When Kentucky residents begin to prepare their estate plans, one of the things they must consider is who will be the executor of their estate. Many people might wonder if an executor is really necessary and what they should consider as they pick someone to fill this role.
When a loved one dies, you may be responsible to settle the estate. To help you navigate the settlement, the Kentucky Court of Justice has published some guidelines regarding probate procedures.
When it comes to addressing the needs of a beloved pet after the death or incapacitation of the pet’s owner, Hollywood has it a bit wrong. In many movies and television shows, pet owners leave their entire estates to their furry family members, thus complicating the plot. It is true that things would get complicated if you tried to leave your fortune to your dog or cat in your will, since pets are considered property and cannot legally own an estate. However, at the law offices of Lonneman & McMahan PLLC, we know how you and other Kentucky residents can make sure your pets are cared for if you die before them.
Many Kentucky residents have a Last Will and Testament specifying to whom they wish their various pieces of property to go when they die. Others put off drafting a will, preferring not to think about their own mortality. They may wish to reconsider, however, when they discover that if they die without having made a will, they will be considered to have died intestate. In such a case, Kentucky’s intestate succession laws will determine to whom their property goes, possibly resulting in distributions to people the decedent would not have desired receive any of his or her property.
When someone passes away in Kentucky, their surviving family members may not always be happy with the will that is left behind. In some circumstances, people may be able to challenge the will.
Upon petitioning for administration of an estate in Kentucky, a personal representative may be appointed to manage the affairs of an estate. A personal representative is a fiduciary under Kentucky law and must act with good faith and loyalty with respect to the intent of the testator, whose will must be admitted to probate, and in the best interests of the estate and its beneficiaries. In doing so, the personal representative has broad discretion to act for the benefit of and otherwise administer the estate unless specifically proscribed by the will.
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.
Were you chosen as the executor of an estate? If so, you are likely feeling a mixture of responsibility and stress. Depending on the complexity of the estate, serving as the executor can be particularly intimidating. But you do not have to shy away from this seemingly daunting task. With the right guidance, you can fulfill your duties with confidence. Your primary role as an executor is to ensure proper distribution of assets. Follow these steps to reach this goal through a smooth probate administration process.
There are many divorced individuals in Kentucky who eventually remarry. They often have children, in many cases, both partners bring children into the marriage. While this may bring to mind images of "The Brady Bunch," there are significant issues that should be addressed by those couples once they have remarried.
Until you have created an estate plan, it may be difficult to determine if you need one. You may feel that estate plans are only for very wealthy individuals. But estate plans do more than help people with a large net worth. Everyone should have an estate plan if only to make life easier for your heirs and prevent confusion or conflict that could waste resources of the estate.