The Purpose of Estate Planning

@ 2015 Gaughan & Connealy Estate Planning Attorneys. Private & Confidential
• Estate planning is one way to prepare yourself and
your family for death and even for the possibility
of incapacity during your lifetime.
The Purpose of Estate Planning
@ 2017 Gaughan & Connealy Estate Planning Attorneys, Private & Confidential

The Purpose of Estate Planning
• There are a several different options when it comes to estate planning tools.
• Which ones are best for you will depend on your unique goals for the future.
• Your Kansas estate planning attorney can help.

Being prepared for possible incapacity

Being prepared for possible incapacity
• The legal definition of incapacity is the ability to comprehend the consequences of certain legal proceedings,
including entering into contracts or signing legal documents.
• Incapacity could be caused by either a physical or mental condition and can be temporary or permanent.
• Now, when it comes to estate planning matters, incapacity refers to the ability of an individual to manage his or
her own affairs and to make important legal decisions for themselves.
• Without an appropriate estate plan that addresses incapacity issues, you could end up being appointed a court-
supervised conservator or guardian.
5@ 2017 Gaughan & Connealy Estate Planning Attorneys, Private & Confidential

Establishing how your estate will be
handled after your death

• The other purpose of estate planning is to create a
plan for handling your estate after your death.
Establishing how your estate will be handled after your death

Establishing how your estate will be handled after your death
• One of the primary estate planning instruments used to establish what to do with your assets after your death
is the Last Will and Testament, or will for short.
• A will is essentially a set of written instructions on how your estate should be distributed after your death.
• A will can also provide a way for you to nominate a guardian for your children minor.
• A disadvantage of a will, however, is that your estate must go through the probate process before your assets
can be distributed.

The basic elements of an estate plan

• A proper estate plan should do more than just tell
the world who should get your property after your
death. Instead, a comprehensive estate plan may
also include the following:

• instructions for your care if you become disabled or incapacitated before your death,
• the name of a guardian and manager for the inheritances of minor children,
• provisions for loved ones with special needs,
• provisions for loved ones who may need financial assistance or asset protection
• life insurance policies for your surviving family,
• disability income insurance if you become unable to work, and
• long term care insurance to assist in financing your medical care in case of an extended illness or injury

The time to create your estate plan is now

• The reason most clients put off estate planning is
they believe they are either too young or don't
have enough assets.

• Neither of these assumptions is true.
• First, you are never too young because, the reality is, you cannot predict how long you have.
• Nor can you be sure that an unexpected illness or injury won't leave you incapacitated.
• Because of that uncertainty, the best course is to start your estate plan sooner rather than later.
• If for nothing else, do it for your family.
• The families of people who don't have a plan, will ultimately be left to pick up the pieces without knowing
where to start.

Estate planning is not as expensive as you may think

• For many, the idea of creating an estate plan seems
far too expensive, especially for those with modest
incomes.

• What you should know is, you can always start with a simple plan initially and then update or upgrade it as
your financial circumstances change.
• With a will, you have the opportunity to designate who should become guardian of your minor children, if
necessary.
• It is better to have something, than nothing at all.
• Starting small is a good choice for single individuals and young families.
• Then, as your needs and the needs of your family change, you can adjust your plan accordingly.
• An experienced Kansas estate planning attorney can provide the necessary guidance and peace of mind you
need.

Most common instruments used
for incapacity planning

• Two of the most common instruments used when
planning for incapacity are Health Care Powers of
Attorney and Financial Powers of Attorney.
Most common instruments used for incapacity planning

Most common instruments used for incapacity planning
• The Health Care Power of Attorney allows you to appoint a representative who will have the authority to make
decisions regarding medical care and treatment for you when you can't.
• Health Care Powers of Attorney are usually drafted so that they take effect even in cases of temporary
incapacity.
• On the other hand, a Financial Power of Attorney does pretty much the same thing, except the person you
select will have the ability to manage your financial affairs.
• The next step is speaking with an elder law attorney to discuss the necessary components of the plan.

If you have questions
regarding trusts, or any other
estate planning matters, contact
Gaughan & Connealy for a consultation
by calling us at (913) 262-2000.

The Purpose of Estate Planning

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