What is an estate plan?

An estate plan is a set of documents and instructions that outlines how an individual’s assets will be handled after their death. In Kansas, estate planning typically involves creating a will, trust, health care proxy, and power of attorney. A will is a legal document that specifies who will inherit your assets and appoints guardians for your minor children. A trust is a legal agreement that allows you to place assets into an account for another’s benefit. The terms of the trust will determine how the assets are managed and how the funds are distributed. A health care proxy is a document that names someone to make health care decisions for you if you are unable to do so yourself. Lastly, a power of attorney is a document that allows you to choose an individual to manage your affairs while you are alive. Estate planning is especially important for individuals with complex finances, such as those with multiple bank accounts, investments, or real property. Having these documents in place can help ensure that your wishes are carried out after you are gone. It can also save your family time and money by avoiding probate court. Estate planning is also an important way to ensure that you have the resources to provide for your loved ones after you are gone.

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What is an estate plan?

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