Estate planning in Monticello, Kentucky is simply the act of deciding what you want to happen to your assets after your death. It typically 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 persons have quite 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.

Most vitally, an estate plan should give instructions on the care of your minor children. It should lay out who is to take custody of them, and, if possible, leave them a large sum of money to assist with this care. Of course, you should discuss this matter with the people who you want to take custody of your children, to make sure they can truly take on such responsibility.

What Type of Estate Plan Do I Need in Monticello, Kentucky?

The answer to this question depends largely on your goals and priorities, as well as your age, health, and the amount of assets you have.

If you are in good health, young, and not married, planning an estate is probably not a high priority. And at this point in your life, it doesn't really have to be, with a few possible exceptions, such as individuals who work in very dangerous jobs, or who are very wealthy.

Individuals who are, for varied possible reasons, unwilling or unable to get married, but are in committed, lifelong relationships, are perhaps most in need of a good Monticello, Kentucky estate plan. Because couples who aren't married don't automatically get any of the legal rights (such as hospital visitation, inheritance rights, and power of attorney) that come with marriage, they have to secure these rights through other means, such as wills and power of attorney agreements.

If you are elderly, and have a considerable amount of assets in Monticello, Kentucky, estate planning may be more critical at this stage of your life than any other. While estate planning deals with some morbid and unpleasant subjects (requiring us to confront the reality of our own mortality), it is necessary if you wish to live your life secure in the knowledge that your loved ones will be provided for to the extent that your assets allow.

Do I Need a Monticello, Kentucky Estate Planning Attorney?

Estate planning in Monticello, Kentucky is not always convoluted, but it certainly can be. In moderately-sized to large estates, with a substantial number of potential beneficiaries, it is crucial to have the assistance of an estate planning professional.