A History Of Growing Trust In Kentucky

A simple estate plan should include these 3 components

On Behalf of | Jul 27, 2023 | Estate planning

Having a Kentucky estate plan allows you to maintain control over certain elements of your life after you die. It also gives you an opportunity to make stipulations with regard to your medical care, financial affairs and more. However, many people delay or avoid creating estate plans because they fear it takes too much time and effort. This does not have to be the case, though, and in reality, a solid, effective estate plan needs to have just three primary components.

Bankrate notes that the three things you need to put into your estate plan include a will, an advance directive and a power of attorney.

The will

You may know that a will gives you a way to leave specific things to specific people. Some people also use their wills for other reasons, such as to name someone a guardian over minor children, should something unthinkable occur.

The advance directive

Advance medical directives let you outline your wishes with regard to your healthcare, should incapacitation prevent you from voicing them, yourself. Kentucky recognizes three specific types of advance directives: living wills, Designations of Health Care Surrogates and Advance Directives for Mental Health Treatment. Each type of advance directive has its own guidelines and implications.

The power of attorney

When you give someone power of attorney, you give him or her the authority to make certain personal or financial decisions for you. You have some control over what powers the document grants the party you name therein.

There is always the option of adding trusts or other estate planning tools to your plan later on, but having these three components in your plan is a great way to start the process and protect your medical, financial and personal interests.