Since 1990, Kentucky law has permitted individuals to express their wishes regarding healthcare decisions in circumstances where irreversible illness makes likelihood of recovery remote, and where individuals wish to delegate to another the power to make such decisions. Living wills and healthcare surrogate designations are authorized and strictly regulated by status. They are distinct from wills and trusts, which only relate to the disposition of property at death.
Many Kentuckians have elected, since enactment of these laws, to sign living wills and healthcare surrogate designations. They have chosen to make a definite, written, legal expression of their wishes in the event of irreversible illness.
Living wills and healthcare surrogate designations are documents separate from wills, trusts and general powers of attorney. Many elect to include them in planning for their estates.
Estate Planning is a highly complicated subject which should be attempted by you only in consultation with your attorney. Prior to consulting with your estate planning attorney, you should locate and organize a current financial statement, income tax returns for three immediate prior years, gift tax returns, divorce decrees, business agreements, partnership agreements, and any existing wills and trusts. This and additional information will be necessary for your estate planner to efficiently plan for accommodating your dispositive wishes as well as maximizing tax savings.
There are multiple complex technical rules regarding the execution of wills and trusts. The lay person who attempts to draft an estate plan does so at his or her peril.