Estate planning is good for you, your family, and anyone else you may want to share your estate after you pass away. You should retain The Fleck Firm to assist with your estate planning needs. Time and time again we have seen individuals try and make estate plans on their own, only for them to be disregarded by the Courts for various different reasons. If this happens, you will not have a voice from the grave and your wishes may not become reality.
A Will Can Make Your Wishes a Reality
We all like the thought of being in charge. We want things to go our way. Estate planning benefits you because it allows some control in situations that are out of control. Death is inevitable, and often it comes without warning. It’s our ultimate out of control scenario.
A will gives you some control because if one is executed before your passing, your assets (after your bills and taxes are paid) could go to the people and causes you care about. If a neighbor or friend has been especially helpful in your life, you could make them beneficiaries in your will (people named to get your property). You could also name your church, a local hospital, or a nonprofit you care about as parties who may also receive money.
If you die without a will, all this would be impossible. Under Kentucky law, all your wealth left over after your taxes and debts are paid will go to your next of kin. It doesn’t matter if you’ve lost touch with them, you don’t like them, or just like other people much more. They will get your money. Is that what you want? If not, you need a will.
Powers of Attorney Can Protect You If You Can’t Protect Yourself
Estate planning also includes financial and healthcare powers of attorney. Through these legal documents you can give others the ability to do things for you.
- Healthcare power of attorney: If you can’t speak for yourself and or you’re no longer mentally competent, you can’t make your own healthcare decisions. Through a healthcare power of attorney, if this happens, you can name someone else to make those choices for you. Like a will, without this document, your healthcare professionals will turn to your next of kin to tell them what to do and not do. This may or may not be what you want. If not, have a healthcare power of attorney executed and name someone you trust to make decisions for you when you cannot
- Financial power of attorney: This would allow others to handle your finances. You may not have the desire or ability to do it yourself. In the future, because of an illness or accident, you may be unable to pay your bills. They’ll still keep coming no matter your health. In addition to your health problems, what will happen if you stop paying your utilities? Taxes? Rent? Mortgage? Car loan? If no one’s making these payments for you, you’re out of commission long enough and recover, you may not have a home to go back to
Do Your Family a Favor. Get Your Estate Planning Done
If you take care of these important issues through estate planning, your family will not. If you pass away or become incapacitated, they won’t have to focus on what healthcare decisions you would or wouldn’t want, they won’t scramble to try to access your checking account to pay your bills, and because of your will, they can help put your wishes into action.
It’s easy to find estate planning forms on the internet. You could do the cheap and easy thing by filling them out, but it might cost you and your family far more grief in the future. The forms may not be legal in Kentucky. The hospital may not accept your online healthcare power of attorney. You may want things to be done through your internet will form that may not be legal. If you don’t do things correctly you’ll just make a legal and practical mess for your family. They will wish you never saw the forms you filled out.
How Attorney Tyler Fleck Can Help
Tyler knows about estate planning. He knows the legal requirements of legal documents and can counsel you on the best approaches to reach your goals. You’re not paying him to fill out forms, you’re paying him for his estate planning knowledge and his ability to keep you and your family out of trouble. That’s money well spent.
Do you have questions about estate planning or want to meet Tyler to discuss how he can help you? Call him at (270) 446-7000 or fill out our contact form today to set up a free consultation.