What will happen to your family if you pass away unexpectedly?
If you pass away without an Estate Plan in place, the government will decide what happens with your estate. Don’t leave your estate in the hands of the government.
The courts will decide who takes custody of your kids if they’re under the age of 18. The courts will decide “who gets what” when it comes to your property and your assets.
If you pass away without an estate plan or a Will in place, the government will decide what happens with your estate.
They will do their best to act in everyone’s best interest—but the fact is, the courts don’t know you, and they don’t know your kids.
This process is known as “probate,” and it can be time-consuming, stressful, and expensive.
Don’t leave your estate in the hands of the government. Our mission at the Elder Law Practice of Scott E. Collins, PLLC, is to help families during times of crisis, transition, and future planning. We can help with many legal matters, from creating wills to navigating through Kentucky’s estate planning laws and regulations.
The Importance of Having a Will and an Estate Plan
A lot of people think that having an estate plan and having a will are the same. However, a Will is just one part of an estate plan. Simply put, estate planning involves much more than writing a Will; it is a broader plan of action that can include Powers of Attorney, Advance Directives, Trusts, as well as Wills. Moreover, an estate plan can also include a Healthcare Power of Attorney for medical decisions if you’re incapacitated and a Power of Attorney for your finances.
A Will, on the other hand, dictates where your assets will go after you die, who will be the guardian of your children, and more.
Dying without an estate plan in place is called dying intestate. That means your assets will be distributed according to Kentucky’s revised statutes (KRS chapter 391). This Kentucky law of intestacy governs the handling of a deceased person’s estate.
How assets are distributed depends on several factors, such as whether you have a surviving spouse, children, or other relatives.
Rather than putting your estate directly into the hands of your loved ones, the courts will take months—and sometimes years—to administrate the process, and in worst case scenarios they could charge fees that otherwise would have gone to your family.
Your family will be left to clean up the mess.
But, even more important than property distribution, you need a Will in Kentucky because, in a Will, parents can name a guardian for their children. If a child’s parents die without a Will, the court will decide on a guardian based on certain criteria.
It’s important that you act now to prevent this outcome.
You will learn:
How Can Our Elder Law Attorneys Help?
Estate planning is confusing—and it can feel overwhelming!
We get it, and we’re here to help.
We’ll show you how to protect your family and your assets—and help you create a road map to get started. We’ll also leave plenty of time to answer your questions.
We want to help you answer questions like:
- Who will take care of your kids if you pass away?
- Who gets your home, your car, and the rest of your assets?
- How can you reduce the taxes that your family will have to pay on your estate?
- Who makes medical decisions on your behalf if you can’t express your wishes?
At Elder Law Guidance, we help families and individuals plan for these situations.
So, we created a FREE Special Report that explains how to communicate your wishes through a legally valid Estate Plan. Request a complimentary copy of Five Critical
Estate Planning Documents You Need By Age 50 at https://elderlawguide.legalclienteducation.com/FCDP0002.
For advice regarding your specific situation, please call us at Elder Law Guidance at 859-544-6012.
