Apr
15

Should I Have An Estate Plan?

Yes, it’s unpleasant to think about the inevitable.  But, as the realities of life tend to sneak up on us, death may be sudden, accidental or foreseen.  No matter where you are in life, it’s vital to have a proper and legally binding estate plan in place.

 

grandparents planning

An estate plan outlines all of your financial goals and sets them in action when you die. It determines who will care for your children.  It protects your valuables from passing directly to the government and can minimize potential fees and taxes you must pay.  In addition, a thorough estate plan determines what will happen to your home, your business, your 401k plan and even your life insurance. 

 

Obviously, the best time to make an estate plan is when you are legally able and alive.  Settling down to have a family or starting your own business are popular times to make an estate plan.  However, there is no wrong time and obviously, sooner is better than later.

 

The state where you live gives you the right to make a will and to distribute your property as you wish.  In order for your will to be effective, you must pay attention to the laws and limitations that your state enforces.  In Kentucky, an oral or verbal will is not valid, so the will MUST be in writing.

 

When you are ready to create an estate plan, don’t be tempted to draft it yourself using built-in templates or free software from the Internet.  It’s unlikely that these methods can help you create an estate plan that fulfills all of your wishes and goals.  In addition, the legal jargon could be inaccurate or incomplete.

 

Also, remember that your family conditions and financial obligations may change over time, so you may need to make frequent updates.

 

An effective estate plan requires great attention to detail, an understanding of your states laws and a thorough knowledge of legal wording.  It’s best to consult a estate planning attorney who is experienced in this area of the law and who can help you to reach all of your estate goals and objectives.

 

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