A legal matter can sometimes seem like an exercise in paper shuffling, and this mentality is often applied to the subject of inheritance planning. However, the estate planning process can be complex so let our Ashland estate planning lawyers help you get started now. Estate planning is unique so it takes time Each family is different, so there is no one-size-fits-all estate plan that will be perfect for everyone. There are those who assume that you can simply draw up a quick last will, toward … [Read more...] about When Should I Start My Estate Planning?
For some people, estate planning is as easy as creating a Last Will and Testament, power of attorney and advance directives, and a living will. Everyone’s situation is different, however, and there are millions of people who just can’t get away with that type of basic estate planning. Some of them have complex business concerns that need to be dealt with. Others have issues related to long-term care planning or retirement efforts. And then there are those who want to avoid probate or provide for … [Read more...] about What Are Trusts and Why Do You Need Them?
You may be familiar with the many different types of trusts available to use in your estate plan. One of those trusts, the testamentary trust, is the type of trust that only goes into effect after your death. A testamentary trust is really the opposite of a living trust, which becomes effective when you create it and continues to operate during your lifetime. If you are considering which type of trust to use our estate planning attorneys can answer questions and help you make the right … [Read more...] about Estate Planning Attorneys Explain the Benefits of Testamentary Trusts
While financial planning can help you to build wealth over time, through the wise management of your resources, and retirement planning focuses on directing a portion of today’s income and assets toward tomorrow’s needs, your estate plan must to bring these strategies together in a comprehensive way. A well thought out estate plan can preserve and distribute the wealth, you have worked so hard to accumulate, to the next generation and beyond. Everything doesn’t work out automatically You may … [Read more...] about Charlotte Residents Can Benefit From Early Estate Planning
The revocable living trust is a very useful estate planning tool. Contrary to popular belief, you do not have to be wealthy to benefit from a living trust. You continue to control the assets that you convey into a revocable living trust because you can act as the trustee and the beneficiary while you are alive and well. It is possible to change the terms of the trust, and you can even dissolve the trust entirely if you choose to do so. When it comes to trust administration, understanding the … [Read more...] about The Importance of Funding in Trust Administration
You may believe that a last Will is your best option for transferring your assets on death because you are not wealthy. But in many cases you have more effective options for distributing your assets to your loved ones even if you do not consider yourself to be among the financial elite. A lot of people do not realized that a Will is not just read by your family members. The court has to make sure the wills is in fact the last one and is valid; and the court has to allow creditors an … [Read more...] about Last Will May Not Be Best Option
There are a number of reasons why it is not a good idea to depend on online downloads or worksheets to create a do-it-yourself estate plan. One of them is the possibility of providing an opening for a successful challenge to your last will. There are essentially four different grounds for invalidating a last will. One of them is improper execution. Each state has certain laws regarding how a last will should be executed. When you use a so-called "one-size-fits-all" document you have no way of … [Read more...] about How Can Will Challenges Be Successful?
There are some rudimentary estate planning documents that can be a bit confusing if you haven't seen them before and we would like to take a look at them here to clarify them. The last will is a document that everyone understands as used to transfer assets. However, there are other wills used in the field of estate planning and one of these is the living will. Living wills are highly recommended to anyone who wants to have a comprehensive plan for aging in place, but they have nothing to do … [Read more...] about Estate Planning: Clarifying The Basics
When you think about a will in an estate planning context, the document that will probably come to your mind is the last will. This is the most commonly used estate planning tool, and of course its purpose is to direct the distribution of your assets to your heirs after you pass away. The last will is not the only will that is utilized by northern Kentucky estate planning lawyers. An advance health care directive called a living will is also recommended. These documents have nothing to do with … [Read more...] about A Different Kind Of Will
When creating your will, you’re forced to make important decisions. This includes deciding on a guardian for your minor children in the event something happens to you. If you have minor children, you'll want to take extra care to make sure that they’re always loved and protected. You need to make sure that you guardian selection is not only the best fit possible, but that the individual is able to handle all of the responsibilities associated with the job. Consider the following … [Read more...] about The Importance of Discussing Guardian Selection before Creating Your Will