When people think of estate planning they often think that is only for rich people that need an elaborate plan. While there are those people that need financial, tax planning, succession as well as legal advice, many need simple documents such as a will, power of attorney, health care POA and possible a trust.
Most also incorrectly believe that the state will handle things the way you envision. The laws of probate when a person dies without a will vary widely from state to state and often are not what most people think will happen. For example, in Kentucky, if a person dies without a will, the order of heirs is as follows: (1) their children; (2) their parents; (3) their siblings; then (4) spouse.
While there are certain allowances for spouses, often the bulk of an estate will pass to children in favor of a spouse. This can lead to financially devastating and unintended consequences. Additionally, the estate plan should include discussion of beneficiaries of life insurance and retirement assets as well as documents for living will/health care and power of attorney (POA).
If you need a simple will or complex estate plan, contact a legal professional. We will begin with a questionnaire to get started. In Northern Kentucky, contact Michael Bouldin at [email protected] or call 859-581-6453 (581-MIKE).