Wills & Trusts in Elizabethtown & Hardin County, KY
Hardin County Estate Planning Lawyer
A will is used to select beneficiaries who will receive your property after
you pass away. This is one of the most common
estate planning tools, and can be used to protect your assets from being handled by the
state. If you are looking for a dependable firm, we have more than four
decades of combined experience with creating wills and trusts. An
Elizabethtown estate planning attorney from Cooper & Cooper Law Offices may be able to help you with drafting
a will or trust.
A will won't go into effect until after you pass away, which means
that you can designate guardians or heirs without losing any property
during your lifetime. If you decide to create a living trust, you will
be able to modify it while you are still living, allowing you to make
necessary adjustments as time passes. When you pass away, only then will
your trustee be given control over it. Most people don't need to create
a trust unless they own a large amount of money or property. After reviewing
your financial situation and long term goals, we will help you determine
which option is best for you.
Should I create a will or trust?
A will can do certain things that a trust can't do, such as name guardians
for your children. Many parents prefer to select a guardian for their
children and their property, rather than let the court decide. A will
can also allow you to make a plan for paying off debts and final taxes.
This means that you can eliminate some of the tasks your executor or loved
ones might have to do by planning ahead. You won't be able to reduce
estate taxes through your will, but you can use other tools to minimize
taxes owed. If you create a living trust, your family may be able to avoid
probate court proceedings. You can put almost any type of property into
a living trust, including bank accounts, real estate and jewelry. Similar
to a will, you must name a successor trustee to handle your trust after
you pass away. This person will be in charge of distributing the assets
and property included in your living trust.
You can create two different types of trusts-revocable or irrevocable.
A revocable living trust can be modified or adjusted throughout your lifetime.
This means that you can change beneficiaries, add property or change trustees
at any time. You can also destroy the trust if you no longer want it.
Your second option is an irrevocable trust, which is much more secure.
Once this trust has been created, you cannot touch anything in it or make
any adjustments to it. Depending on your financial situation, you may
prefer an irrevocable living trust for its security. A trust is typically
for those with a greater wealth and we do not recommend this option for
just anyone. We can review your case to better determine the right option
for you. Whether you want to create a will or a trust, an estate planning
lawyer from our firm has the experience to help.
Contact us today or fill out a
case evaluation form to discuss your situation with us.