Estate planning is important. In fact, most adults need an estate plan regardless of wealth or age. If you fail to put an estate plan in place, your assets, ability to make certain decisions, and other important matters will be placed in the hands of the court. And there is a good chance that the court’s decisions won’t align with your personal preferences. In this article, we explain the importance of estate planning in Kentucky.
Estate Planning Protects Beneficiaries
An estate plan allows you to designate heirs for your assets. In addition, with an estate plan, you can choose when and how your beneficiaries will receive your assets. If you fail to create an estate plan, however, Kentucky law will make this decision for you through the probate process. Depending on how your assets are held and how well your heirs get along, the probate process can be expensive and lengthy.
Estate Planning Protects Young Children
Although nobody wants to think about dying young, if you are a parent of small children, you must prepare for this possibility. With an estate plan, you can ensure that your children will be properly cared for should anything ever happen to you. Specifically, an estate plan allows you to name guardians to care for your children in the event that you and their other parent pass away before they reach adulthood. Unfortunately, however, if you fail to name guardians for your children, the court will make this decision for you.
Estate Planning Lowers Taxes
Another reason that estate planning is important is that it has tax benefits. Specifically, an estate plan can protect your loved ones from the Internal Revenue Service. By estate planning, you can transfer your assets to beneficiaries in a manner that drastically reduces their tax burden. In fact, even just a small amount of estate planning can reduce or even eliminate certain state and federal taxes.
Estate Planning Prevents Family Squabbles
Finally, a major benefit of estate planning is that it can help stop family squabbles before they start. For example, estate planning allows you to decide who will make decisions about your assets and finances should you become incapable of making such decisions yourself. In addition, with an estate plan, you can choose someone to make healthcare decisions on your behalf. With these decisions already made, your family will have less to argue about should you ever become incapacitated or otherwise incapable of making important decisions.
Contact a Shelby County Estate Planning Attorney
If you are ready to explore your Kentucky estate planning options, Berkley Oliver PLLC is here to help. At Berkley Oliver PLLC, our Shelby County estate planning lawyers create estate plans for clients throughout Central Kentucky. Regardless of your situation, our attorneys have the know-how and experience necessary to create an estate plan that is right for you. Please contact us today to schedule a free consultation with a Kentucky estate planning lawyer.