The best estate plans feature custom terms based on an individual's unique circumstances. The family members and other beneficiaries receiving property from the estate can influence the best strategies and tools to use. The assets that belong to the testator also play...
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Estate Planning
What qualities should you look for in a health care surrogate?
One of the things you need to do when estate planning is to name a health care surrogate. This is someone who will make health care decisions on your behalf if you lose your ability to decide for yourself. They will follow the instructions included in your living will...
2 ways to review your estate plan
It’s important not to neglect your estate plan. Simply drafting a will and other estate planning documents is a great first step, and the earlier you do it, the better. Many people put it off, waiting until retirement or until they gather more financial assets....
When can a Kentucky estate be affected by estate tax obligations?
The personal representative or executor of a Kentucky estate has many responsibilities to fulfill. They must secure and properly manage estate resources until they liquidate or distribute them. They need to communicate with those who have an interest in the estate,...
Should you split your estate plan evenly between your children?
If you are a parent about to make your estate plan, you might be wondering whether you should split things evenly between your children. One recent report found that this is what two-thirds of parents do. While this is what the majority of parents do, you are under no...
Do children inherit their parents’ debts?
When your parents pass away, you know that you may inherit their assets. The estate plan will help to determine how these should be divided. For instance, if your parents pass away with $10,000 in a bank account, they may instruct that you split it between yourself...
3 groups of people who may need powers of attorney
Estate planning can be beneficial for almost any adult. However, people in certain circumstances may need specific documents more than others. Powers of attorney are some of the most important and commonly-overlooked estate planning instruments. All too often, people...
Modifying your estate plan as you divorce
If you and your spouse have decided to divorce, there are some changes you can and likely want to make to your estate plan. For example, you may no longer want them to have power of attorney (POA) over your medical decisions if you become seriously ill or injured....
What happens if you do not have a valid will?
A will is a legal document that is key to your estate plan. This document outlines your last wishes, including instructions for asset distribution. With a will, you can name beneficiaries who can benefit from your passing and an executor of the estate who is...
3 tools you can utilize in your estate plan
Ensuring that your assets go to the right people upon your death involves estate planning. Not only that, but you can use estate planning to take care of your healthcare needs, financial needs as well as the upbringing of your children should you become...