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Can a will or trust help your family?

Many people in Kentucky have dealt with the pain that comes from losing a loved one. When a loss comes suddenly, there can be added grief and shock, but when there is no estate plan in place to settle the accounts, this can turn into the family feeling overwhelmed.

As the New York Times explains, creating a living will ensures that your wishes are taken care of in case a medical emergency renders you unable to voice your desires. This is also a way to create a plan for who will take care of your children or pets, and divide up your assets after you die. Yet in many states, you may need to take further action to prevent your estate from going into probate court. Speaking with a lawyer can determine if setting up a trust is in your best interest, and he or she can help sort out any issues that may arise. 

In 2016, 64 percent of people over the age of 18 do not have a will. This is a concern when your family may not agree on which is the best course of action. Some people actually add a clause to their will and trust that states anyone who disputes the will in court will be cut out of the inheritance. In the aftermath of a tragedy, creating an estate plan is one of the kindest things you can do for your family. However, in addition to a will, you must make sure that the beneficiaries listed on any insurance policies, 401(k) and brokerage accounts match those in your will. If the name listed as a beneficiary on a policy or account differs from your will, the beneficiary will supersede the will and inherit the money. 

 

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