Name Beneficiaries With A Last Will And Testament
A last will and testament specifies an individual’s wishes regarding asset distribution and can appoint guardians for minor children. If you do not have a last will and testament, the court makes important decisions regarding property and dependents on your behalf under the state statutes. We will work with you to secure your wishes and ensure that they are upheld.
Establish Health Care Preferences With A Living Will
A living will directive allows you to document important health care decisions in preparation for a potential medical disaster. In other words, the living will contains your medical preferences in case of worst-case scenario unforeseen incapacitation, including whether or not to remain on artificial life support. Without this information, family members could struggle with overwhelming choices, potentially leading to interfamily arguments, and worse yet, your health care wishes would not be known.
Secure And Manage Assets With Trust Agreements
A trust agreement provides for the holding, use and disbursement of property for a beneficiary or beneficiaries, often specifically for people unable to manage property for themselves (such as children, disabled beneficiaries, etc.). A trust can provide for management of property until the beneficiary or beneficiaries are capable of managing the property themselves. It can be useful to manage large sums of money, such as life insurance proceeds, that may pass to a young beneficiary or to a beneficiary incapable of managing the money. A trust helps assure the trust grantor that their funds are managed and disseminated as intended.
Typically, revocable trusts can be modified as circumstances change. Therefore, they can be adapted after major life changes without the necessity of creating an entirely new trust. We can explain all of your options and help you select the right type of trust and terminology based on your needs.
Designate A Decision-Maker With A Power Of Attorney
A power of attorney (POA) appoints an individual to make decisions regarding money, banking, business, health care, property and the like. Typically, a POA is most useful when an individual becomes physically or mentally incapacitated. However, it can also be utilized for more trivial matters such as being unavailable when an important decision must be made or documents need to be signed (such as a real estate closing).
Privacy laws, which are intended to protect consumers, have the side effect of making it difficult for a person to transact certain business through friends or family. A POA allows trusted individuals and spouses to act on each other’s behalf. In many instances, this is impossible without formally establishing a POA.
Contact Our Lawyer To Discuss Your Estate Plan
A thorough estate plan can protect your family’s assets and record your decisions in the event of incapacitation or death. If you are considering a plan, or require assistance with probate and estate administration, call the Law Office of Allan E. Dunaway PLC, at to schedule a free initial consultation or contact our firm online. You may meet with Allan at our offices in either Louisville, Kentucky, or Jeffersonville, Indiana.