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The answer to this common question, says attorney Tom Stone of Stone Legal Group, PLLC, is estate planning.
Regardless of the size of your assets, you have an estate. It actually consists of everything you own: your home, car, financial accounts, furniture, and personal possessions. A good estate plan is a road map for how these things are given to the people or organizations we care about most after we’re gone. It also provides for someone to step in our place for medical and financial matters when we can no longer do so for ourselves. At a minimum, Tom says, every adult should have three estate planning documents in place:
Last Will and Testament: conveys your wishes about distributing your assets and/or guardian for your minor children after your passing. Without this, your estate will be distributed in accordance with state law and the court will decide who is in charge of your minor children.
Durable Power of Attorney: gives someone you choose the ability to handle your medical and financial matters when you are no longer able to do so for yourself in the future.
Living Will Directive and Health Care Surrogate Designation: communicates your wishes about life-prolonging medical treatment if you become terminally ill or permanently incapacitated.
In addition, if you want to avoid the Probate process, you can create a Revocable Living Trust, which keeps your estate private and free from interference by the Court.
Tom and his experienced team can guide you through creating each one of these documents. Their priority is helping you feel at ease and empowered to make these decisions, he says. “Our priority is to educate the client first so that they can make an informed decision regarding their estate plan. In addition, we customize each individual’s estate plan to meet their specific needs and goals.”
9200 Shelbyville Road, Suite #600 | Louisville, KY | 502.326.5550 | stonelegalgroup.com
By Jessica Alyea | Photo by Erika Doll
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