-
Can I just write my own Will to save money?
Writing your own will—whether using a handwritten document or a will template—may seem like a cost-effective solution, and while it’s better than not having a will at all, it often comes with significant risks. Many handwritten wills or generic will templates fail to meet the legal requirements in Kentucky, leaving them vulnerable to being invalidated by the courts. Even if these documents are deemed valid, they frequently lack the comprehensive language necessary to address all aspects of your estate, leading to disputes, unintended outcomes, or assets being distributed contrary to your wishes. By working with an experienced attorney, you can avoid these pitfalls. An attorney can ensure your will is drafted to be legally sound, fully compliant with Kentucky state laws, and tailored to your unique needs. Professional guidance provides a level of detail and precision that generic templates simply cannot match, helping to prevent future complications for your loved ones. In the long run, investing in an expertly crafted will offers peace of mind, protects your legacy, and can save your family from unnecessary legal battles and expenses.
-
What is Probate, and why is it important to understand?
Probate is the court-supervised process of managing and distributing a deceased person’s assets. This includes validating a will (if one exists), settling debts, and ensuring that assets are transferred to the rightful heirs or beneficiaries. Understanding probate is crucial because it can be a lengthy, expensive, and public process. Without proper estate planning, your loved ones may face unnecessary stress and delays. By creating a comprehensive estate plan—including a will or trust—you can help your family avoid probate or simplify the process. At Stone Law Office, PLLC, we specialize in creating personalized estate plans that protect your assets, save time, and reduce costs for your loved ones. Contact us today to schedule a consultation and learn how we can help you plan for the future.
-
How should I choose between a Will and a Trust?
Choosing between a will and a trust depends on factors like: Estate Size: Larger estates generally benefit from the tax advantages and probate avoidance of trusts. Privacy Needs: Trusts keep your estate details confidential. Family Complexity: Trusts provide flexibility for blended families, minor children, or special-needs beneficiaries. Estate planning is complex, but you don’t have to navigate it alone. We specialize in helping clients determine the best solutions for their circumstances. Schedule a consultation with Stone Law Office, PLLC, to get expert guidance.
-
What is a Will, and why do I need one?
A will, or last will and testament, is a crucial legal document that outlines how your assets should be distributed after your passing. It allows you to name an executor to manage your estate and appoint guardians for minor children. Without a will, Kentucky's intestate laws will determine how your estate is distributed, which may not align with your wishes. At Stone Law Office, PLLC, we specialize in drafting legally sound wills that ensure your loved ones are protected and your wishes are respected. Contact us today to get started on creating your will.
-
What is a Trust, and how does it work?
A trust is a versatile legal arrangement where a trustee manages assets on behalf of a beneficiary. Trusts can be established during your lifetime (living trusts) or after your death (testamentary trusts). They can be revocable, allowing you to make changes, or irrevocable, which offers additional protections. Trusts can help avoid probate, provide privacy, and address complex family or financial needs. Stone Law Office, PLLC, can guide you through the process of setting up a trust tailored to your specific goals. Schedule a consultation to learn how a trust could benefit you.
-
What are the advantages to a Trust?
Trusts offer unique benefits that make them a powerful estate planning tool: Avoiding Probate: Trusts allow for the private, efficient distribution of assets reducing the need for court involvement or eliminating it altogether. Flexibility: Tailored solutions for minor children, special needs beneficiaries, and blended families. Asset Protection: Certain trusts can shield assets from creditors and legal claims. At Stone Law Office, PLLC, we’ll help you explore how a trust can address your estate planning needs. Reach out to schedule a consultation.
-
How much does it cost to create a Will or Trust?
The cost depends on your circumstances. A basic will for a single, unmarried person with no property might cost as little as $100. However, if you own assets like a home, retirement accounts, or investments, the will itself would need to be more detailed, which can increase the cost. Married couples or those with complex estates often require more elaborate planning. Contact Stone Law Office, PLLC, for a personalized quote based on your specific needs.
-
What is the difference between a Will, and a Living Will?
A will (or last will and testament) is a legal document that outlines how your assets will be distributed after your death. It also allows you to name guardians for minor children and appoint an executor to manage your estate. A will only takes effect after your passing and must go through the probate process. A living will, on the other hand, is a healthcare document that provides instructions about your medical care if you become unable to communicate due to illness or injury. It focuses on your preferences for life-sustaining treatments, such as resuscitation, feeding tubes, or mechanical ventilation, ensuring your wishes are followed during critical situations. Both documents are essential components of a comprehensive estate plan, offering protection for your loved ones and ensuring your wishes are respected in life and after. Our team at Stone Law Office, PLLC can help you draft these documents to meet your specific needs and goals.
