If you are totally starting from zero and you know absolutely nothing about wills and trusts or any other type of estate planning, the first thing that you will want to understand is exactly what needs to be included in your will. Well, first of all, a will is defined as a legal document that contains instructions for others (whom you appoint while you are still alive) to carry out after you have passed on. When it comes to estate planning documents, some of the laws and regulations may differ from state to state although the main laws are basically the same.
If you have created a trust, you don’t have to worry too much about a will. However, if you decided that you need a will, that document will ensure that your property is transferred to whomever you wish it to go to or gotten rid of according to what you wish. Additionally, it is your will that will ensure that a person whom you appoint will carry out your wishes exactly the way that you want them to be carried out.
What happens if I don’t have a will?
If you don’t happen to have a will (or some other legal document in place of a will), the laws of Kentucky will dictate how your assets should be transferred and/or distributed. Most likely, that is not what you want. You probably want to be the one to decide which of your assets goes to whomever or whatever you designate. You should be the one to make decisions about your possessions as opposed to anyone else making those decisions.
Another benefit to having a will is that in the long run, you may save your estate money. A positive result of that is that your heirs will inherit more of your assets. Additionally, if you have a legal will, most likely, the estate process will most likely go more smoothly than it would otherwise and that will save your loved ones time and aggravation.
Are there other important functions of a will?
Another important reason to have a will is that your will can document which guardians you have chosen to take care of your children after you are gone and if your spouse is incapacitated. That is considering that your children are minors. Designating a guardian is really sensible. In fact, it may be a really good idea to name a primary guardian and a secondary guardian in case the primary guardian doesn’t work out for some reason.
Legal advice from a Kentucky estate planning lawyer
As difficult as it is to think about creating a will because it forces you to think about what will happen after you are no longer here, it is very important that your wishes are carried out after you are gone. The advice of an experienced Kentucky estate planning lawyer can help to get through the process smoothly and to make sure that you protect your rights and those close to you after you are gone.
