Estate Planning in ShelbyvilleMany people initiate estate planning after having kids or obtaining substantial property. In reality, an estate plan, even a simple will, can be beneficial to everyone. An estate plan or a will can protect your loved ones if the unthinkable happens.
At the law offices of John H. Ruby & Associates, our Shelbyville, KY attorneys guide clients through the process of developing an estate plan or a will that is right for them and their family, offering peace of mind that all will be taken care of, no matter what the future holds.
When advising you, we will understand the details about your financial situation, family, and long-term objectives. We will then provide you with effective legal options to allow you to achieve your goals. Family or financial circumstances can also change with time. In such cases, we can efficiently and affordably update or amend an estate plan.
Besides a basic will, living will, or power of attorney, we can also provide more advanced solutions for your estate planning needs. For instance, if your desire is to provide for the additional needs of an adult child with disabilities, we can create a plan that addresses those requirements while preserving the child’s entitlement to Medicaid and other benefits.
We can also offer solutions in the area of business or farm succession, estate tax reduction, and other matters. The dependable lawyers at John H. Ruby & Associates will give you valuable legal guidance and efficient solutions regarding your estate planning concerns.
Inclusions in a Shelbyville, KY Estate Plan
In creating an estate plan, a “one size fits all” approach does not work. The appropriate plan for you will depend on your family dynamics, financial assets, and goals. You might want to include the following documents in your plan:
- Financial and medical powers of attorney
- Trusts, living trusts, special needs trusts
- Medicare and Medicaid planning
- Testamentary trusts for the care and provision of minors
- Succession planning for your company
- Powers of attorney
Probate in Shelbyville, KY
Our client-focused attorneys can help you attain clarity in the implementation of an estate in probate. During your time of grief, allow us to take the pressure off of you.
The lawyers at John H. Ruby & Associates can open your estate, manage filings, draft paperwork, prepare estate taxes, sell stocks, liquidate assets, and assume other responsibilities as necessary. At the time of estate planning, our attorneys can also help you in preparing documentation, acting as the Power of Attorney, liquidating assets, including selling stock, and undertaking other duties, as required.
Advantages of a Trust
If the property is left through a trust or a living trust, it does not have to go through probate court to reach the beneficiary. A trust can be created during the lifetime of the decedent. Also, it can be made as per the terms and conditions of the decedent’s will. The terms will become effective upon the decedent’s demise.
The Importance of Wills in Shelbyville, KY
With unrealistic notions of immortality, it is difficult for an average person to contemplate death as an eventuality. But if something were to happen to you, how will your assets be divided? In the absence of a current will, courts will have the ultimate say in the distribution of your assets upon your demise. Creating a will enables you to be in charge of how your assets are distributed after you are gone. Further, it minimizes the scope for any potential conflict and arguments among your beneficiaries.
What is a Power of Attorney?
Powers of attorney can be classified as follows:
This type of power of attorney is immediately effective and remains in effect until the Principal revokes it or becomes mentally incapacitated or deceased. Such powers of attorney are used for a specified reason or transaction.
A durable power of attorney allows you to continue to act on the Principal’s behalf if they are mentally unsound or physically incapable of making decisions. This type of power of attorney remains effective until the Principal revokes it or passes away.
This power of attorney becomes effective at a future time in the event of the Principal’s illness or disability and remains effective until the demise of the Principal or court revocation.
Important Aspects of your Shelbyville Estate Planning
The process in which you decide and document what becomes of your assets after you pass away is known as estate planning. Some key questions to consider are:
- Do you presently have a Last Will and Testament that is in line with your desires and in compliance with the Commonwealth of Kentucky?
- Do you want the Commonwealth of Kentucky to make a decision on the distribution of your estate?
- Are you aware that marriage or divorce will have an effect on your Last Will and Testament?
- Do you have children from previous relationships?
- Are you faced with special circumstances concerning a child, spouse, or significant other?
- Have you created a durable Power of Attorney to allow another individual to act on your behalf if you are unable to do so any longer to avoid the court from appointing someone for you?
- Do you have a Living Will or Healthcare Directive so that you are not kept alive by artificially provided hydration and nutrition and prolonging treatment?
Consult with a Seasoned Shelbyville Estate Planning Attorney
You can be assured of professionalism, customized service, and sound counsel when you work with a qualified estate planning attorney from the law offices of John H. Ruby & Associates.
We believe in creating long-term bonds with our clients. To this end, we work tirelessly to identify legal solutions that best address your needs. Besides drafting legal documents that form an estate plan, we also provide valuable counsel on decisions on areas such as how to determine the executor of your estate.
If you are in charge of administering a loved one’s estate, we can guide you through the probate process. The peace of mind that comes with a robust estate plan is invaluable, and a consultation with one of our qualified Shelbyville estate planning lawyers is the first step. To get started, message us online or call our office today at (502) 895-2626.