Kentucky Estate Planning Attorney
As people age, their focus tends to shift from taking care of themselves to ensuring that their loved ones are cared for after they are gone.
Estate planning encompasses both of these thoughts. Your estate should be organized so that your specific wishes are met after death. Good estate planning involves drafting a will, setting up a plan to make certain that your health care wishes are followed, and protecting the assets you’ve worked hard for by minimizing potential taxes.
Having an estate plan is a good idea for everyone, regardless of age or health status. It is particularly important if you have any children who are minors. The best time to start an estate plan is now while you have the capacity to do so. When you’re ready to discuss developing such a plan for you and your family, a Kentucky estate planning attorney at our firm is here for you. We understand that every client’s personal, family and economic goals are unique, and we will work hard to be sure that the finished product will offer you the peace of mind that you have done right by yourself and your loved ones.
The term “estate” refers to all of the property that a person owns or controls. It includes:
- Real property and the things attached to it (houses, buildings, barns, etc.).
- Personal property (vehicles, bank accounts, stocks and bonds, cash, furniture, jewelry, collectibles, etc.).
- Businesses and business interests (inventory, tools, equipment, accounts receivable, etc.).
- Life insurance and annuity contracts, pension benefits, IRAs, 403(b)s, etc.
- Debts and obligations owed to others.
- All claims the person has against others, such as for the pain and suffering from a motor vehicle accident.
While estate planning certainly benefits people with large estates relating to taxes, estate planning also benefits those with modest assets. Anyone who creates an estate plan ensures that their property will be distributed according to their personal wishes and that distribution will be possible with a minimum amount of delay. Distribution of the property that you own at death can be planned in advance through either a will or a trust. If you die without having a valid will or trust, then your assets are divided in a specific order among your relatives in keeping with Kentucky statutes, which are known as “intestacy laws.”
Wills are the most common estate planning documents and set forth who inherits your property. Wills can also have other purposes, such as appointing a guardian for your minor children or specifying your funeral arrangements. Estate planning may also provide for a durable financial power of attorney, which appoints someone to handle your finances when you can no longer look after them yourself. Beyond financial issues, a good estate plan addresses personal ones by including directions to carry out your health care wishes through a living will or a durable medical power of attorney.
A Kentucky Estate Planning Attorney at Bunch & Brock can draft documents that are customized to meet your unique needs, including:
- Assisted living and advanced health care directives
- Financial powers of attorney
- Medical powers of attorney
- Wills, living wills, and testamentary trusts
- Revocable and irrevocable trusts
- Family limited partnerships and limited liability companies
- Insurance planning and life insurance trusts
- Business succession planning.
How a KY Estate Planning Attorney Can Help You
The importance of estate planning cannot be overstated. Whatever your net worth, it is important to have a basic estate plan in place. The rules of estate planning are complex and can be difficult to understand. It is advisable that you consult a Kentucky estate planning attorney who can help you organize your assets and identify your goals.
For the past 35 years, the Fayette County estate lawyers at Bunch & Brock have guided many people through the estate planning process efficiently and effectively. Put our experience to work for you. Contact us today by calling 859-254-5522 or filling out this online form.