Kentucky residents who are thinking about crafting an estate plan are taking a big step toward sorting out and securing their financial situations. Oftentimes, that can make estate planning seem like a daunting task. When you are preparing to take this step, be sure...
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Estate Planning
Kentucky residents should know the importance of having a will
Having a basic estate plan is important and should be done as soon as possible. This is true regardless of a person’s age, their family situation and financial circumstances. To grasp the value of a will, it is important to know the basics. A will can dictate how...
Avoid problems with a will by making sure it is valid
A will is the most basic option when creating an estate plan. For people in Kentucky, having a will is a protective device that will ensure their property goes where they want it to go after they have died. However, it is not uncommon for family members and people who...
Are there any unique quirks to Kentucky estate planning?
Estate planning is how you plan for your medical wishes, end of life and what you want to happen after you pass. However, while Kentucky estate planning laws are similar to those of other states, there are some unique quirks that you should be aware of. Estate tax...
The Probate Process In Kentucky
When you are appointed a personal representative for someone’s estate in Kentucky, you must go through the probate process. If you have never done this before, you are likely to have many questions about probate and what it involves. Probate is the process of settling...
The advantages and disadvantages of living trusts
Have you considered creating a revocable living trust? According to Kentucky Revised Statutes Chapter 386B.4-020, a grantor has to be of sound mind, possess an intention of establishing a trust and have an intended beneficiary to create a living trust (or any other...
A guide to choosing the executor of your estate
It’s natural to want to do the right thing by your family, but the last thing on your mind is planning for your death. However, we all have to go at some point, and you won’t take your assets with you. For these reasons, it’s crucial that you choose an executor for...
Why don’t your parents have wills?
A will help plan how someone's estate will be handled after they pass away. A will may even establish who will be the executor and power of attorney. Many people write one or two wills during their lifetime. You may have been talking to your parents recently when the...
Avoid these estate planning mistakes
A new year is a great chance to get your estate plan taken care of. If you’re one of the adults who doesn’t have one yet, now is the time to put everything in writing so your loved ones know what to do when you pass away. Creating your estate plan also provides...
Why living trusts are a popular estate planning tool
One of the key goals for most people in estate planning is making things as uncomplicated as possible for their loved ones after they’re gone. If you’ve got some substantial assets you’re going to leave to family members or other beneficiaries (like a home, a car and...