Estate planning is a topic many Russell, Kentucky, residents avoid, usually because it is strongly associated with end-of-life matters. We know thinking about a time when you are not around for your loved ones is hard. However, once you address estate planning, you will likely feel a sense of relief as well as confidence in your decisions.
What is estate planning?
In simple terms, it is preparing and completing tasks that serve to manage your assets and health care (per your wishes) after you die or if you become incapacitated. Most people find their estate plans offer the most benefits when created with the help of an estate planning attorney.
What goes into a solid estate plan?
You can include several powerful legal documents in your plan, depending on your needs. Most of the people we serve include the following.
- A will and or a trust to ensure your property goes to your beneficiaries per your wishes
- A durable financial power of attorney assigning a trusted individual to make financial decisions on your behalf if you can no longer do so
- A health care power of attorney assigning an individual to make medical decisions if you cannot do so (life-prolonging treatments, etc.)
- Guardianship designations for your minor children or disabled adult children to protect and care for them upon your death or incapacitation
- A letter of intent to help guide your estate executor or your beneficiaries in settling your estate per your wishes.
For additional guidance, discuss your needs with an estate law professional who can suggest other documents to strengthen your plan. We also recommend learning more about the estate planning laws in Kentucky. Our website offers information to help you begin making your end-of-life decisions. Please, continue exploring.