There are generally two reasons to update an estate plan: (1) as part of a routine review; and (2) due to major life events. It is recommended that everyone review their estate plan every two to three years and make any necessary updates. However, there are certain events that warrant immediately updating...
A last will and testament is by far the most popular estate planning document. However, most people require more than a simple will to meet their estate planning needs. In addition to a will, a revocable living trust is an estate planning document that offers many benefits. In this article, we discuss...
After getting married, many couples create an estate plan together. However, it is just as important to update one’s estate plan after a divorce as it is to create one in the first place. To put it simply: the failure to update an estate plan after a divorce can have unintended—and expensive—consequences....
Many people believe that estate planning is just for older people. After all, you tend to accumulate property and assets as you age, so this seems logical. It isn’t true, however. There are many reasons why young people can also benefit from estate planning. In this article, we examine three reasons...
Probate is a court-supervised process that involves the administration of a deceased person's estate. The process typically consists of authenticating a will, paying off debts, and distributing assets to beneficiaries. The probate process is often time-consuming and expensive. Fortunately, as we explain below, there are several ways to avoid probate in Kentucky.
Many people believe that estate planning is only for the rich. This couldn’t be further from the truth, however. Without an estate plan in place, settling your affairs after you pass away could have a long-lasting and expensive impact on your loved ones—regardless of your income or assets. In this article, we...
Everyone needs an estate plan. In fact, failing to draft an estate plan can negatively impact your family for years to come. However, when drafting an estate plan, there are several pitfalls to avoid. Therefore, when embarking upon the estate planning process, it is advisable to first consult with an experienced Kentucky...
While everyone should have a durable power of attorney that appoints someone to act for them if they become incapacitated, in some circumstances, it is not enough. In these cases, a revocable trust can help.
A durable power of attorney allows you to appoint someone you trust to step...
Being the executor of an estate can be a time-consuming job, depending on the size and complexity of the estate. A simple estate can take a few months and not require a huge time commitment. However, if there are problems, the job can drag on for years.
If you have a Special Needs child or loved one, a Special Needs Trust may allow you to leave them an inheritance without disqualifying them for public benefits (for example SSI or Medicaid).
Creating this type of Trust for someone else is called a Third Party Special...
