If you have any assets at all, it is generally a good idea to create an estate plan. Otherwise, Kentucky state law will likely determine who gets money in a bank account or other property held in your estate when you pass. The first step to creating an estate plan is to determine what you need it to do.
What are your estate planning objectives?
An estate plan may be able to help you save money on estate taxes or make it easier to donate money to charity either now or after you pass. It may also ensure that your affairs are managed by someone you trust in the event that you become incapacitated. Finally, the use of a will, trust or other plan document may help provide income for retirement or ensure that assets are protected from creditors.
How to create a plan that meets your needs
It may be necessary to consult with an accountant or other professionals to create or revise your estate plan. It is important to ensure that any assets transferred to a trust are titled in its name and that it is properly funded. You will also want to make sure to go over your beneficiary designations to ensure that they are correct. After you have created your estate plan, be sure to review it at least once a year to ensure that it still meets your objectives.
An estate planning attorney may be able to help you create a will, trust or power of attorney form. The attorney may also help you revise or revoke these plan documents in a manner consistent with state law. Complying with state law may minimize the likelihood that your actions will lead to a legal challenge either now or after you pass.