All of the above may sound harmless, but there are some negatives that go along with probate. First, it is a public proceeding, so interested parties can access the records to find out how the estate was planned. This loss of privacy can yield negative consequences on multiple levels.

Secondly, probate expenses include the executor’s remuneration, court costs, legal and accounting fees, appraisal and liquidation charges, and other incidentals. These expenditures reduce the value of the estate before it is distributed among the beneficiaries.

Lastly, the people who are in line for inheritances are forced to play a waiting game. Probate will take about nine months at minimum in most jurisdictions, and more complicated estates can be stalled in probate for longer periods of time.

Simple Will Limitations

The beneficiaries that are named in a will receive their inheritances all at once in lump sums. This can be a source of concern if you are providing a bequest to someone that is not good with money.

In addition, the assets that are inherited would be the direct personal property of the beneficiaries. This can be problematic if you are providing an inheritance for someone who is relying on need-based government benefits.

There is also the matter of leaving an inheritance to a minor. People who are under the age of majority cannot handle their own funds, so this is another consideration.

Create a Will!

If you are ready to work with an estate planning lawyer to create a will or trust, we can help. You can call us right now at (913) 385-9400 to schedule a consultation appointment. We also have a contact form if you would like to send us a message.