In Kansas, estate owners take steps to protect their wealth and assets. These steps involve difficult decisions when the estate owner has children and several family members that count on them for support. The following is a review of these tough decisions in which wills attorneys in Topeka, KS can provide assistance.
Choosing a Guardian for Minor Children
An estate owner who has small children must take steps to identify a new guardian for their children if they and their spouse both die. They evaluate all possibilities and impose provisions to protect their children’s interests. These provisions may require the guardian to live in their home or to follow specific guidelines for raising their children. They may also include a clause in their will that addresses any refusal of the appointed guardian to fulfill these duties.
Assigning Ownership for Properties and Assets
The estate owner identifies new owners for their properties and assets. They also transfer their wealth to their preferred family members. If they own a business, they identify a new owner for the company and identifies the total number of shares the new owner possesses. They also address provisions that protect properties and assets that the owner wants to keep within their family.
Setting Aside Funds to Support Their Children
Through the estate planning process, the estate owner can set aside funds to support their children. They create trust funds for these purposes. The estate owner deposits money into the trust fund to provide adequate support throughout their dependent’s lives. They won’t face any limitations or restrictions that reduce the value they can contribute to the account.
Creating a Health Care Plan and Directive
The estate owner sets up a health care plan for their future medical needs. They choose a health care proxy to make medical decisions for them. The estate owner also sets up a directive in dire circumstances.
In Kansas, estate owners follow certain guidelines to ensure the protection of their assets and property. These guidelines may present them with difficult decisions. However, they protect the estate owner’s assets during the probate process. Estate owners who need help from wills attorneys in Topeka, KS, browse our website now.