Estate Planning & Probate
Planning a will often seems like a distant necessity, but it’s extremely important.
What will happen to your assets and your family after your death? Who will take care of your children? What happens if you are not able to make your own decisions about your health or finances? How do you handle your assets to take advantage of the estate tax laws or to avoid the probate process?
These are difficult issues to think about, but most people will have to confront these questions at some point in their lives. Preparation of an appropriate estate plan is critical to help protect you and your family. Failure to plan properly often leads to unintended problems for your loved ones.
The Law Office of David A. Schulenberg can help you create an effective estate plan that addresses your needs and the protection of your loved ones. We understand that everyone’s needs vary, and we will help you tailor your estate plan to your unique situation.
Estate Planning services we offer include:
Wills
Trusts
Durable Powers of Attorney
Living Wills or Health Care Powers of Attorney
Probate avoidance and tax planning
Likewise, if you are dealing with the death of a loved one, you may have questions and concerns about how best to administer the estate or how to handle certain aspects of the administration process. Sometimes the probate process is necessary, and sometimes it is not. If you are named as the representative of an estate, or if you are handling the estate of someone who died without an estate plan in place, you should always consult an experienced probate attorney with any questions you have about the process or about your legal obligations in this important role. At the Law Office of David A. Schulenberg, we can answer any questions you have and can help guide you through this difficult and confusing process.
If you need the assistance of a skilled estate planning or probate attorney, please contact the Law Office of David A. Schulenberg today for a free consultation. Don’t wait to provide your family with the protection they deserve.
FAQs
What is Estate Planning?
Estate planning is the process of taking account of all of your assets and making plans to manage those assets during your lifetime, at your death, and after your death. The plan allows you decide who will inherit your property, who will manage your affairs for you, and how the process should go. If you have minor children, it also allows you to plan who will take care of them if something happens to you.
What estate planning documents do I really need?
At a minimum, even for very simple situations, everyone should have a Last Will and Testament, a Power of Attorney, and a Living Will. Depending on the level of complexity of your situation and your individual needs, you may also benefit from additional estate planning documents such as a Trust. Your attorney can help you decide what documents are necessary to implement your particular goals and strategy.
What is a Last Will and Testament?
A Last Will and Testament, commonly referred to simply as a “will”, states your wishes for the distribution of your assets upon death. Wills are the most basic and most crucial estate planning document. Besides directing how you wish your property to be distributed, you can also designate a personal representative (or executor) to handle your estate, and you can designate a guardian for minor children in your will. When properly thought through and drawn up, a will is key to protecting your wishes after death.
What is a Durable Power of Attorney?
A durable power of attorney is a document that gives another person the authority to act on your behalf in financial or property-related matters while you are living. This document is used to plan for situations where you might become incapacitated as a result of an accident or ill health. It is called durable because it remains valid after the person granting the power has become incapacitated – this is when a power of attorney is most often needed
What is a Living Will?
A living will, also referred to as a healthcare power of attorney or a healthcare directive, is a document which allows you to designate a trusted friend or family member to make medical decisions for you when you become incapacitated or are unable to make those decisions for yourself. It also allows you to state your wishes regarding end-of-life medical care, such as the use of artificial life support.
What is a Trust?
In general, a trust is a legal arrangement in which a person (a trustee) holds the legal title to certain assets for the benefit of another person (the beneficiary). A trust is often used to preserve assets or to provide continued support for family members. Trusts can be used to accomplish a variety of estate planning goals, such as minimizing tax liability or avoiding probate.
Common types of trusts that we frequently use to carry out our clients’ estate planning strategy include revocable living trusts (or inter vivos trusts), irrevocable trusts, testamentary trusts, life insurance trusts, and charitable trusts. Your attorney can discuss the different types of trusts that are available and whether a trust can help you to achieve your individual needs and goals.
What is Probate?
Probate is a process that is meant to settle the estate of the deceased. The Kentucky probate process begins immediately after death. It is governed by the Kentucky Revised Statute, and administration usually takes place in District Court of the County where the decedent lived at the time of death. The process of settling the estate involves winding up the financial affairs of the deceased, collecting assets, paying debts and taxes, and distributing the remaining assets amongst the heirs. Where there is a will, the distribution of assets will be according to the terms of the will. In the absence of a will, the assets will be distributed in accordance with Kentucky intestate statutes.
The probate process in Kentucky is not usually complicated, but if not planned for properly it can unnecessarily drain your loved ones’ time, energy and money during an emotionally difficult time. At a minimum, a probate estate will take over six months to administer, but it can take much longer in some cases.
How can a lawyer help you?
An experienced attorney can help you develop and tailor a custom estate plan to fit your unique situation and needs. For most people, a simple estate planning package with a basic will, power of attorney and living will are enough. In more complex situations, an attorney can use additional tools to help plan to minimize tax liability or to avoid probate if that is the client’s goal. No matter what your goals, an attorney can help you create a strategy to achieve your goals and attain the best possible outcome for your loved ones.