Our law firm does a great deal to educate people about the importance of estate planning. A lack of knowledge often leads to inaction.
Surveys are conducted periodically, and they consistently find that most people have not executed the proper estate planning documents. If you die without having done so, you will die intestate.
What Happens If You Were to Die Intestate in Ashland Kentucky?
What would happen to your property if you were to die intestate? The answer to this question is going to vary depending on the state within which you reside.
For Kentucky residents, the intestate succession laws of Kentucky would be used by the probate court to ultimately rule on asset distributions to your closest relatives.
Family situations can be complex these days. And even when you have a straightforward situation, these succession laws may not provide an outcome that you would have wanted.
If you did not have a living relative, the state would actually be able to assume ownership of your property via escheat laws.
In fact, a very interesting case is playing itself out in the state of New York. A multimillionaire died intestate in 2012. No relatives have been found. If no blood relative is found within three years of his passing, New York will assume ownership of these tens of millions of dollars.
You Are Never Too Young
Why do so many people fail to plan ahead for something that is absolutely inevitable? One answer would be simple procrastination. They know that they should have an estate plan in place, but they keep telling themselves they will take care of it later. Sometimes they wait too long.
Clearly, when you are a relatively young adult you would logically think that you will have time to plan your estate as a senior citizen. The thing is, we do not know what lies ahead. People of all ages die every day.
Some people would argue that estate planning is more important for younger adults that it is for older people. How could this be? If you are a senior citizen, your children are going to be adults in their own right. You are no longer responsible for their well-being.
On the other hand, younger adults often have dependent children still in the home. They are absolutely dependent on their parents. These days most young families get by through the combined earnings of both parents.
If you are a young adult who has children, estate planning is an absolute must. In addition to making sure there are financial resources available, you should also nominate a guardian to care for your children in the event of the death of both parents.
Avoid Intestacy in Ashland Kentucky
Intestacy is something that should be avoided. This is easily done if you simply arrange for a consultation with a licensed Ashland Kentucky estate planning attorney.