Creating an Estate Plan
Many people believe that an estate plan in Louisville is only necessary for people who are old or wealthy. In fact, estate plans are also important for those with relatively few assets. Attorneys specializing in estate planning focus on handling your assets, regardless of the net worth.
In addition to providing instructions regarding assets, estate plans clarify other important points through various legal documents and entities:
- Last wills: permit you to name a guardian for your children and an executor of your will’s provisions
- Trusts: legal entities for transferring assets
- Living wills and advance medical directives: permit you to provide instructions regarding prolonging medical treatments and allow you to appoint a person to make healthcare decisions for you if you are incapacitated
- Power of attorney: legal document giving authority to another person to handle business affairs for you
People with larger estates and families will naturally have more to consider when it comes to creating an estate plan. Nevertheless, that should not deter young people and those with few assets from considering their future.
Planning for the unexpected
Regardless of the size of your estate, there is always wisdom in planning for the unexpected. If something tragic should happen to you, you will want your wishes known and honored. Without an estate plan, decisions about questions such as beneficiaries and guardianship of children are left to the state.
In order to take control over the future of your assets, you will want to contact a Louisville estate planning attorney. A skilled attorney will know how to clearly communicate your wishesâno matter how grand or smallâin the form of comprehensive and legally-binding documents.
Article By:
John H. Ruby & Associates
2950 Breckenridge Lane, Suite 13
Louisville KY 40220
888-314-8437
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