The Essential Estate Planning Checklist: What You Need to Protect Your Legacy

Estate planning is more than just drafting a will—it’s about ensuring your wishes are honored and your loved ones are cared for after you’re gone. Whether you’re in Kansas or Missouri, having a comprehensive estate plan can save your family from unnecessary stress and confusion. Here’s a checklist to guide you through the essential steps of effective estate planning.

1. Create a Last Will and Testament

Your will is the cornerstone of your estate plan. It outlines who inherits your assets, names guardians for minor children, and specifies your final wishes. In Kansas and Missouri, if you pass away without a valid will, state laws will determine how your assets are divided, which may not align with your preferences.

2. Establish a Revocable Living Trust

While a will goes through probate, a revocable living trust allows your assets to bypass the probate process, making the transfer of property smoother and more private. This is particularly helpful for families with properties in multiple states. In the event there is property located in both Kansas and Missouri, two probates (one for each respective state) would otherwise need to be initiated to pass the property to the appropriate persons. A living trust can also include provisions for managing your assets if you become incapacitated.

3. Designate Beneficiaries

Your life insurance policies, retirement accounts, and bank accounts often allow you to name beneficiaries directly. Be sure these designations are up to date, as they supersede your will and trust. For Kansas City residents with multi-state assets, ensuring consistency across all accounts is crucial.

4. Assign Durable Power of Attorney

A Durable Power of Attorney (POA) allows someone you trust to manage your financial affairs if you become unable to do so. In Kansas and Missouri, POAs must be signed before a notary to be legally binding. Consider choosing someone who understands your financial landscape and whom you trust implicitly.

5. Create a Healthcare Directive and HIPAA Release

A Healthcare Directive (or living will) outlines your medical wishes if you’re unable to communicate them. Coupled with a HIPAA Release, it ensures that your chosen healthcare agent can access your medical records to make informed decisions on your behalf.

6. Plan for Minor Children

If you have minor children, it’s crucial to name a guardian and set up provisions for their care. In Missouri and Kansas, the court generally honors your wishes as outlined in your will, but it’s best to also consider financial arrangements for their well-being.

7. Organize Your Digital Assets

Digital assets include online bank accounts, social media profiles, and cryptocurrency holdings. Create an inventory of these assets and ensure that someone you trust has the necessary information to access them.

8. Review Your Estate Plan Regularly

Major life events—like the birth of a child, marriage, divorce, or relocation to a new state—should trigger a review of your estate plan. Since laws can differ between Kansas and Missouri, it’s essential to keep your documents current.

9. Understand State-Specific Estate Taxes

Fortunately, neither Kansas nor Missouri has a state estate tax, but federal estate taxes may still apply depending on the value of your estate. Consulting with a local estate planning attorney in Kansas City can help you navigate these details.

10. Store Your Documents Safely

Keep your will, trust documents, and other critical paperwork in a secure location. Inform your executor and trusted family members of where these documents are stored so they can be accessed when needed.

Protect Your Legacy Today

Estate planning doesn’t have to be overwhelming. By following this checklist, you can secure your family’s future and ensure your wishes are honored.Reach out to an experienced estate planning attorney to help you protect your legacy.

Ready to secure your legacy? Contact us today to schedule a consultation and get started on your estate plan.