Many Kentucky residents may finally decide to begin estate planning this year. There are certain documents you shouldn’t forget to include. These are among the most important in protecting your future and your family’s.
A will is essential as it lets you decide who should get your property and assets upon your death. If you have minor children, you can also name legal guardians who raise them once you’re gone.
You may even want to go a step further and create a living will. This document allows you to choose your end-of-life care and ensures that your wishes are carried out.
A living trust is an important part of estate planning that allows you to hold onto assets and property. You can also determine who should receive what portion of those assets and property after you have passed on. A living trust is also known as a revocable trust, which means you can make changes such as adding or removing property and naming new beneficiaries. The trust can also protect anything held within from going through probate and being subject to estate taxes.
Powers of attorney
Two types of powers of attorney can be chosen with your estate planning. A financial power of attorney is a person you have named to handle all of your financial matters if you’re suddenly incapacitated. This person pays taxes and debt and oversees the payment of bills on your estate.
A medical power of attorney handles all of your health- and medical-related decisions on your behalf. They make sure that your healthcare wishes are carried out when you are unable to express them due to incapacitation.
Your powers of attorney can be anyone you trust to handle these matters. They can be beloved family members, close friends or even an attorney.
If you have already worked on your estate plan but haven’t updated it in a while, now is a good time to do so. You might want to review it and make changes. Updating your beneficiaries is often necessary.