My question involves estate proceedings in the state of: Kansas
Have a friend that is rather sick and looking to get some brief thoughts on his estate planning. No doubt he will need to seek counsel to prepare some things but wanting to get some thoughts.
1. Will - He does not want his family to know he is dying yet so trying to find witnesses to sign on his will without creating suspicion?
2. He has multiple expensive assets that are paid for and do not have titles and such. Basically no creditor or agency knows they exist. Is there a concern that creditors can go after those?
3. Home - His home is not paid for, but could be. He is the only one on the title. How would this be handled if not paid for? If he does get it paid off, would this make things easier?
4. Executor - He would like to name his brother as executor to direct how things are handled. Does he immediately get full control of the property and assets or is everything seized by the courts
initially?
5. He also owns a property jointly with another person. It is assigned with "right to survivorship". Upon death, will that asset immediately transfer and escape any creditor concerns? Would this asset still be
subject to court actions?
I will mention that his debts include some credit card debt and the debt on the home only. I think the only concern is the easiest way to get the home to transfer, and what assets might be subject to collection from the credit card companies. I think he wants to ensure non-title assets do not have to be sold to pay of credit cards.
Have a friend that is rather sick and looking to get some brief thoughts on his estate planning. No doubt he will need to seek counsel to prepare some things but wanting to get some thoughts.
1. Will - He does not want his family to know he is dying yet so trying to find witnesses to sign on his will without creating suspicion?
2. He has multiple expensive assets that are paid for and do not have titles and such. Basically no creditor or agency knows they exist. Is there a concern that creditors can go after those?
3. Home - His home is not paid for, but could be. He is the only one on the title. How would this be handled if not paid for? If he does get it paid off, would this make things easier?
4. Executor - He would like to name his brother as executor to direct how things are handled. Does he immediately get full control of the property and assets or is everything seized by the courts
initially?
5. He also owns a property jointly with another person. It is assigned with "right to survivorship". Upon death, will that asset immediately transfer and escape any creditor concerns? Would this asset still be
subject to court actions?
I will mention that his debts include some credit card debt and the debt on the home only. I think the only concern is the easiest way to get the home to transfer, and what assets might be subject to collection from the credit card companies. I think he wants to ensure non-title assets do not have to be sold to pay of credit cards.
Asset Protection: Several Questions on Wills and Asset Protection Upon Death
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