Wills & Estate Planning Attorneys in Frankfort, Kentucky
A common misconception about wills and estate planning is that it should only be done after reaching a certain age or achieving a certain level of financial success. This couldn’t be further from the truth. At some point in our lives, we must give serious consideration to what will happen to our estate, property, and possessions when we die.
What Are My Options Concerning My Will?
A will relates to how your property is dispersed after death. It also includes who you would like to handle the task of executing the administration process of your estate (also known as probate). If you have children, your will should include who their next guardians will be. Creating a testamentary trust in your will is a good idea if you have money that you want to leave behind for your children that they would have access to upon turning 18 years old. Another option is creating a revocable living trust.
According to Kentucky law, your will must be signed by a testator — an individual seeking disposition of their property upon their death. The testator must be at least 18 years old and of sound mind. Two capable witnesses must be present at the signing. The witnesses shouldn’t be anyone who may inherit from the testator.
This type of document relates to your guidance and direction in terms of health care as well as the possible removal of certain types of health care in the event of certain conditions.
This type of will makes the probate process quicker. With this document, the court doesn’t need to contact the witnesses in order to accept the will. If you would like a self-proving will, it must be signed in the presence of a notary who will then notarize the document.
This type of will doesn’t require witnesses at all. While this may sound easier and more appealing, a holographic will has to be handwritten by the testator and signed at the bottom of the document.
Are There Any Other Documents I Need?
In addition to the type of will you choose, every adult should have the following in place in order to develop a comprehensive estate plan:
Power of Attorney
The role of your power of attorney involves managing your property and finances in the event that you’re temporarily or permanently unable to take care of it yourself. Having a power of attorney helps you bypass the cost and difficulty associated with a court-supervised guardianship or conservatorship.
Estate planning can also include trusts. A trust is utilized in appointing the management and control of your property to your spouse, children, or another beneficiary. A trust can be established both during your life (living trust) and after death. Some of the goals of a trust include reducing the impact of taxes and avoiding probate.
How I Can Help
If you need assistance with filing a will, living will, or power of attorney, I can be of assistance. My services also include attending court hearings, drafting estate planning documents, and representing executors during probate. Consultations are free of charge. Schedule yours today.
Wills & Estate Planning Attorney in Frankfort, KY
Thinking about how to handle your affairs and who will take over after your passing can be complicated. Allow me to help you determine what type of legacy you will leave for your loved ones. If you need assistance with different types of wills, power of attorney, or your trust, give me a call. Together, we can create a plan that will put your mind at ease.