Estate planning can be intimidating and confusing. In fact, just the idea of writing a will or considering what will happen when you’re no longer around can be downright paralyzing. There is a lot of misinformation surrounding wills and probate that can intensify these negative feelings. Here are some common misconceptions and the truths about wills and probate that can help clear up some of that confusion.

Misconception #1 — Wills Must Always Go Through Probate.

While most wills have to go through probate, there are some exceptions. For example, an estate worth $30,000 or less in Kentucky can usually avoid the probate process. Also, any assets held in a trust, no matter the size, can avoid probate. This is why it makes sense to use this valuable estate planning tool.

Misconception #2 — Your Assets Will Be Fair Game If You Don’t Have a Will.

This isn’t true. If you don’t have a will, your assets won’t be fair game to whoever comes along first to claim them. The state of Kentucky will step in to settle the issue during the probate process.

An estate without a will is considered “intestate” and is subject to the rules of succession. Specifically, your spouse will usually inherit half of your property, with the other half going to your descendants, parents, or siblings. If you want something else to happen or wish for your loved ones to avoid this hassle, you need proper planning.

Misconception #3 — Beneficiaries Cannot Also Serve as Executors of a Will.

It’s actually quite common for a loved one to be a beneficiary as well as the executor of an estate. For example, you can name your spouse as the executor of your estate if you pass away before them. That person would also probably be a beneficiary.

Misconception #4 — Probating an Estate Takes Years.

Most estates won’t take years to resolve. Often, the only delay is the waiting period mandated by state law. For example, Kentucky law requires that all probates remain open for at least six months to allow creditors or others to file claims. After this period, this estate can be settled.

Misconception #5 — Spouses Can Exclude Each Other in the Will.

Some spouses decide not to leave each other the bulk of the estate, especially when they have married late in life or are on second marriages with children from previous relationships. However, this can conflict with state law, depending on the length of the marriage. An estate planning attorney can help you create the proper arrangement with signed waivers, if necessary.

Misconception #6 — You Don’t Need a Will If You Don’t Have a Lot of Assets.

There are many reasons to create a will, and most of them have nothing to do with money. After you pass away, settling your estate involves more than just dividing up assets. A will also informs your survivors who will take care of your children and pets, among other important matters.

Louisville Estate Planning Attorney is dedicated to providing people who are interested in securing their financial future with the information they need to make sound decisions. We can connect you with a Kentucky estate planning attorney that will offer knowledgeable guidance on wills, trusts, and other estate planning strategies.

Addressing Misconceptions about Wills and Probate – Getting the Answers you Need

Misconceptions about formulating or having a will and the probate process can lead to uneccesary confusion and frustration for many people. Contact an experienced Kentucky estate planning attorney today for help with all your estate planning needs. They will walk you through the process and answer any questions you may have about wills and probate.