A will or trust may be one of the most important legal documents you can create to ensure that you maintain control of who manages and receives your assets when you die. If you do not have a will when you die, your estate will pass intestate, meaning that Kentucky state laws will govern the distribution of your assets. These laws may not necessarily provide your loved ones with the financial security that you worked so hard to ensure. The lawyers at Hoffman Walker & Knauf are able to counsel you through the creation of a will, and any other estate planning documents, that meet your needs.
If you want to avoid the time and expense of probate, your attorney may advise you to consider establishing a trust. When you create a trust, your property and assets will be managed by a trustee until it is time for your beneficiary to receive them. Many trusts will allow you to maintain control of the assets until you die, at which time an alternate trustee named by you takes over the management until a time specified by you.
Trusts are ideal for people with large estates because they can avoid costly estate and inheritance taxes. Trusts are also ideal for people with an estate that is larger than the federal exemption or for people who need to preserve or restrict the use of assets by loved ones.
Everyone, regardless of their familial and financial circumstances, needs a will. It is an inexpensive way to ensure that your property and assets go to the people you want, and to guarantee that a person you trust will manage the probate of your estate and distribution of your assets. While we at Hoffman Walker & Knauf will guide you in planning the naming of beneficiaries on your assets and titling your assets to avoid probate. As changes occur in your life, our attorneys can also help you to ensure your documents are up to date so that none of your assets accidentally fall into probate upon your death.
It is especially critical to have a will if you do not have a spouse or children. Otherwise, the state will decide who gets your assets.
Creating a will also preserves more of your assets for your loved ones. If the state has to appoint someone to manage and distribute your assets, that person will be paid a fee for their services. If, in your will, you designate someone to perform this task, this costly fee can be waived.
The attorneys at Hoffman Walker & Knauf serve many of your family’s legal needs. This includes the creation of wills and trusts necessary to manage your property and assets. Our attorneys have handled the wills and trusts for many clients, helping them guarantee that their loved ones will receive what is rightfully theirs.
Hoffman Walker & Knauf can offer you a variety of options to help you avoid probate, set aside assets, and reduce costly estate taxes. We can help you with the following estate planning issues:
Transferring ownership of a family business
Special needs trusts for a disabled child
Medicaid/nursing home planning
When securing your assets for your family’s well-being, it is important to work with an attorney you can trust and who understands your family’s unique needs and circumstances. Please contact wills and trusts lawyers at Hoffman Walker & Knauf today to schedule a consultation. We serve clients in Boone, Campbell, Gallatin, Grant, and Kenton counties in Kentucky.