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BASIC ESTATE PLANNING

Basic Estate Planning consists of:

  • Last Will and Testament

  • Durable Power of Attorney

  • Living Will Directive and Health Care Surrogate Designation

Estate Planning, Last Will and Testament

A Last Will and Testament is a legal document that communicates a person’s final wishes pertaining to assets and dependents at the time of their death. A person’s Last Will and Testament outlines who will receive your residuary estate. It also outlines who is in charge of the administration of your estate (executor). In addition, it can contain provisions for guardians of your minor children. However, unlike a Revocable or Irrevocable Trust, a Last Will and Testament does not bypass Probate Court. At the time of your passing, your named Executor will present your original Last Will and Testament to the Probate Court. The Last Will and Testament has no power or authority until it has been validated by the Probate Court. Once probate begins, the estate must remain open for a minimum of six months under Kentucky law before any distributions to heirs can take place. This period of time is required in order to allow anyone who may be a creditor to file a proof of claim against the estate. All assets in the deceased individual’s sole name will be part of the probate. Without a Last Will and Testament, at the time of your death your estate will be distributed in accordance with the Kentucky intestate succession laws.

Estate Planning, Durable Power of Attorney

A Durable Power of Attorney is a legal document in which you name an individual or entity to act as your agent and attorney in fact on your behalf should you be unable to do so in the future. A Durable Power of Attorney is not affected in any manner whatsoever by reason of future illness, disability or physical or mental incapacity of any kind or nature and carries on until your death. A Durable Power of Attorney provides for your agent and attorney in fact to act on your behalf in the following areas:

  • Purchase and sell real, personal or mixed property; including execution of any necessary contracts, mortgages, deeds, etc.

  • Prepare (or have prepared) any and all federal, state and local income and other tax returns.

  • Receive, deposit funds, make investments and transfers to your accounts at any bank, brokerage house, or other financial institutions; deposit, withdraw or remove any contents from a safe deposit box; and/or purchase or sale of any US Treasury Securities or US Bonds.

  • Purchase, sell, assign, transfer or set over any and all shares of stock and certificates with any companies, corporations, associations or organizations; including receipt and endorsement of any dividends checks associated therein.

  • Institute or defend in any lawsuit, either at the local, state or federal level; including negotiation, arbitration or acceptance of settlement in said lawsuit.

  • Admit into a hospital or personal care facility and to utilize funds to pay for same.

  • Clause distinctly not limiting the powers of the agent and attorney in fact, but allowing them full, complete, universal and general power of attorney with reference to any and all matters and affairs of whatever kind or nature, and to any and all property, real, personal or mixed, which you may now own or have an interest or may hereafter acquire.

Estate Planning, Living Will

A Living Will is a legal document in which you have the opportunity to state your wishes regarding life-prolonging treatment and artificially provided nutrition and hydration if or when you no longer have decisional capacity, have a terminal condition, and become permanently unconscious with no hope of recovery as determined by your attending physician and one other physician. A Living Will only takes effect when you are terminally ill and/or in an irreversible state. It becomes your voice in decision making when it comes to your medical care. You can direct that treatment be withheld or withdrawn and that you be allowed to die naturally with only the administration of medication for the relief of pain or the performance of any medical treatment deemed necessary to alleviate pain once you have reached a terminal or irreversible condition. This condition must be determined by your regular treating physician and one other physician. You can direct the withholding or withdrawal of artificially provided food, water or other artificially provided nourishments or fluids if you so desire. The directives you set forth in the Living Will are carried out by a Healthcare Surrogate. 

BASIC ESTATE PLANNING

Basic Estate Planning consists of:

  • Last Will and Testament

  • Durable Power of Attorney

  • Living Will Directive and Health Care Surrogate Designation

Estate Planning, Last Will and Testament

A Last Will and Testament is a legal document that communicates a person’s final wishes pertaining to assets and dependents at the time of their death. A person’s Last Will and Testament outlines who will receive your residuary estate. It also outlines who is in charge of the administration of your estate (executor). In addition, it can contain provisions for guardians of your minor children. However, unlike a Revocable or Irrevocable Trust, a Last Will and Testament does not bypass Probate Court. At the time of your passing, your named Executor will present your original Last Will and Testament to the Probate Court. The Last Will and Testament has no power or authority until it has been validated by the Probate Court. Once probate begins, the estate must remain open for a minimum of six months under Kentucky law before any distributions to heirs can take place. This period of time is required in order to allow anyone who may be a creditor to file a proof of claim against the estate. All assets in the deceased individual’s sole name will be part of the probate. Without a Last Will and Testament, at the time of your death your estate will be distributed in accordance with the Kentucky intestate succession laws.

Estate Planning, Durable Power of Attorney

A Durable Power of Attorney is a legal document in which you name an individual or entity to act as your agent and attorney in fact on your behalf should you be unable to do so in the future. A Durable Power of Attorney is not affected in any manner whatsoever by reason of future illness, disability or physical or mental incapacity of any kind or nature and carries on until your death. A Durable Power of Attorney provides for your agent and attorney in fact to act on your behalf in the following areas:

  • Purchase and sell real, personal or mixed property; including execution of any necessary contracts, mortgages, deeds, etc.

  • Prepare (or have prepared) any and all federal, state and local income and other tax returns.

  • Receive, deposit funds, make investments and transfers to your accounts at any bank, brokerage house, or other financial institutions; deposit, withdraw or remove any contents from a safe deposit box; and/or purchase or sale of any US Treasury Securities or US Bonds.

  • Purchase, sell, assign, transfer or set over any and all shares of stock and certificates with any companies, corporations, associations or organizations; including receipt and endorsement of any dividends checks associated therein.

  • Institute or defend in any lawsuit, either at the local, state or federal level; including negotiation, arbitration or acceptance of settlement in said lawsuit.

  • Admit into a hospital or personal care facility and to utilize funds to pay for same.

  • Clause distinctly not limiting the powers of the agent and attorney in fact, but allowing them full, complete, universal and general power of attorney with reference to any and all matters and affairs of whatever kind or nature, and to any and all property, real, personal or mixed, which you may now own or have an interest or may hereafter acquire.

Estate Planning, Living Will

A Living Will is a legal document in which you have the opportunity to state your wishes regarding life-prolonging treatment and artificially provided nutrition and hydration if or when you no longer have decisional capacity, have a terminal condition, and become permanently unconscious with no hope of recovery as determined by your attending physician and one other physician. A Living Will only takes effect when you are terminally ill and/or in an irreversible state. It becomes your voice in decision making when it comes to your medical care. You can direct that treatment be withheld or withdrawn and that you be allowed to die naturally with only the administration of medication for the relief of pain or the performance of any medical treatment deemed necessary to alleviate pain once you have reached a terminal or irreversible condition. This condition must be determined by your regular treating physician and one other physician. You can direct the withholding or withdrawal of artificially provided food, water or other artificially provided nourishments or fluids if you so desire. The directives you set forth in the Living Will are carried out by a Healthcare Surrogate. 

The information on this website is provided for informational purposes only, and should not be construed as legal advice.

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“My husband passed away with no will. I really had no idea what I needed to do. Working with Mr. Stone and Nathan was so easy. They were quick to respond to my questions and concerns, and in a language I could understand. I would highly recommend them to anyone who has found themself in my position.”

Jan Youngblood

“I sent a request thru the virtual chat and received immediate response. They have been extremely helpful, attentive and professional. I have never had to do a Will or Durable POA. They explained everything in detail and was patient with my questions. I highly recommend them.”

Dana Brill

“Stone Legal Group assisted my husband and I with our estate planning. Thy are very professional and made the process very easy by explaining all of the documents and answering all of our questions. Great group to work with and would recommend to others.”

Kristi Fothergill

“I moved to KY in 2017 from out of state, forced to embark on the process of restarting my life after experiencing several stressful life events in rapid succession. Not knowing anyone in Louisville, I relied on resources like Google to help me select various providers, including an estate planner. While I entered into many of these new arrangements with my eyes wide open, I was really taken by how easy it was to work with the Stone legal team. They provide a graceful mix of trustworthy competence and a quick compassionate grasp of the complexities of my particular situation. They listen and have worked effectively with me to achieve what appears to be an optimum solution for the successful execution of my future estate goals. I feel fortunate to have them as partners in my life.”

Robert Hume

“These guys are exceptional. I would use them again and again for all my legal needs.”

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