Everyone needs a well-drafted estate plan. Estate plans serve multiple purposes, one of which is to give one or more people the authority to act on your behalf should you ever become incapacitated. A document that provides a person with legal authorization to act on the behalf of someone else is called...
Category: Estate Planning
An Overview of Wills and Trusts in Kentucky
Estate planning is the most important thing you can do for your family’s future. Even if you don’t have many assets, there are multiple benefits to executing an estate plan. Of all the estate planning documents, two most common are wills and trusts. In this article, we examine wills and trusts...
Common Reasons to Update Your Estate Plan in Kentucky
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...
The Importance of Including a Revocable Living Trust in Your Estate Plan
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...
Updating Your Estate Plan After a Divorce
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....
3 Reasons Young Adults Need an Estate Plan
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...
Ways to Avoid Probate in Kentucky
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...
4 Reasons Estate Planning is So Important
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...
Common Estate Planning Mistakes
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...
Why You May Need a Trust in Addition to a Power of Attorney
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...