There are several items that those who live in Kentucky should include in their estate plans. For instance, it’s a good idea to create a will or trust document that will determine how assets are distributed. A will takes effect after a person passes on while the trust takes effect during a person’s lifetime. Assets that are held in a trust generally aren’t subject to probate.
The use of wills and trusts may make it possible for a person to meet his or her estate planning goals. A will may allow a person to appoint a guardian for a minor child while a trust may hold assets on behalf of beneficiaries who are too young to legally manage them on their own.
What is a durable power of attorney?
Individuals may benefit from creating durable power of attorney forms. These forms allow a person to appoint a financial agent who will be given the power to manage the person’s money if they become incapacitated. Financial agents might be given the authority to deposit or withdraw funds at a bank or submit federal or state tax returns.
For the appointment to be valid, a financial power of attorney form must be signed by the person creating the form, as well as two other witnesses. Individuals may also want to appoint a healthcare agent to oversee their medical care.
Always keep copies of documents
Individuals are encouraged to make multiple copies of any estate planning documents that they create. Doing so may reduce the chances that a document is lost or stolen, which minimizes the chances that a person’s wishes are not respected.