Landrum & Shouse LLP
Lexington 859-554-4038
Louisville 502-589-7616
Toll Free 888-322-2505
Facebook Twitter Linked In Google Plus
This is an advertisement
Site Menu
Landrum & Shouse LLP
Our Blog

Lexington Probate and Estate Administration Law Blog

Estate planning from an heir's perspective

Many people who think about estate planning think about things from the creator's perspective. Some people don't stop to think about what estate planning means for the heirs and beneficiaries. It is important to think about both sides when thinking about this process.

If you are a person who is going to receive an inheritance, you should make sure that you take the time to plan ahead for this. It is all too easy to get the windfall and blow it all right away instead of taking the time to ensure you are using it responsibly.

Estate planning in the absence of heirs

Everyone assumes that people who don't have any living family members don't need to create an estate plan. This is far from the truth. Just because you don't have any heirs right now doesn't mean that you have to let the state seize your assets upon your death.

Instead of placing your estate's future in the hands of the state's intestate laws, you can take action to ensure that you have a plan in place for your assets. You must think carefully about where you want them to go.

Don't overlook creating your estate plan while you are healthy

Estate planning is easy to overlook since most people don't think about their death. While this is understandable, it can cause problems if something does happen to you. Only around 40 percent of American adults have taken the time to get an estate plan set up. That figure increases to around 81 percent for people who are 72 years old or older, which is a good thing.

We understand why you might be apprehensive about creating an estate plan. Maybe you feel like you would be borrowing trouble and that something is more likely to happen to you if you have it done. Maybe you just haven't made the time to get things together. which is the reason 47 percent of adults who haven't made a will cited when asked why they didn't have one. You might even realize that you do need an estate plan, but you just haven't made the move to get it done. Maybe you don't think you have enough assets, which was the reason given by 29 percent of adults who don't have a will.

Inheritance and estate plans can all come full circle

Finding out that you are going to get an inheritance is a big boost. Even if the inheritance isn't particularly large, it is a morale boost to know that your loved one cared about you enough to leave you something. Now, it is time to plan what you are going to do.

In our recent blog post, we discussed how there are special considerations for inheritances in divorces. This brings up the important point of making sure that you aren't wasting your inheritance or doing things that are going to rip it from you.

Make plans to keep your inheritance protected

An inheritance is the final way that a loved one can tell you that he or she loves you. When you receive one, you have to make sure that you handle it correctly so that you don't end up losing the things left to you.

If you know that you are likely going to get an inheritance, you can cover this point in a prenuptial agreement. This can help you know for certain that your inheritance will remain with you if you end up getting a divorce.

Estate planning should cover a host of points

We recently discussed the ways that you can handle your passwords and other similar information when you are creating your estate plan. This is very important in this digital age; however, you can't focus on this so much that you forget about the other important aspects of your estate plan. We know that this is hard to think about, but thinking about this now can save your loved ones time and effort later.

You must ensure that you think about your estate plan starting from the days before your death. There is a chance that you will need medical care in those days. If you can't make the decisions on your own about what care you want, you need to make sure that someone is there to speak up for you. The person who you want to handle your medical decisions needs to be named as the person who has powers of attorney for health care.

Protecting passwords and other sensitive information

Think about all of the things that you do online on a daily basis. If you are like most people, you have social media accounts, emails and online financial accounts. These certainly make life a lot easier to live. The issue is that when you pass away, your loved ones might not be able to access this information. Here are some important points to consider when you are ready to pass this information on.

One of the most convenient places to keep a copy of important passwords and other similar information is in a safe in your home. This is a low-tech solution to the issue of passing this information along. However, it is one of the best places since your loved ones will be able to access the information without having to jump through hoops.

Enforcement of Federal Electronic Logging Device Mandate to Begin

The Commercial Vehicle Safety Alliance (CVSA), a group designed to provide uniformity in the enforcement of trucking regulations by local, state, and federal officials, recently announced that it would begin the enforcement of the federal electronic logging mandate on December 18, 2017. Inspectors will begin issuing citations on that date to drivers that do not have an electronic logging device. The Federal Motor Carrier Safety Administration (FMCSA) required such devices in a final rule issued in 2015. Drivers who utilize the timecard exception or who operate vehicles manufactured before 2000 are among those exempt from complying with the electronic logging rule. There are numerous other exemptions as well.

Understand the importance of accurate valuation

We recently discussed how seriously you should take the valuation of an estate. This is a huge factor, especially when there are issues with will contests or claims against the estate. We understand that you might not understand exactly what you need to do. We are here to help you learn about estate valuations and develop a plan to get this taken care of.

There are many different types of assets that might need to go through the valuation process when it comes to an estate. One of these is real estate holdings. If this is a factor, you need to carefully consider the value. Many people think that the amount property was purchased for is a consideration here. That is a false assumption. The value is based on what the property will likely sell for now and what debts are being held against the property.

What should I know about real estate valuation?

When dealing with a probate issue, one of the things that you will have to find out is the value of the estate. There are many things that go into this. It is important for anyone who is involved with the estate to understand these points.

When you are dealing with real estate holdings, you need to understand a few basic terms that might come up. Here are a few frequently asked questions to think about:

FindLaw Network