People plan for many things-vacations, college, retirement. If an individual avoids end-of-life planning and passes away with no will in Kentucky, the Kentucky Revised Statutes (KRS) dictate that person's rightful heirs.

Determining rightful heirs without a will can be complex because numerous Kentucky estate laws govern intestate succession in the state. If you believe you are entitled to inherit without a will in Kentucky-or if you want to avoid passing away without a will-it is wise to consult with an experienced Kentucky probate attorney.

By the attorneys of Jenkins Fenstermaker, PLLC posted in Legal News on Thursday, June 6, 2019.

Advance medical directives-documents that inform medical providers of your wishes for treatment should you become incapacitated-are an important part of long-term care and estate planning. Residents of Kentucky (KY) should be aware of the specific regulations governing KY durable power of attorney arrangements and KY living will documents.

Beneficiaries of a will in Kentucky may be subject to the Kentucky inheritance tax. The inheritance tax is different from an estate tax-which was repealed in Kentucky in 2002-because it is paid by the beneficiaries rather than the estate. Whether a tax comes out of an estate or a legacy, however, most people making wills would prefer to avoid taxes on inheritance if at all possible.

Trusts are an important tool in estate planning. While the concept of a trust has existed since ancient times, the governance of these agreements is ever-changing. Establishing an irrevocable trust in Kentucky can help you manage and distribute your property and wealth in a way that reduces tax burdens and assures the security of the assets you have worked hard to accumulate over your lifetime.