Important Documents You Should Have

Don't forget our seminar tomorrow (Tuesday, May 10th at 6:30 pm at the Breckinridge Inn). One of the most important portions of the seminar is the part about the important documents you should have. These are:

• Will - This provides for what happens to your property upon death. It can also provide for who is to take care of minor children follow the death of both parents. If you die without a will, the State of Kentucky will provide for how your estate will pass upon death. This may not be how you would want it to happen.
• Living Will Directive - This defines the decisions you want made concerning termination of life support. It does not go into effect unless you no longer have "decisional capacity". It does not take effect unless your attending physician and one other physician both certify that you are "permanently unconscious" or have a "terminal" condition.
• Durable Power of Attorney - This gives someone else the ability to do things on your behalf. There could be two of these: one for financial matters and one for healthcare matters. You may need two different people to make those decisions. You need this to be "durable" because usually you don't want other people making decisions for you unless you have a disability which makes it unable for you to make them yourself. A durable power of attorney will be in effect if you become disabled.
• Revocable Living Trust - This can take the place of a will and durable power of attorney. With this you put all your assets into the name of a trust that you manage. You can put into the trust how you want the assets managed after death. It can help protect your privacy when you pass away.

All important documents should be kept in a safe deposit box. These are no longer inventoried after death so the family can get into the box and retrieve the will after death. It is the safest place to put any document.

I would recommend if you have any questions or if you would like to put one of these in place. Call Lee Richardson, Attorney at Law 502-587-8606.

PS. Sorry there was no post on Friday. It was Kentucky Oaks Day and with the Kentucky Derby on Saturday everyone here in Louisville takes a holiday.