KY Estate Planning Info & FAQs
Estate Planning Info & FAQs
Erlanger, KY residents who have done the estate planning process are always surprised to learn that it is easier and faster than expected. If you are still not sure about how to get started, however, it may be helpful to read through the estate planning info & FAQs below:
What Is Estate Planning?
Estate planning refers to planning for a person’s incapacity and ultimate demise. It often involves drafting documents such as trusts, wills, advanced medical directives, and powers of attorney for a client to help them prepare for any catastrophic events and ensure that their loved ones will be provided for upon their death.
LET OUR EXPERIENCE GUIDE YOU
Call to schedule your FREE estate planning consultation!
Why Do I Need a Plan?
It would be best if you had an estate plan to ensure your wishes will be honored upon death. In addition, creating an estate plan will ensure that your assets will go to the people and places of your choosing. If you don’t have an estate plan, you risk having the state of Kentucky determine who will receive your assets.
What Is My “Estate”?
An estate consists of all a person’s property at their death before it is distributed via a will, trust, or intestacy law. It may contain both real property, such as houses and investment properties, and personal property, such as securities, bank accounts, jewelry, automobiles, etc.
Do I Need a Will?
No. You are not legally obligated to complete a will in Kentucky. However, in most cases, it is generally advisable to make some plan regarding dispersing your property and finances upon death. Essentially, creating a will lets you control how your assets will be distributed upon death.
What Happens When Someone Dies Without a Will?
If you die without a will in Kentucky, you will be considered “intestate,” It will be up to the law to determine who will inherit your estate and in what shares. In the absence of a will, your estate will enter probate.
What Is Probate?
Probate refers to the entire legal process of administering or distributing an estate’s assets to the heirs of the deceased. It typically involves organizing the decedent’s money, possessions, and assets and distributing them as inheritance after paying any debts and taxes.
Should You Avoid Probate?
Yes, it is generally advisable to avoid probate due to the amount of time and money it can take to complete. However, keep in mind that it’s a court process, and along with the various hearings and proceedings, simply gathering assets and paying off debts of an estate can take months, if not years.
What Is a Living Will/Advanced Healthcare Directive?
A living will/advanced health directive refers to the written, legal instructions regarding your preferences for medical care in the care you cannot decide for yourself. Advance healthcare directives guide choices for caregivers and doctors if you are seriously injured, terminally ill, near the end of life, or in the late stages of dementia.
What Are Trusts and What Benefits Do They Offer?
Trusts are legal contracts drafted by lawyers with named trustees that ensure that the decedent’s assets are managed according to their wishes during their lifetime and even after their death.
What Plans Can I Make for My Pets?
You aren’t legally allowed to leave money or any other property to pets since the law considers all animals as property. Still, you can ensure that your pet has a good life even after you die in your estate plan.
LET OUR EXPERIENCE GUIDE YOU
Call to schedule your FREE Consultation!