Estate Planning
Addressing your mortality can be uncomfortable, but estate planning can prevent familial disagreements and legal hurdles following your death. Simply put, estate planning is the legal documentation of your assets' management and distribution after you pass away. The process also allows for another person to manage your medical and financial decisions if you cannot do so.
will vs. estate planning: What's the difference?
A will is an integral part of comprehensive estate planning, allowing for naming a guardian for minor children, specifying wishes for remains, and naming beneficiaries for assets. You aren't required to have an estate plan to have a will, but an estate plan will be helpful for your surviving family when you pass away. An estate plan includes several directives that are under legal protection, including:
- Your will
- Guardians for children and conservators for disabled adults under your care
- A named durable power of attorney to handle your legal, financial, and health responsibilities if you are incapacitated
- Health care directives that dictate your wishes for when you are nearing death or are in the end stages of a terminal illness
- Trusts that can expedite the probate process or sometimes avoid it completely
Explaining probate
Many people believe that a will covers all of the bases when they die, but that's not the case. After your death, your will is subject to a probate court that will validate the will and distribute your assets. A will without an estate plan is easier to contest by family members, who may claim the will is invalid or question your mental state at the time of creation. The probate process can be time-consuming and expensive and emotionally affect your surviving family. Probate court proceedings are also public, so your assets and their distribution will not be private.
Why Choose nathan D. Williams for estate planning?
Nathan is a Kentucky native and takes great pride in serving his community and fellow Kentuckians. After graduating in the top 15% of his class at the University of Kentucky College of Law, he was a leading defense attorney for some of the world's largest corporations. This experience has given him a unique insight into how the opposing side works, allowing him to represent his current clients better.
In addition to his many other accomplishments, Nathan has been recognized as a Super Lawyer®. Only 5% of attorneys in the United States receive this honor, which entails a rigorous 12-point evaluation process, including recommendations from peers in the legal community.
How living trusts impact estate planning
As the name implies, a living trust is created while the asset owner, or grantor, is alive. The ownership of the assets is transferred to a trust account, which can be revocable or irrevocable. A revocable trust allows the grantor to change or terminate the trust entirely during their lifetime and is the most common type in estate planning. An additional benefit of a trust is that it allows you to retain privacy over your asset distribution.
An irrevocable living trust involves transferring assets and naming a third party as the trustee. Some people choose an irrevocable living trust because it offers tax benefits if their assets are substantial. When assets are in an irrevocable trust, they are no longer considered part of an estate, so they are often excluded from estate tax and protected from creditors.
estate planning Lawyer Near Campbellsville, KY
It's never too early to begin estate planning, and knowing that your final wishes will be respected upon your passing can lift a burden from your shoulders. If you're unsure of what estate planning elements will best meet your needs, Nathan D. Williams will confidently take you through the process, allowing you to make an informed decision.
Contact Nathan D. Williams today to schedule a consultation. Nathan works with clients in the greater Campbellsville, KY, area, including Danville, Somerset, Columbia, Glasgow, Elizabethtown, Bardstown, Springfield, Russell Springs, Cave City, Munfordville, Mt. Washington, KY, and across the state in Taylor, Marion, Larue, Green, Adair, Casey, Hardin, Nelson, Pulaski, Boyle, Barren, Washington, Russell, Cumberland, Hart, Bullitt counties.
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