Helping You
Find Peace Of Mind

  1. Home
  2.  » 
  3. Estate Planning
  4.  » Why you need an estate plan

Why you need an estate plan

On Behalf of | Jun 2, 2020 | Estate Planning

Many Kentucky families are lacking an estate plan when they need it the most. When asked about why they don’t have an estate plan, many people will answer that they never knew they needed one. However, you need to know that estate planning is for everyone and not just the wealthy. You never know when you will need to rely on your plan.

An estate plan is your roadmap for later life

An estate plan is about much more than deciding who gets what in a will. You or a loved one may become incapacitated later in life and will need someone to make decisions. Alternatively, you may need to provide for a certain dependent with a health condition. All of these can be a part of an estate plan. Of course, a will is a valuable part of the plan that can save your family a headache in the future. You may even want to consider a trust so that your estate can avoid the probate process.

It is not hard to start an estate plan

Beginning an estate plan is not as difficult as you think. You simply need to sit down with a pen and paper and list your priorities and the people who would need to be addressed in the estate plan. Then, you should educate yourself about the various options and select the ones that are right for your situation. After the documents are drafted and signed, you should periodically reevaluate your plan to make sure that it still fits your situation.

Sometimes, getting started is the hardest part. An estate planning attorney may help you by outlining the various options that you have and explaining which ones may be helpful for your particular situation. They may then assist you by drafting the documents correctly. Estate planning must be precise and entirely correct in order for the plan to be effective.