What is the difference between a will and a trust?

A will is a legal document that outlines how your assets will be distributed after your death and appoints guardians for minor children. A trust, on the other hand, is a legal arrangement that allows your assets to be managed during your lifetime and transferred to beneficiaries, often avoiding probate and providing greater control over distribution.

Do I need a will if I have a small estate?

Yes. Even if your estate is small, having a valid will ensures your assets are distributed according to your wishes and can help avoid state intestacy laws that may not align with your preferences.

How often should I update my estate plan?

It’s recommended to review your estate plan every three to five years or after major life events such as marriage, divorce, the birth of a child, or significant changes in financial status to ensure it remains current and effective.

Can I make changes to my will after it’s created?

Yes. You can update your will through a codicil (an amendment) or by drafting a new will entirely. It’s important to consult with an attorney to ensure changes are legally valid and properly executed.

Wills & Estate Planning Services in Owensboro, KY

Planning for the future is one of the most important steps you can take to protect your assets, provide for your loved ones, and ensure your wishes are honored. At Thacker Hodskins & Knight LLP, our experienced attorneys in Owensboro, Kentucky, specialize in wills and estate planning services designed to give you peace of mind and control over your estate’s future.

What Is Estate Planning?

Estate planning involves creating a comprehensive legal strategy for the management and distribution of your assets during your lifetime and after your passing. This includes preparing essential documents such as wills, trusts, powers of attorney, and healthcare directives. Proper estate planning helps minimize tax liabilities, avoid probate complications, and provide clear instructions for your loved ones.

Why You Need a Will

A will is a foundational document in any estate plan. It allows you to:

Specify how your assets and property should be distributed.
Name guardians for minor children or dependents.
Appoint an executor to manage your estate’s administration.
Provide instructions for final wishes, including funeral arrangements.

Without a legally valid will, your estate may be subject to state intestacy laws, which can result in outcomes that do not align with your intentions, potentially causing disputes among family members.

Comprehensive Estate Planning Services

Our attorneys work closely with you to develop an estate plan that reflects your personal, family, and financial goals. Our services include:

Drafting and updating wills to ensure they remain current and legally sound.
Establishing trusts, including revocable and irrevocable trusts, to manage and protect assets.
Creating durable powers of attorney, granting trusted individuals authority to handle your financial and legal affairs if you become incapacitated.
Preparing healthcare directives and living wills to document your medical care preferences.
Advising on strategies to minimize estate taxes and preserve wealth.
Coordinating with financial planners and accountants for integrated estate management.

The Benefits of Professional Estate Planning

Planning ahead with the guidance of skilled attorneys offers many advantages:

Peace of Mind: Knowing your affairs are in order reduces uncertainty for you and your loved ones.

Protect Your Family: Clear instructions help prevent family conflicts and ensure that beneficiaries are cared for according to your wishes.

Avoid Probate Pitfalls: Proper planning can simplify or avoid probate, saving time and expenses for your heirs.

Maintain Control: You decide how and when your assets are distributed rather than leaving decisions to the courts.

Plan for Incapacity: Powers of attorney and healthcare directives ensure decisions are made by trusted individuals if you cannot make them yourself.

Why Choose Thacker Hodskins & Knight LLP?

Our estate planning attorneys have a reputation for professionalism, compassion, and personalized service. Being locally based in Owensboro means we understand the unique legal environment and community values that impact your planning. We guide you through every step with clear explanations, careful attention to detail, and a commitment to protecting your best interests.

Frequently Asked Questions About Wills & Estate Planning

What is the difference between a will and a trust?
A will is a legal document that outlines how your assets will be distributed after your death and appoints guardians for minor children. A trust, on the other hand, is a legal arrangement that allows your assets to be managed during your lifetime and transferred to beneficiaries, often avoiding probate and providing greater control over distribution.
Do I need a will if I have a small estate?
Yes. Even if your estate is small, having a valid will ensures your assets are distributed according to your wishes and can help avoid state intestacy laws that may not align with your preferences.
How often should I update my estate plan?
It’s recommended to review your estate plan every three to five years or after major life events such as marriage, divorce, the birth of a child, or significant changes in financial status to ensure it remains current and effective.
Can I make changes to my will after it’s created?
Yes. You can update your will through a codicil (an amendment) or by drafting a new will entirely. It’s important to consult with an attorney to ensure changes are legally valid and properly executed.

Get Started on Your Estate Plan Today

Don’t leave your family’s future to chance. Contact Thacker Hodskins & Knight LLP today at 270-926-4500 to schedule a consultation with our wills and estate planning team. Together, we will create a plan that safeguards your legacy and provides security for the ones you love.