Estate planning in Lexington, Kentucky is simply the act of deciding what you want to happen to your assets after your death. It normally entails making plans about funeral arrangements, as well as plans for end of life care.
One of the first things an estate planner will ask you about when you come to them for help is what you want to put in your will. A will is a document which says who is going to get your property after your death. Once it is proven valid, a will is binding, meaning that the beneficiaries get legal ownership of whatever is left to them. Obviously, if you have any interest in what is done with your property after you die, a will is going to be at the center of your estate plan. However, it is rarely the only part of a solid estate plan.
A will is rarely the only aspect of a comprehensive estate plan. Most individuals have extremely strong preferences about their end-of-life care, especially when, and under what circumstances, they would want to be taken off life support, if that every happens. These wishes should be made in writing, and discussed with family. Additionally, preferences on organ donation and funeral arrangements should also be made clear.
If you have young children, it is absolutely crucial that you make arrangements for their care, as well as their custody. Obviously, if you want someone specific to take custody of them in the event something happens, you need to discuss the matter with them, to ensure that they are actually able and willing to care for them.
What Type of Estate Plan Do I Need in Lexington, Kentucky?
The answer to this question depends on your individual needs, your priorities, your health, and the size and nature of your estate.
For example, if you are in your 20's and unmarried, an estate plan probably does not need to be on your priorities, unless you are very ill, or independently wealthy.
If you're not married in Lexington, Kentucky, but have a life partner, estate planning is necessary. If you want your partner to be treated as your spouse, your estate plan should make arrangements to give him or her power of attorney in the event that you become incapacitated. Additionally, your will should clearly name your partner as a beneficiary, if you want them to inherit any of your assets.
There is another massive group of people who would benefit from having a good Lexington, Kentucky estate plan: the elderly and those with a lot of money really need to consider making a comprehensive estate plan as soon as possible. While this necessarily contains facing some uncomfortable realities, it is critical and unavoidable.
Do I Need a Lexington, Kentucky Estate Planning Attorney?
Because estate planning in Lexington, Kentucky is not always simple, the assistance of a brilliant attorney will almost certainly be useful, and worth the cost. This is doubly true because of how crucial the issues involved can be, and the fact that a relatively minor mistake can sometimes derail an entire estate plan.