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Talking with your family about estate planning and being prepared

On Behalf of | Oct 10, 2022 | Estate Planning |

Estate planning is one of those topics that everyone in Kentucky knows is important, but many are reluctant to talk or think about. When assessing the realities of life, it can be difficult to consider the future in that context. However, people who have a family and people who need to be taken care of should get beyond whatever fear they feel and move forward with creating an estate plan.

Estate planning and keeping family members involved

In an estate plan, there can be a will, a trust, a power of attorney, an advance directive and more. The situation itself will dictate what a person should have in their estate plan. A fundamental part of being fully prepared is discussing it with family members. While people are advised to do as they see fit, getting input as to what loved ones need and want can be useful. A trust could be helpful for offspring who want to attend college and graduate schools. If there are minor children or grandchildren, the person can leave property to them but make certain they do not make missteps by shielding them via a trust. A will passes property like a marital home and assets to a spouse and others.

There are myriad aspects of an estate plan. Taking an inventory will determine what the person owns, how much it is worth and where their key documents are located. Family members can assist with this. The estate and how it is handled can come up for debate. Deciding on an executor, for example, may require some deep thought and discussion to determine which family member would be best suited for the responsibility and who is willing to take the time and expend the effort to do it.

A will is the right way to go for many people. For others, a trust could be preferable. This is especially so if the person wants loved ones to do certain things like care for a pet or achieve various goals. The estate plan should be in a safe place and cover all the bases the person wants. The funeral arrangements can be stipulated in the estate plan. There can be terms of succession for a business. Properties could be retained and sold as part of the document. There is a great deal to consider with estate planning.

Having help with estate planning can make the process easier

When considering getting legal guidance for an estate plan, it is wise to consider local options. Calling professionals who have been involved in all areas of estate planning and have a longtime presence in the Bluegrass State is a beneficial step. This can provide people with comprehensive advice tailored to their needs.

If it is a business owner who is thinking about how to pass it on to loved ones with limited financial cost, a person who has extensive property holdings, someone who wants to donate to charity in addition to caring for their family, or people who have a combination of factors they want to address, it is essential to call for advice.

This applies to people of all ages, but frequently, people aged 40 and above may put estate planning off. This is a risk. If something happens and they only have a basic estate plan or do not have an estate plan at all, their desires will not be met. Talking to the family about the estate plan and consulting with experienced professionals can give peace of mind and help with creating a viable will, trust or other tools to suit the person’s objectives.