Attorney Philip Wright Discusses Why Families Need an Estate Plan

We have all heard it before, “You never know when your time may come,” or, “You never know what life may throw at you.” You want to protect yourself, your spouse and your children if life tosses you a curveball. Proper estate planning can give you a plan and peace of mind.

“However, improper estate planning -- or no plan -- can create problems for you, your spouse, or other family members, and leave you vulnerable at a most inopportune moment,” said estate planning attorney Philip Wright, founder of the Wright Law Firm, LC.

To protect your family, Wright lists the following three tips:

No. 1: Make sure someone you trust can make decisions if you can’t. “It is critical to have a trusted individual that can legally help you if something happens. You need to have a Durable Power of Attorney and Healthcare Power of Attorney in place. By protecting yourself with these documents, you are also protecting those who are dependent on you -- your children and spouse,” stressed Wright.

No. 2: Set up a trust. Trusts allow a trusted family member or friend to quickly access your assets and keep status quo. Status quo in an emergency can be invaluable. “With a trust, a person that you choose can step in and make sure immediate issues like mortgage payments, insurance payments, or other bills are taken care if you are incapacitated or worse. With a trust you can lay out a long-term plan to financially provide for your children if the unthinkable occurs. Trusts can help make things much easier on your loved ones,” added Wright.

No. 3: Sit down with an experienced attorney. “If you don’t have an estate plan, get it done! Find an attorney that will take the time to explain and discuss your options without making you feel like you are imposing. And, if you have an estate plan, you should review your estate planning documents with your attorney every three to five years, or upon important life-changing events,” concluded Wright. “This includes marriage, divorce, death, or birth of a child or grandchild.”

About Philip Wright, Wright Law Firm, LC 
Philip Wright focuses on probate, will, trust and estate law. Mr. Wright helps clients in Kansas and Missouri understand and implement effective estate plans. Wright Law Firm, LC, has experience representing clients in trust litigation, estate planning, trust administration, last will and testament, durable power of attorney, healthcare power of attorney, and probate. For more information, please call (913) 710-9885, or visit http://www.pwrightlaw.com. Wright Law Firm, LC is located at 13420 Santa Fe Trail Drive, Lenexa, KS 66215.

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