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During the course of their estate planning, some people run into a thorny problem. They may have one or more beloved heirs who never learned how to properly manage their money. Other times, the problems differ, as an adult child or grandchild could have a serious...
While nobody likes to think about the possibility of becoming incapacitated, life is unpredictable, and disaster can strike when you least expect it. An incapacitating accident or illness can happen to anyone at any time. Imagine being unable to make decisions for...
A business trust is a legal structure in which the trust technically owns the business and the business is managed by a trustee for the benefit of others. Unlike a limited liability company (LLC) or corporation, a business trust is governed by the trust agreement...
When someone appoints a person to execute their will, they pick them for a reason. They are someone they feel they can trust. When family members find out who is to execute the will of their recently deceased loved one, they might have suspicions about the person’s...
Disinheriting one or more of your children is allowed under Kentucky law. You cannot disinherit your spouse, but you can disinherit your kids. It’s certainly not something to take lightly. Not only could it cause a lot of hurt, but it could also lead to fall-outs...
When a person in Kentucky dies without an estate plan, the assets they have are distributed according to the intestate laws in the state. The law dictates who will inherit property based on the person’s relationship to the decedent. Intestate succession in Kentucky...
Many people know that estate planning has to do with ensuring that their assets are passed down according to their wishes. Some may not realize that a part of the estate planning process has to do with setting instructions for what happens if they become...
If you’re planning to divorce and you already have an estate plan (even if it’s just a will), you will likely need to make some modifications to it. How extensive those modifications need to be depends largely on how many estate plan documents you have and how complex...
When creating an estate plan, a trust is a tool that you can use to hold assets. It is essentially funded with your own financial assets – or tangible assets – and then these can be transferred to the beneficiary by the trustee. For example, you could put $100,000 in...
If you’ve been named as the estate executor, you may be wary about disputes. You know that they can get complicated. But people who are direct descendants or who were included in the estate plan may have a right to challenge that plan. One important thing to do is to...