While estate planning is beneficial for those purposes, it can also be important to people without substantial assets as well.
PEACE OF MIND
By far, the greatest benefit for most people is peace of mind that their property is dealt with in the way that seems most appropriate to them for their specific needs and desires.
This peace of mind can be financial – but it can also be for non-financial purposes, like specific items of sentimental value going to specific people.
With proper estate planning, you can control your assets through various means to not only control who gets what upon your death, but also the manner in which they get it (like when they receive it or how long they can have it).
WITHOUT A PLAN
Without an estate plan, you die intestate, which is a fancy way of saying that you die without a will. When that occurs, your assets are transferred in a manner that is established by the Kansas legislature – meaning your wishes have no bearing on where your assets go.
However, with an estate plan in effect, the intestate succession rules no longer apply, and your remaining assets can be transferred in a manner that you desire.
Check back for the next part in this series on estate planning definitions.
Harvest Legal serves clients with diverse legal needs, including business, agricultural and estate-planning matters. To learn more – including how to get an estate plan – visit www.harvestemporia.com or call 620-263-0391.