Kansas estate owners create plans to prevent issues for their loved ones. These plans help the estate owner to use strategies to reduce the total value of their estate. Attorneys practicing in this field introduce these owners to opportunities to reduce tax implications. Under Probate Law in Wichita, the estate owner utilizes these options to enforce their rights one last time.
Identifying an Administrator for a Will
When producing a will, the estate owner identified an administrator. This individual is a family member or attorney that they trust. The administrator enters the will into probate. They settle the estate owner’s debts and distribute their wealth according to the terms of the will. The estate owner identifies a payment for these services, if they prefer.
Avoiding the Probate Process
In Kansas, estates that are greater than $25,000 require probate. The estate owner reduces the total value of their estate to avoid this process. They transfer money into trust funds in their children’s names. They start a foundation into which they transfer their wealth and select properties. They assign an owner for this foundation when they establish it. Once the property or assets are out of the estate owner’s name, they no longer belong to the estate.
Formulating an Estate Plan
A comprehensive estate plan includes documents including wills, living wills, and any power of attorney established. The estate plan enables the owner to establish protections for their family. For example, they have the right to set up an insurance policy specifically to pay off certain debts. This protects the family and estate from creditors. After they die, the funds from the policy are sent to the creditor to settle the debt. This prevents a claim against the estate and reduces the duration of the probate process.
Under Probate Law in Wichita, attorneys identify opportunities for estate owners. These laws identify the process required for the administration of a will. They identify provisions utilized by the estate owner to protect the estate before they die. To evaluate opportunities to avoid the probate process, visit The Law Offices of Todd Allison and Sarah Newell or their Google+ pagefor more information.
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