Will or Trust or Both?
Creating a will or trust is not just a legal process, but a powerful way to express your love, care, and generosity towards your family and friends. It also presents an opportunity to support the future of Kansas City Ballet.
You might be curious why wills and trusts hold such importance. Well, these legal documents ensure that your assets are distributed according to your wishes after your passing. Wills serve as a comprehensive guide on how your assets should be managed, enabling you to include crucial instructions like appointing guardians for children, distributing property, making charitable donations, and selecting an executor to oversee the fulfillment of your wishes.
Trusts, on the other hand, offer a distinct advantage by bypassing the probate process. Probate entails the public recording of asset distribution which can be a time-consuming procedure, sometimes taking several months. However, by establishing a trust, you can avoid this lengthy and intrusive process. It’s worth noting that trusts require proper funding, meaning that the assets you want to include, such as property and various investments, must be titled correctly in the name of the trust.
Whether you choose a will or a trust, rest assured that your assets will be managed and distributed in a manner that aligns with your personal intentions and values. Once your loved ones are taken care of, we would be honored for you to consider including Kansas City Ballet in your Legacy. Your decision to include KC Ballet in your will or trust will secure the future of this cherished Company.
Comparing the Cost of a Will and a Trust
When it comes to estate planning, choosing between a will and a trust can greatly impact both the complexity and cost involved.
Trusts, in general, tend to be more intricate and expensive to establish and maintain compared to wills. However, they can potentially save your family money in the long run by avoiding the need for probate court. On the other hand, wills are typically easier to create and involve lower costs to execute. These advantages make wills a more affordable option initially when compared to trusts.
Ultimately, making an informed decision based on your specific circumstances will ensure the best outcome for your estate and your family’s financial well-being.
Designating a Gift to Kansas CIty Ballet
Just a few words in your will or trust is all that is needed. The official language of Kansas City Ballet is:
“I give, bequeath (written amount or percentage of the estate or description of property) to the Kansas City Ballet, for general purposes or for the purpose of (Specific request).”
To designate Kansas City Ballet as a beneficiary, please reference the following information:
Legal name: Kansas City Ballet Association
Address: 500 West Pershing Road, Kansas City, MO 64108
EIN Tax ID number: 43-6052680
Other Beneficiary Designation
When it comes to estate planning, it’s essential to understand that not all of your assets will pass through a will or trust. While these legal tools cover the majority of your belongings, there are certain assets that must be handled separately. Some examples include payouts from life insurance policies, proceeds from retirement plans, IRAs, financial accounts, donor advised funds and annuities.
To ensure that all your assets are appropriately addressed after your passing, it is crucial to consult with a financial professional. By engaging in this discussion, you can gain a clearer understanding of how to distribute your assets effectively and ensure all your wishes are met.
Be careful to store important papers where they are safe as well as accessible; do not put your original will or living trust in a bank’s safe-deposit box as it may be hard to access immediately after your passing.
Remember, estate planning is a complex process, and seeking professional advice is highly recommended. A financial professional with expertise in this area will guide you through the necessary steps to ensure your assets are protected and distributed according to your wishes.