If you’re like most people, you’ve probably heard of trusts before, but you might not have given them much thought. At their core, trusts are legal agreements that allow you to transfer assets to a trustee, who will then manage them on behalf of your beneficiaries....
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Estate Planning
Do you have to leave all heirs the same amount?
Heirs often expect to get the same amount of assets from their parents. For instance, maybe you have three children and you’re going to be dividing up $750,000. If the children know that you have this money as part of your estate, it’s likely that they would all...
Choosing a health care surrogate
When you create a living will or other advance directive for health care or mental health treatment, it’s crucial to designate what Kentucky calls a “health care surrogate.” It’s also wise to name an alternate surrogate. Their authority applies if you’re unconscious...
What does it mean to renounce your spouse’s will?
Typically, a person can’t disinherit a current spouse – in other words, leave them no inheritance in their will or other estate plan documents. Surviving spouses are generally expected to receive some inheritance when their husband or wife dies. That’s why if a person...
When does someone need to update their power of attorney?
Updating estate documents is an important protective step that many people take every few years. In addition to making changes to the property addressed in a will and the beneficiaries set to inherit said assets, testators may sometimes need to update the living...
Should you divulge your estate plan?
Some people believe that they should keep their estate plan secret. They think they should leave it to the executor to inform their family of their wishes. While that approach would potentially make for some great theater, high drama is the last thing your family will...
2 crucial estate planning moves for parents expecting a baby
Adding a new member to the family can be a moment many years in the making. Especially for couples that do not have any children yet, a pregnancy can cause a drastic shift in perspective. While it is often only an intangible concept until the birth of a child, both...
3 ways a divorce can affect your estate plan
You’ll have so much to contend with when you divorce that you might not even consider revising your estate plan. Yet you definitely need to. Here are some of the things that the revision should include: 1. Updating the list of your estate’s contents Let’s say that...
4 questions to ask when making a trust
A trust is a legal document that names a trustee to hold assets for an heir. Unlike a will, which may be susceptible to disputes and estate taxes, a trust can resolve many potential difficulties in your estate plan. Many people can and often should make trusts if they...
What are the witness requirements for a will in Kentucky?
If you undergo the effort to create an estate plan or will, you want to create documents that will have legal authority in the Kentucky probate courts. You do not want to end up in a situation where the documents you draft fail to achieve the intended results because...