Estate planning is an important step in securing your family’s financial future, but you may feel overwhelmed by your options. Most people are familiar with the option of creating a will, which is one way to provide for your family after death. You may already have a will. Have you given any thought to utilizing other estate planning options, such as a trust? Are you concerned about the probate process your family may face later on? Do you want to ensure that your medical wishes are honored if you become incapacitated? These are important questions to consider when planning for the future. To find out more, read the information below. Then, call Broderick & Davenport, PLLC today and get your questions answered.
Estate Planning – Wills & Trusts
While it can be hard to think about your family’s life after your death, it is an important topic to consider. Creating a will and/or a trust is a great way to provide clarity during a difficult time for your family. There are some major differences between wills and trusts, however. Depending on your situation, a will rather than a trust may be more beneficial to you, or vice versa. Some of the differences between wills and trusts include:
- A will only takes effect after your death;
- Trusts do not go through probate (court administration of the estate);
- Wills become public record; trusts do not;
- A trustee, usually a third party, manages the trust;
- You can appoint an executor in a will to manage your estate; and
- Trusts remove assets from your estate for tax purposes.
Choosing which option is best can be a complex decision. You may want to create both a will and trust, which could provide unique advantages depending on your circumstances. An experienced estate planning lawyer can help guide you through this choice.
Health Care Directives
Another important step in planning your future is creating a health care directive. Sometimes called living wills, these directives allow you to specify your medical wishes if you become incapacitated. Under state law, you can also appoint a health care surrogate to make decisions for you if you are unable to do so. Creating a health care directive can take a burden off your family by pre-determining what medical treatment you want. There are many factors to consider when drafting your directive. You may also want to enact a power of attorney for health care or other decisions if you are incapacitated in the future. Your lawyer can write your directive to help meet your needs in this area.
At Broderick & Davenport, PLLC, located in Bowling Green, Kentucky, our estate planning attorneys have experience providing quality legal assistance to countless southern Kentucky residents. We can help you with:
- Appointments of executors;
- Guardianships and conservatorships;
- Estate administration;
- Wills and trusts;
- Powers of attorney;
- Health care directives;
- Probate and will contests; and
- Elder law matters.
If you are concerned about providing for your family after death, contact us. If you have questions about creating a directive or power of attorney, we can help. Contact our firm today and schedule a consultation with one of our skilled lawyers.