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Kentucky Estate Planning
The majority of adults in Kentucky don't have a last will and testament. Ask people why and you'll get a variety of answers ranging from, "I'm not old enough to worry about that," and, "I don't have anything of value to distribute after I pass away," to, "I don't want to think about death," or, "It's too complicated to deal with right now." But it doesn't have to be. An estate planning attorney can guide you through the process, and help you draft some essential estate planning documents.
Wills & Trusts
Generally speaking, there are two primary ways to distribute your estate after you pass away:
- Through a last will and testament
- Through a living trust, also known as a revocable trust
A last will and testament is a legal document that explains how you'd like your estate (including money, property and possessions) distributed after your death. Your will should also name an executor, or person responsible for managing the estate after your death and guiding it through the probate process. And you can use your will to designate a legal guardian for your minor children in the event of your death.
Like a last will and testament, a living will is another means of distributing your estate after your death. However, the process is different. When you create a trust (which is a legal entity, like a business), you transfer some or all of your assets into the trust. You then name a trustee, or person responsible for managing the trust. (You may serve as the trustee while you are alive.) During your lifetime, you can be the trust's beneficiary, meaning you can freely spend the assets in the trust. After your death, a successor trustee manages the trust and distributes its assets to beneficiaries you've previously named.
The assets in a trust are distributed outside of the probate process, which offers greater privacy and speed to your heirs.
An estate planning lawyer can review these and other estate planning tools with you to help determine which work best for your needs.
Find & Hire Local Kentucky Estate Planning Attorneys
Today is the day to begin addressing your estate planning needs—and Attorneys.com can help you. Whether you live in Lexington or Louisville, Bowling Green or elsewhere in Kentucky, our free, no-obligation service can connect you with estate planning lawyers in your area. Call us at 877-913-7222 or complete the form on this page to quickly get matched with a local lawyer.