According to a Caring.com 2017 survey, only 42% of American adults have a will, living trust, or estate planning document in place. Settling a decedent's final affairs without a will, trust, or estate plan can be overly complicated. No matter how small or large your estate is, having a properly drafted will or living trust is crucial to protect your assets and loved ones when you die or become incapacitated suddenly.
If you are considering drawing up an estate plan and want to understand how wills or living trusts work, consulting with an experienced Kentucky estate planning attorney is crucial for proper guidance. Our attorneys at Bland & Birdwhistell, PLLC are committed to providing outstanding legal services and detailed guidance in matters of estate planning, wills, and trusts. We will review your options and help you devise a plan that best fits your needs and that of your family.
Bland & Birdwhistell, PLLC proudly serves clients throughout Elizabethtown, Kentucky, and the surrounding communities of Louisville, Radcliff, Bardstown, and Brandenburg.
A will is a legal document that gives specific instructions regarding how property should be transferred to dependents or disposed of upon death, according to the decedent’s wishes. Additionally, a will allows the naming of a guardian to care for any minor children and to manage assets left to them. Likewise, an executor can be chosen and specified in the will as the individual who will ensure that the provisions of the will are carried out.
Other provisions of the will may include:
If an individual dies without a will, referred to as “dying intestate,” then their property will be distributed according to Kentucky’s intestacy laws. Generally, assets would be given first to a spouse or children. If neither is applicable then it would go to parents, grandparents, siblings, or other relatives. If the decedent didn’t have a living relative, then the state would take ownership of the estate.
Commonly inherited assets include:
A trust can is a fiduciary relationship whereby an individual is appointed to handle the final affairs of the decedent and transfer assets to beneficiaries. Upon death or sudden incapacitation, the appointed trustee steps in and administers the estate in accordance with the provisions outlined in the trust.
A trust should contain all assets, including real estate property, business interests, investments, and bank or saving accounts.
There are several types of trusts, depending on your situation and needs, including:
An experienced estate planning attorney can help you determine whether a will and/or trust is more beneficial for your needs. Some of the differences to consider include:
Having both a will and a trust is crucial to protect your assets and loved ones upon your death.
Estate planning isn’t something that most people are anxious to consider. However, it’s never too soon to plan for the unforeseeable future. Your loved ones will benefit from knowing your wishes and how to determine key decisions should you no longer be able to voice your opinion. Experienced legal counsel can help you choose the option that best fits your needs.
Our diverse team of attorneys at Bland & Birdwhistell, PLLC, provide comprehensive assistance in all matters of estate planning, wills, and trusts. We have the experience and resources necessary to successfully guide you through the process. Our team will evaluate your unique situation and help determine what is best for you.
At Bland & Birdwhistell, PLLC, we assist our clients in drafting personal estate plans, wills, and trusts that achieve their objectives for transferring the assets and wealth to chosen beneficiaries. Our attorneys will work diligently to address the needs and concerns of your surviving loved ones and dependents.
Call us today to schedule a free one-on-one consultation with an experienced wills and trusts attorney and get the comprehensive legal guidance and advocacy you need. We are proud to serve clients throughout Elizabethtown, Louisville, Radcliff, Bardstown, and Brandenburg, Kentucky.
