What is Estate Planning?
Estate planning is the legal process of arranging, managing, and distributing your assets in a manner that meets your goals. While the term “estate planning” may evoke thoughts of complex finances or wealthy individuals—that isn’t necessarily the case. Your “estate” refers to the assets you own at death such as your home, vehicles, retirement accounts, insurance, bank accounts, boats, and so on. Estate planning allows you to create a legal plan to ensure these assets are distributed and managed according to your wishes through a will, trusts, or other legal documents.
At 1818 Law Firm, we know this is a sensitive topic. Although we all understand that we will die someday—that doesn’t make it easy or fun to talk about. Our team is committed to ensuring that you understand your options and have an estate plan that gives you and your loved ones peace of mind.
Why Estate Planning Matters
1. Ensuring Your Goals Are Met.
Without a will, it is left to the state to decide what happens with your property through the state’s intestacy laws. For many people, this leads to a result they may not want, such as certain loved ones not receiving any of your assets.
2. Avoiding or Limiting Probate.
Probate is the formal process for distributing someone’s assets according to their will or, if the person did not have a will, according to the state’s intestacy laws. The probate process can be expensive, complicated, and emotionally difficult for family members. There are legal mechanisms that can have assets either avoid probate altogether or significantly reduce the amount of assets in probate, saving your loved ones money and simplifying the process.
3. Reducing Family Conflict.
Family disputes following the death of a loved one are painful and, unfortunately, happen far too often. A proper estate plan can minimize conflicts about what your wishes were. An estate plan allows you to state your wishes to give you and your loved ones peace of mind.
4. Safeguarding Minor Children.
In Kentucky, if you have a child under the age of 18, you can appoint someone in your will to act as the guardian for your child if you are the last surviving parent. The guardian will be responsible for the care and custody of your child until the child turns 18.
5. Incapacity Planning.
An estate plan can address what will happen if you become incapacitated and unable to make decisions for yourself. Documents such as living wills and powers of attorney can ensure that your preferences for certain medical treatments are followed and that a person you trust has the ability to make decisions and manage your affairs for you while you are unable to.
How to Get Your Estate Plan Started
If you would like to create an estate plan, or have an old one revisited, book a free consultation with 1818 Law Firm today. Before the consultation, you should think about your goals. During the consultation, an attorney will discuss your goals with you and give you tailored options to meet your needs and goals.
