(upbeat music) - Hi, I'm Jamie, certified financial planner and member of Kansas City's Financial Planning Association.

Here are some tips for effective estate planning.

Estate planning isn't just for the wealthy.

It's essential to make sure your hard-earned assets go where you want them to go.

So first off, what happens if you don't have an estate plan?

Without a plan, your state's rules will decide how your assets are distributed.

The problem is this may not match your wishes.

For example, if you live in Kansas, have a spouse and children and die without a will, your spouse inherits 1/2 of your estate and the kids split the other 1/2.

If you're in Missouri, your spouse gets $20,000 and the rest is split with the kids.

Lack of planning can also result in a delayed probate process, higher taxes and unintended family disputes.

So let's avoid all the red tape and start with the four key documents.

First up, the will.

It lets you decide who inherits your assets, allowing you to take care of your loved ones or support a charitable cause.

It is also where you name guardians for any dependents.

Next, the healthcare power of attorney your healthcare superhero.

Choose someone you trust to make medical decisions when you can't.

Number three, the durable power of attorney, your financial superhero.

This document ensures someone you trust can manage your finances if you can't.

And fourth, the healthcare directive is your living will, outlining your medical treatment preferences when you can't express them.

Now, an optional fifth, the trust.

While not everyone needs a trust, it is handy if you have specific inheritance conditions, and it adds privacy while avoiding a lengthy probate.

Now that you know what you need, you can visit estateplanning.com for resources to help you find an estate attorney, or use the resources on websites like legalzoom.com to help you do it on your own.

Just remember, you'll need someone to notarize the documents when they're final.

After your documents are in order, be sure to put them in a safe and easily accessible place.

Let your trusted contacts know where to find them and then share the details of your plan with appointed agents or beneficiaries.

Be sure to review your estate plan regularly.

Life events like marriages, births, divorces or changes in financial situations may require updates.

Remember, estate planning is for everyone, so take care, plan ahead, and your loved ones will thank you for it.

Thanks so much for tuning in.

This video is just one part of Age-Old Questions, a multimedia project from Kansas City PBS and Flatland exploring important issues facing families with aging members.

If you have more questions about how to plan for retirement and beyond, visit kansascitypbs.org/ageoldquestions for additional resources and reporting about the state of aging.

(upbeat music) - [Narrator] Produced with the generous support of the William T. Kemper Foundation, Commerce Bank, Trustee, Husch Blackwell, and by viewers like you.

Thank you.