As painful as it may be to think about what is going to happen to your assets after you have passed on from this world, it is important to plan, nonetheless, so that you get the opportunity for your wishes to be honored and so that the people whom you have designated as your heirs get what you wish them to have. Each state in the United States has laws and regulations regarding estate planning, although many of the laws are in common among the states.
The Kentucky estate planning laws guide you to properly and lawfully state exactly how you would like your assets to be distributed after you are no longer here to say anything more about it. The estate planning laws in Kentucky are more or less the same as the estate planning laws in the other states although there are some subtle differences among the laws of each state.
Key Kentucky estate planning laws
There are several laws in the state that are essential as part of your estate planning overall.
- Kentucky Durable Power of Attorney Laws: A durable power of attorney is a legal document that designates another person to make decisions on your behalf if you become incapacitated and are not able to make decisions on your own. The two main types of decisions in which the other person will most likely act on your behalf are financial decisions and health care decisions. When it comes to making financial decisions, the other person can pay your bills, make investments for you, sell or rent your property, as well as other decisions of that nature. As far as health care decisions are concerned, they can give their permission for your medical treatment if you are not able to decide for yourself. This document is often part of an advance directive (also known as a living will).
- Will: A will is an important part of your estate plan. If you don’t designate who gets what in your will, other people will make decisions regarding your estate and those decisions may not have been what you have wanted at all. If you don’t have a valid will, the state in which you resided will make those decisions. The state of Kentucky has rules and regulations about how your will must be written, how it can be revoked, how it must be updated and how it must be probated. There are various types of wills that exist: written will, handwritten will and oral will. Written and handwritten wills are considered valid as long as they meet the criteria of the state. An oral will is not recognized as valid in Kentucky.
Consulting an experienced Kentucky estate planning attorney
If you are ready to start the estate planning process, consulting an experienced estate planning attorney can really help you to streamline the process and ensure that your estate planning documents are exactly what you wish them to be. When it comes to the legacy that you leave behind when you pass on, it is essential that your wishes will be carried out exactly as you want them to be. It is important that your heirs inherit what you want them to have.