There are many different kinds of trusts that can be used to control and protect assets in Kentucky. Here let's discuss the two basic kinds of trusts: revocable and irrevocable.
What will your legacy be after you're gone? It's a difficult question. With the right planning, though, at the very least you can protect your loved ones from disputes over your assets and debts. For you and your heirs, effective estate planning can provide the great benefits of clarity and peace of mind.
A well-drafted will is a foundational estate planning document. Every estate owner should have a will. However, a will does not offer the full range of options for protecting your assets from the costly and time-consuming probate process. If your goal is to keep your assets and your loved ones out of probate, then creating a trust is a good decision.
In the simplest terms, estate planning is two-fold: numerical and emotional. Your estate has to be inventoried and accurately valued, and assets have to be distributed in such a way that limits the emotional burden placed on your heirs. This emotional aspect can be particularly tricky in some cases, and you may have to ask yourself some important questions to come to the right decision.
If you feel nervous or overwhelmed about having been named executor or personal representative of an estate, then you are not alone. Estate administration is a more or less complicated process that overwhelms many people, especially in the grievous time after the death of a loved one. Many factors determine the degree of complexity in estate administration, so let's go over some of the basic steps.
Many bases have to be covered in a comprehensive estate plan. Essentially, you're not only planning for the future, as if it's an unknowable set of circumstances; you're actually creating the future for you and your loved ones. By organizing your estate and drafting the appropriate documents now, you can reduce the number of unknowns and rest assured that your loved ones are provided for.