If you are young, in good health and have little assets, you may think creating an estate plan is a waste of time and money. But a will can be invaluable to younger families, middle-aged couples and wealthy young people, not just the elderly. Life is unpredictable — you have to be prepared for the worst. Contact a Louisville wills attorney to see if creating a will is optimal for your situation.
A wills lawyer in Louisville can help you create a comprehensive estate plan, which allows you to:
- Distribute your assets and property according to your wishes
- Appoint guardians for your minor children
- Designate power of attorney in the event you are incapacitated
- Make charitable donations
- Outline funeral arrangements
- Draft medical directives in case you are incapacitated
- Assign trust designations
If you die without a will or trust in Kentucky, your estate is subject to state intestacy laws. In other words, your assets and property are now controlled by the state of Kentucky. Here are some examples of what could happen to your estate without a will:
- Under state dower laws, half your real estate owned solely in your name passes to your spouse. The other half passes to your children. If you don’t have living children, half the real estate passes to your either your grandchildren, parents, siblings, nieces or nephews, depending on the circumstance.
- Up to $15,000 of personal property or money is exempt from distribution before payments to creditors or heirs. That money can go to your surviving spouse.
- Your spouse and children split the estate in half. If you have no living children, your estate is split between your spouse and your grandchildren, parents, siblings, nieces or nephews, depending on the circumstance.
- If your beneficiaries do not claim your estate within three years, your property becomes the property of the state of Kentucky.
- If you have no surviving relatives, your entire estate passes to Kentucky.
Brightwell Law is a law firm serving Indiana and Kentucky dedicated to helping you and your family plan for the future. Don’t leave your entire estate in the hands of the state — let our firm help you create your will, trusts, medical directives and more.