Estate planning in Somerset, Kentucky is simply the act of deciding what you want to happen to your assets after your death. It usually 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 people have very 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 actually take on such responsibility.
What Type of Estate Plan Do I Need in Somerset, Kentucky?
This usually depends on your individual goals and priorities, your age, health, and the nature and quantity of your assets.
For instance, if you're unmarried, and in your early 20's, estate planning is probably not the most important thing in your life. However, if you're seriously ill, and/or unusually wealthy, estate planning might be a priority for you.
If you are unmarried, but have a life partner in Somerset, Kentucky, estate planning is crucial, if you wish for your life partner to be treated as if he or she were your spouse (to the extent possible). In such a situation, the estate plan should make arrangements to give your life partner power of attorney in case you become incapacitated. Your will should also clearly include your partner (if you wish for them to inherit any of your assets).
There is another large group of people who would benefit from having a good Somerset, 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 involves facing some uncomfortable realities, it is important and unavoidable.
Do I Need a Somerset, Kentucky Estate Planning Attorney?
Because estate planning in Somerset, Kentucky is not always simple, the assistance of a good 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.