Kirk Estate Planning

Creating a will or a trust may be something you’d rather not think about, but here are 8 good reasons to take care of it sooner rather than later. #1 - Peace For Everyone This is perhaps the most important aspect of estate planning.   Planning ahead provides you with peace of mind and helps ensure harmony in your family. This can be more valuable than money as far as maintaining relationships. Peace in the family will mean that people are able to work in contentment even after you are gone.   You would probably be horrified at the idea of your children or relatives fighting over your property after your death, but that could easily happen unless your wishes are clear and legally enforceable. #2 – Provide For Your Family Without an estate plan in place, your family may get less and it will take them longer to get it. This means your loved ones will be left in limbo and might end up without enough money to pay bills and other living expenses. It’s not uncommon fo...

When thinking about estate planning, many families wonder how to safeguard assets for their children and prevent squandering of their hard-earned money, including life insurance proceeds, which can be considerable.   Even though children legally become adults at 18, most parents don’t believe their kids would be ready to manage a large amount of money at that age.   Looking back on their own teenage years, many people realize they couldn’t have handled an inheritance of any significance at 18.       There are a couple of common ways to protect assets from irresponsible spending when creating a revocable living trust:   first, by withholding an inheritance from children until they’ve reached a certain age and then giving it to them outright; and second, by safeguarding the children’s inheritance in a lifetime trust, then transferring control of that trust to the children at a designated age.    Using a revocable living trust, pare...

Many people do not have an estate plan in place in their early to mid-adulthood, which are also the years when they are most likely to have children depending on them. Because daily life can be so hectic with babies, children, and teenagers taking up so much time and energy, many parents put estate planning on the back burner. However, having a will or trust can provide tremendous peace of mind in knowing that if the unthinkable happens, you’ve carefully chosen your guardians and trustees and your children will be well cared for by the people you have handpicked. Probably the most important function of an estate plan during this time of life is naming your children’s guardian and successor guardians (in case your original choice is unable to serve). You can select guardians who share your morals and outlook, and who will parent your children with love and affection. If you don’t name a guardian for your children, a guardian will still be named, but will be chosen by a judge who doesn...

Many people know they should write a will or create a trust, and then they don’t, for a variety of reasons. It could be that they don’t know which attorney to hire, how much it will cost, or they fear it will be a difficult, complicated process. As an experienced estate planning attorney with upfront pricing, my services solve many of those problems. But it’s also good to remember that an estate plan is about a lot more than just money, so even if you don’t feel like you have a lot, there are many purposes for your plan. A complete estate plan allows you to accomplish important goals. For example: An estate plan offers guidance to your loved ones during a difficult time. Creating an estate plan is a truly a gift for your family, so that they aren’t left with too many challenging decisions, wondering whether they’re following your wishes or questioning what you would have wanted. An estate plan provides healthcare instructions in case you are incapacitated and unable to speak for you...

Trusts and wills have the same essential function: passing your property to your heirs after your death. However, the differences in how the two documents operate should be carefully considered before choosing between them. A trust offers several advantages over a will. First, a trust enables your heirs to avoid probate, whereas wills are required to go through probate. Probate is the process through which a court transfers ownership of your assets to the people designated in your will. For example, the probate court would supervise the sale of your home and the distribution of the proceeds in accordance with the will’s named beneficiaries. There can be significant fees and delays associated with probate, and if you die and your heirs need access to money immediately, probate will make that unlikely. In contrast, with a trust, you first create it, and then you designate your various assets (retirement accounts, bank accounts, homes, cars, life insurance, etc.) to be transferred to ...