Common Estate Planning Mistakes in Kansas & How to Avoid Them

Most people understand as they progress through life that it is necessary to protect loved ones and make provisions for distributing assets when they are no longer around.

Estate planning refers to the wills, advance directives, powers of attorney, trusts, and other mechanisms used to plan for later in life and after death.

Despite the importance attached to these essential estate planning documents, taking the steps to create and complete them correctly is another matter. Sometimes, people leave it too late or make mistakes when planning their estates.

Here are the most common mistakes made—and how best to avoid them.

During estate planning discussions, we are forced to think about things we would rather not consider and make tough decisions that can cause anxiety. This naturally leads to many people “putting it off” or procrastinating.

Delaying estate planning is a common mistake. People often consider that, at the age of 40 or 50, they have many years left. Hopefully, this is true—but there are no guarantees.

The fear of causing conflict within the family over the decisions made in wills or other estate documents also leads to procrastination. This is a mistake because if the worst happens and death strikes unexpectedly, intended beneficiaries may end up with nothing or have to spend time and resources dealing with the probate court for many months.

In Kansas, the estates of individuals who die intestate (with no will) are distributed according to the state’s intestacy laws. That can cause ill-feeling and disputes among loved ones.

To prevent procrastination and unnecessary delays and to minimize anxiety over estate planning, work with an experienced estate planning advisor who will help you break the project down into manageable tasks.

Start with a personal financial statement including account balances/valuations of assets, detailing passwords, and the location of assets. Then you can draft a will or create trusts to distribute or hold your assets most effectively.

Your wishes now may not be the same as in 5,10 or 20 years. Circumstances, priorities, and people change.

Marriage, new family members, divorces, deaths, and other major life events invariably affect the wishes of people who write wills and other estate documents—as does the accumulation of new assets over time.

Estate plans should, therefore, be flexible, reviewed periodically, and changed if necessary. Ideally, it is best to review your estate plan every two or three years to ensure the documents still reflect your wishes—more frequently if many major changes happen rapidly in your life.

If beneficiaries in a will are inaccurately titled or listed, it can affect their legal rights to claim assets after the testator dies.

For instance, if the testator wants all assets to be distributed evenly between his/her children and lists those children in the will—but another child is born after the will is written—unless the will is reviewed and updated, the last child may not be legally entitled to his/her share of the assets despite the testator’s intentions. This can cause unnecessary disputes.

If assets are titled incorrectly, unwanted complications can also result. Rights of survivorship for children on a real estate deed in Kansas mean that the property automatically transfers to them upon the owner’s death.

Intentions must be clear when titling the deed. By working with an experienced and dedicated estate planning lawyer, you can ensure that your estate documents accurately describe your intentions.

As tough as it is to talk about what happens if you become incapacitated or die, it is essential to communicate with your family about these matters to avoid unintended consequences.

It is common for families to dispute asset ownership after a death in the family—especially if divorces have affected family relationships. Avoiding disputes is usually a priority for people when estate planning and many problems can be avoided simply by better communication between the relevant parties.

The easiest way to communicate difficult decisions with family members may be to write a letter of explanation, detailing how you structured your estate and the main reasons for doing so. People are more likely to be accepting of decisions if they understand the reasoning behind them.

Speak to your estate planning lawyer if you need advice about communicating decisions to those affected by your estate plan.

A last will and testament explains what the testator wants to happen after death but other estate planning documents should also address end-of-life wishes and issues that may come up before death.

Incapacitation from an accident can happen at any point in life, so should be addressed earlier than most people care to do.

A living will, advance directive or “healthcare proxy” can be part of a long-term care plan, addressing what will happen if the individual becomes disabled or incapacitated, for instance.

Some people make provisions in estate planning documents for a long-term care insurance policy or funding for in-home care or a residential placement. This can help family members and medical professionals take the necessary steps should they be required.

Similarly, a power of attorney can appoint a trusted person to act for the individual on financial matters in the event of incapacitation. A comprehensive estate plan should also include the individual’s wishes for a funeral, burial or cremation.

When a person with a will dies in Kansas, the executor named in the will usually applies for probate and manages the estate administration. This process can save time because if no executor is appointed, the court will need to appoint one—a mistake that can cause delays, confusion, and frustration for beneficiaries.

With trusts, a successor trustee who takes over the management of the trust after your death should be named.

Appointing an executor for a will should not be an afterthought, Considerable legal responsibility is placed on the shoulders of the executor and testators should appoint a competent person who is capable, available, and willing to perform the necessary duties.

Sometimes, during estate planning, a family member or other individual is added as a joint owner for real estate, a vehicle or other financial asset. This is seen as a simple way to transfer the asset to them.

However, doing this for anyone other than a spouse can place a serious tax burden on the named individual. To avoid this, speak to an experienced estate planning lawyer for more tax-friendly methods of transferring assets to intended beneficiaries.

To consider your estate planning options, speak to an estate planning lawyer at ITR Law in Topeka during a free case evaluation.