Estate Planning Essentials: Wills, Trusts, Powers of Attorney, and More
Do you have an estate plan in place? And if you do, are you confident it still meets your needs?
On October 21, the KML Legacy Foundation welcomed KML alumnus and estate planning attorney David Streese, owner of DS Legacy Law, for an informative Estate Planning Night. David shared practical guidance on the importance of estate planning, the documents everyone should consider, and common mistakes to avoid.
Whether you’re just getting started or have an existing plan, here are a few key takeaways from the evening.
Why is estate planning important?
Estate planning is about much more than deciding who receives your assets after you pass away. It’s also about protecting yourself and your loved ones during your lifetime.
David highlighted three primary goals of estate planning:
Control: Determine who will make decisions for you if you’re unable to do so and how your assets will be distributed.
Efficiency: Help your loved ones avoid unnecessary expenses, delays, and legal complications.
Protection: Plan for unexpected circumstances that could affect your beneficiaries, such as divorce, lawsuits, or financial difficulties.
What documents should you have in place?
Several important documents can help protect you and your family:
Financial Power of Attorney: Designates someone to manage your finances and property if you’re unable or unwilling to do so yourself.
Health Care Power of Attorney: Names someone to make medical and care decisions if you become incapacitated.
HIPAA Authorization: Allows designated individuals to access important medical information.
Will: Directs the distribution of certain assets after your death and allows you to nominate guardians for minor children.
Trust: Can help avoid probate, manage assets, and provide additional protections for beneficiaries.
David emphasized that estate planning isn’t one-size-fits-all. The right documents depend on your family circumstances, assets, and personal goals.
What’s the difference between a will and a trust?
One of the evening’s most important takeaways was that having a will does not necessarily mean your estate will avoid probate.
Probate is the court-supervised process of administering an estate. It can be time-consuming, costly, and public.
A properly established and funded trust can offer several advantages, including:
Avoiding probate for assets held in the trust.
Providing for beneficiaries who may not be ready to manage an inheritance.
Protecting inherited assets in certain circumstances.
Offering flexibility for tax planning and other financial considerations.
Not everyone needs a trust, but understanding the differences can help you make informed decisions.
What about beneficiary designations?
Did you know that the beneficiaries listed on your retirement accounts, life insurance policies, and other assets generally take precedence over the instructions in your will?
David stressed the importance of reviewing these designations and coordinating them with your overall estate plan. Even a carefully prepared will or trust may not accomplish your wishes if your beneficiary designations are outdated or inconsistent.
How often should you review your estate plan?
David recommends reviewing your estate plan approximately every five years, even if nothing significant has changed.
Major life events, such as marriage, divorce, the birth of a child or grandchild, the death of a loved one, or changes in financial circumstances may warrant an earlier review.
Watch the full presentation and audience Q&A
These highlights only scratch the surface of the helpful information David shared!
We invite you to watch the full Estate Planning Night recording, which includes approximately 45 minutes of practical instruction followed by 15 minutes of audience questions on topics such as:
What happens to a will when you move to another state?
How do you know which assets are controlled by your will?
Can a trust help manage an inheritance for young adults?
How do payable-on-death (POD) designations work with a will?
What should you consider when reviewing an existing estate plan?
Follow along with David’s presentation slides! You can download his PowerPoint slides as a helpful reference while watching the recording or reviewing the information afterward.
Your legacy can make a lasting difference
As you consider your estate planning goals, we invite you to prayerfully consider how your legacy might also bless future generations of KML students.
A gift to KML or the KML Legacy Foundation through your will, trust, or beneficiary designation can help support Christ-centered education for years to come.
Your Legacy, Their Future
If you’d like to learn more about including KML in your estate plan, or would appreciate a free packet of estate planning resources to help you get started, please contact me. I’d love to visit with you!
Ann Jahns, Gift Planning Officer ann.jahns@kmlhs.org 262.677.4051 x4004
This presentation and article are provided for general educational purposes and do not constitute legal or financial advice. Please consult a qualified professional regarding your individual circumstances. KML and the KML Legacy Foundation do not endorse or recommend any particular attorney or law firm.
