Aramjoo Law Firm LLC provides help to individuals in the Liberty, Kansas City, and surrounding areas with their estate planning needs. This can include drafting Wills, Durable Powers of Attorney, Beneficiary Deeds, and Trusts. Each plan is specifically developed for the needs of our clients.
Do you need an estate plan?
There are few things in life that we can say are certain. Many say that among the short list of certainties are death and taxes.
As with many future events, planning can alleviate a lot of the difficulty associated with the event. Many often find that when they wait to resolve a problem, instead of being proactive, that the seriousness of the problem only worsens.
There are many reasons why someone may want to develop an estate plan. In fact, commonly people choose to develop an estate plan to avoid what we refer to as the three C’s, which include conflict, cost, and court.
Avoiding Conflict: The truth of the situation is that when there is no guidance as to how to handle money, minor children or belongings, there can and unfortunately will be conflict. With estate planning, the goal is to make sure that everyone is aware as to what your wishes are in a manner that is legally binding, when possible.
Avoiding Cost: The second reason people commonly develop an estate plan is to avoid additional costs. Estate planning is relatively inexpensive as opposed to the alternatives when estate planning isn’t set up properly.
Avoiding Court: The third reason people often develop an estate plan is to avoid probate court. If estate planning is done so properly, then going to court can likely be avoided. Avoiding court can reduce stress for all those involved and can also quicken the entire process.
Does your estate plan need updated or reviewed?
While setting up an estate is important, it can be just as important to update an estate plan. There are many reasons why someone may need to update his or her estate plan. If one of the three P’s has changed, we recommend your estate plan being updated or reviewed. The three P’s include people, property, or plan.
People: When someone has people that have entered or exited their life, their estate plan likely needs to be reviewed and/or updated. This could include the birth or adoption of a new child, divorce, or the death of a loved one.
Property: If someone, after developing an estate plan, has a change in what property he or she owns, it is likely necessary to change and create an estate plan according to the property that they now own. This may include the purchase or sale of real estate or a change in the ownership of property.
Plan: When someone changes what their plan is to happen to their property, children or belongings, it is necessary to update their estate plan to reflect those changes. This could include a change in who should be named as guardian for your children, who should receive certain property or who should make decisions if you are incapacitated.
No matter how big or small the estate is everyone needs a plan. Ashley Aramjoo, at Aramjoo Law Firm, won the UMB Excellence in Estate Planning Award. Both Paemon Aramjoo and Ashley Aramjoo would be happy to sit with you and help develop a plan that fits your needs.