It is not easy to consider one’s own mortality or think about what might happen to personal property after death. Some may even feel that planning for these things is tempting fate in a way, and they may avoid estate planning because of it. Other Kentucky adults may not think planning for the future is necessary because they are not wealthy. These are all inaccurate assumptions about estate planning.
In reality, long-term planning is an important step for every adult, regardless of age, income level and the size of the estate. Delaying this process can lead to legal and financial complications for loved ones and beneficiaries in the future. Getting necessary and important protection could be as simple as drafting a few documents, such as a will. Life is unpredictable, but it’s possible to have more control over certain things when there is an estate plan in place.
What should be in your plan?
There is no such thing as a one-size-fits-all approach to estate planning. Each adult has different goals and objectives for his or her estate and property. You can custom-tailor your plan to suit your individual needs, but the following tools could be useful for your planning purposes:
- Will – This is the building block of all estate plans. This is a basic document that outlines what you want to happen to specific assets, how you want property distributed and allows for the appointment of a guardian for minor children.
- Trust – A trust is an estate planning tool that allows you to set aside assets for a specific use, such as the care of a minor child. Assets held in a trust do not have to go through probate.
- Living will – This is a document that outlines specific types of health care you may or may not want in case you are ever unable to speak for yourself. This document offers more control and protection in conjunction with a durable power of attorney.
Estate planning can be a difficult and confusing process. If you need to create a plan or update an existing one, you may find it beneficial to work with an experienced attorney during this process. Effective guidance ensures you have what you need to be able to look to the future with confidence, knowing your interests are secure and your beneficiaries are cared for.