When specific arrangements are not made by the owner of financial assets for how those assets will be distributed after his or her death, the assets will go through a probate process in Kentucky courts. This means that the state courts will decide how they will be distributed and the deceased person’s wishes may not be honored. That is why avoiding probate is desirable. Consulting with a probate lawyer is the best way to ensure that your financial assets are distributed after your death in a way that works well for both you and for the beneficiaries who are left behind. There are a number of ways in which probate can legally be avoided, and a qualified estate planning or probate lawyer is the best person to ask about these.
Living Trusts and Joint Ownership
A living trust is an arrangement that can empower someone to protect any kind of financial assets from being tied up in probate court. These assets may be vehicles, cash, real estate, or anything else of value. In a living trust, you name another person to serve as the trustee who will be the owner of your assets in the event of your death. You remain the owner of the assets until the time that you die, but after you die, the trustee then becomes the owner. The joint ownership of assets or property also protects them from the probate process in the event of the owner’s death. So, if you own property jointly with another individual, then when either party dies, the other party has ownership of the property. An experienced probate lawyer can set up a living trust or a joint ownership so that your assets are protected and need not be subjected to the probate process.
Call to Schedule a Consultation With a Kentucky Probate Lawyer Today
If you want to learn more about the available options for avoiding probate in the state of Kentucky, call to schedule a consultation with a Kentucky probate lawyer today. The experienced legal professionals at The Jaeger Firm can help you keep your assets out of probate court after your death so that they are there for your beneficiaries. For more information, contact The Jaeger Firm at 859-342-4500 and speak to one of our knowledgeable and professional staff. We serve the cities of Erlanger, Edgewood, Union and surrounding Kenton County and Boone County communities and we look forward to helping you find the method of asset protection that is right for you.