Kentucky Estate Planning And Administration Law Blog
When can creditors call?
When creditors have an outstanding debt, they will certainly attempt to contact that individual when they fail to pay the debt back on time. They may do this by email, by sending a letter in the physical mail or by making a phone call. That being said, there are...
Can a trust help your beneficiaries manage their finances?
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....
2 solutions for contract violations that affect business operations
Negotiating a business contract is a way to make company operations more predictable. Having employees under contract and vendors bound by agreements to deliver supplies on a specific schedule can help a company more effectively schedule its operations and control its...
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...
Tips on collecting unpaid rent from a former tenant
One of the most challenging experiences as a landlord is dealing with a former tenant who owes you rent and is not paying up. It can create financial strain if you rely on rental income to pay your bills or maintain the property. If you are in such a situation, below...
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...