Not many people give much thought to estate planning until they reach their golden years or experience a health scare. However, preparing that paperwork now means gaining invaluable peace of mind, knowing that no matter what may happen to you, your loved ones are covered. Even better — that they’re covered according to your specific wishes.
Without an estate plan in place, it will be a Kentucky court, rather than you, determining where your personal property and belongings go when you pass on. Or, in the event that you become incapacitated and can no longer make decisions for yourself, it will be a court-appointed representative who makes decisions regarding your treatment and medical care.
Don’t leave these important decisions up to someone else. Instead, allow our legal team here at Bland & Birdwhistell, PLLC to help you establish a customized, all-inclusive, and legally binding estate plan. Based in Elizabethtown, Kentucky, we have decades of experience setting up estate plans for individuals and families throughout Hardin County, Meade County, Grayson County, Breckinridge County, Nelson County, LaRue County, Hart County, Bullitt County, and Jefferson County.
What Should My Estate Plan Contain?
Depending on your family’s unique dynamics and needs, your estate plan could include any number of documents. For instance, your estate plan could include just about any combination of the following items:
Trust: A trust is a bit more flexible than a will in the sense that it allows you begin distributing your assets before, at, and after death. In addition, many individuals choose to set up a trust rather than a will because a trust can protect their families from the costly probate process (that is, the process of having your assets distributed according to your will).
Powers of Attorney: Powers of attorney allow the person(s) of your choosing to make financial, medical, and related decisions on your behalf in the event that you become incapacitated.
Advance Healthcare Directives: Even with a power of attorney in place, advance healthcare directives are an excellent tool to have in place. These documents allow you to specify guidelines regarding your health care, end-of-life care, and related matters.
Special Needs Planning: If your family includes someone with special needs (whether he or she is a minor or an adult), you will want to include special needs planning into your overarching estate plan. We can guide you through these documents to ensure your loved one’s unique needs are accounted for.
Guardian Designations: If your family includes minor children, you will also want to specify your wishes for guardianship. In other words, who do you want looking after your children in the event you can’t do so anymore?
As we’ve said, every family is different. The above-listed items can give you an idea of some of the pieces that may fit into your estate plan, but the best way to ensure your unique goals and priorities are covered is to sit down with an experienced estate planning attorney and review your options.
