Most young adults don't wake up thinking about estate planning, and that's completely understandable. When life seems wide open and the future seems bright, drafting a will can seem unnecessary, even a little morbid. But unexpected events don't always wait for the...
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Estate Planning
3 common issues caused by DIY wills
There are lawyers who specialize in many different areas of legal practice. Despite how complex and challenging legal matters can be, quite a few people may try to handle certain issues on their own. For example, instead of hiring an estate planning attorney to draft...
How can people keep their houses out of probate court?
The probate courts oversee the transfer of resources from one generation to the next. When an individual dies, their property becomes their estate. The Kentucky probate courts help ensure that the assets in the estate transfer to the appropriate parties. That process...
Why talk to your children about your estate plan?
You might have thought you should keep your estate plan to yourself, perhaps only sharing details with your spouse if you have one. However, there are many advantages to sharing some details with your children, too. Here are some of the reasons why this can be useful....
3 estate planning solutions for landlords with rental properties
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...
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...