Things to Consider Before Drafting an Estate Plan
June 15, 2022
Creating a comprehensive estate plan is imperative to give certain instructions regarding how you want your final affairs to be settled and assets to be distributed to beneficiaries when you're gone. Whether you have a large or small estate, you can protect your assets and interests, provide for your loved ones, and prepare for future uncertainties, by drafting an estate plan. A skilled Elizabethtown, Kentucky estate planning attorney can educate you about some important considerations before creating an estate plan.
At Caleb Bland Law, PLLC, we are committed to offering knowledgeable guidance and reliable advocacy to individuals and families in the legal matters of estate planning. Our diverse team of legal experts can enlighten you about the benefits of drafting an estate planning, some vital documents to include in your estate plan, as well as things to consider before you start creating one.
What Is Estate Planning?
Estate planning involves making adequate and strategic plans in advance concerning how you want your estate – property and assets – to be managed, distributed, or disposed of following your death or sudden incapacitation.
The estate planning documents comprise a huge spectrum of legal documents that give detailed instructions regarding how you want your final affairs settled – or estate assets and property transferred to rightful inheritors.
Drafting an estate plan in Kentucky often involves a lot of complexities and legal legwork. Nonetheless, getting comprehensive guidance from a skilled attorney can help you understand how the process works and what you need to consider before you proceed.
What Should I Consider
Before I Draft an Estate Plan?
According to a 2022 Wills and Estate Planning Study by the Caring website, over 60% of Americans without a will are yet to start the estate planning process. If you are thinking about creating an estate plan, here are some vital things that you should consider:
Identify Your Goals: Identify the exact purpose of your estate planning as well as the goals you want to achieve with drafting your estate plan.
Make a List of Assets: Create a detailed list of all your property and assets you want to include in your estate plan.
Identify Your Debts: Identify all the debts you owe. Also, create a plan on how you want to repay these debts to your creditors.
Consider Beneficiaries: Consider who you would want your beneficiaries to be. These are the people who will inherit your assets and property.
Determine Asset Distribution: Determine how you want your property and assets to be divided or distributed to your loved ones once you're gone.
Consider Healthcare Decisions: Consider who you would want to make medical decisions on your behalf when you're incapacitated or unable to do so (advance care directives).
Make Plans for Minors and Pets: Consider whether you have family members and close relatives that you need to make special provisions for. These include minor children, pets, family members with special needs, and incapacitated adults.
Consider Financial and Legal Matters: Determine who you would want to appoint to make legal and financial decisions when you're unavailable or unable to make such decisions (power of attorney).
Consider Burial/Funeral Preferences: Consider your preferred burial and funeral rights or how you want your remains to be deposited when you're no more.
Consider Making Donations: Consider whether you would like to donate some of your assets to a charitable cause or non-profit organization.
Consider Business Succession Plan: Business succession planning allows you to identify and develop new leaders in a business establishment who can replace you when you retire, become incapacitated, or deceased. Before drafting your estate plan, you should consider whether you will need a business succession plan to secure your company's future.
If you or a loved one is considering drafting an estate plan, you need to reach out to an experienced Kentucky estate planning lawyer right away. Your legal counsel can enlighten you about how estate planning works in Kentucky and help you navigate crucial decisions.
How Caleb Bland Law, PLLC Can Help
Making adequate plans for the uncertainties of life can never be too early. Should you become incapacitated, seriously ill, unavailable, or otherwise unable to voice your opinion, your loved ones can know your exact wishes. Hence, when considering creating your estate plan, consulting with a skilled estate planning attorney is crucial to explore your possible legal options and for proper guidance.
At Caleb Bland Law, PLLC, our attorneys possess decades of experience guiding and offering reliable advocacy to clients in estate planning-related matters, including probate, trusts, wills, advance directives, guardianship, and powers of attorney. As your legal counsel, we can evaluate your unique circumstances and enlighten you about the essential things to consider before establishing your estate plan. Also, our skilled attorneys will determine the ideal estate plan that best fits your unique needs and craft a strategic solution to protect your assets, property, and interests.
Are you considering drafting an estate plan? Contact Caleb Bland Law, PLLC today to schedule a simple consultation with knowledgeable estate planning attorneys. Our trusted lawyers can offer you the personalized legal counsel, assistance, and brilliant advocacy you need to navigate intelligent decisions in every phase of your estate planning process. We proudly serve individuals and families across Elizabethtown, Bardstown, Radcliff, Hodgenville, Louisville, and Breckinridge County, Kentucky.