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August 2015 | Read this issue and more at www.healthandwellnessmagazine.net |
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Your Three Options in Estate Planning
by Walter C. Cox, Jr. Attorney
Throughout our lives, we’ve
made many choices and have had
many options to choose from.
Should we buy a house or shouldn’t
we? If so, where? What size? What
extras? What can we afford? Etc.
Should we buy a car or shouldn’t
we? If so, what brand, model, color,
extras, etc.? I’m sure you get the
idea.
I am an Estate Planning Attorney
and Estate Planning is the one
exception to everything we’ve done
so far in our lives. It is a must.
First, there is no choice as to
whether or not Estate Planning is
needed. That choice has been made
for us by the Almighty.
Second, our options are not limitless as they were when we bought
a house, car or all sorts of material
things.
In Estate Planning, there
are only three options.
Option #1: Do Nothing.
This means you’ve decided to
let the state dictate to your heirs
through the statutory will of
Kentucky. This option will cost the
most dollars, take the most time,
and be the most agonizing for your
heirs.
Option #2: Have a Will.
This option seems benign
enough for many folks. It’s inexpensive to set up, it names your representative and it decides how your
estate will be divided after probate.
These are all positive things.
However, there are four negative
things about just having a will:
1. All wills go through probate and
probate is costly. I’ve seen fees
as low as four percent, but I’ve
also seen fees as high as twenty
percent or more.
2. Probate can’t settle in less than
six months and can easily take
twenty-four months or longer.
That’s an awfully long time for
your loved ones to be entangled
in a court process not of their
choosing. It’s especially stressful for whomever you chose as
executor.
3. A will does not plan for incapacity and if guardianship is
needed, both you and your family will experience very costly,
time consuming and humiliating court proceedings.
4. A will is a public document.
People looki