Louisville Last Will and Testament Overview

If you live in Kentucky and care about what happens after your death, you need a will. Without one, the state will step in and divide your assets in accordance with its relevant statutes.

It’s a common misconception that you need a lot of assets before you should think about an estate plan. This is false. In fact, you still need a Last Will and Testament (also known as a Will) to ensure your wishes are carried out after your death.

You may be tempted to cut corners when creating your will by using a free online form or a cheap service. However, the do-it-yourself approach to estate planning is often legally flawed and may not actually transfer your assets as you intend.

What is a Last Will and Testament in Kentucky?

Most people understand the basic concept of a will. It’s essentially a document where the writer (also called the “testator”) outlines what they wish to pass on to their beneficiaries upon their death. A will is a valuable estate planning document that allows you to do several important things:

• Name the people who will receive your assets and personal property;
• Name a personal representative (called the “executor”) to administer your estate; and
• Name a person or people who will become the guardians of your children should you pass away while they are still dependent on you.

Different Types of Wills

There are different types of wills you can create, each serving a specific purpose:

• Simple Will — This is a simple will that is usually created for one person.
• Joint Will — This type of will allows two individuals to leave assets to one another should one predecease the other and outline how assets should be divided in other circumstances.
• Testamentary Trust Will — This is a will that places at least a portion of your assets into a trust.

Creating a Will in Kentucky

For a person to create a legally valid will in Kentucky, state law requires that they meet a few simple requirements. They must:

• Be at least 18 years old
• Be of sound mind
• Have two witnesses available to sign the document

While Kentucky law doesn’t require that a will be notarized, it’s a good idea to notarize the document so that it is “self-proving” in court. If the will is ever contested, the court will accept the validity of the will without requiring witness testimony.

Even though creating a will is a simple process for many people, there are financial and legal considerations that can complicate the process. A single mistake in drafting a will could make the entire document invalid, which could have significant consequences. Because of this, it’s critical that you consult with an experienced estate planning attorney who will ensure your rights and legacy are protected.

Modifying or Revoking a Will

If you already have a will, it makes sense to revisit the document periodically. Most people experience various life changes over time, such as marriages and divorce, having children, acquiring or selling property, or relocating. Your will should reflect your most current situation as closely as possible to protect yourself and those you care about.

In Kentucky, you have several options to address these changes:

• Writing a completely new will
• Revoking your previous will
• Drafting a codicil that modifies your existing will

These are not actions you want to approach on your own. It’s best to consult with a knowledgeable estate planning attorney who can advise you on the best course of action that will achieve your particular goals.

The Probate Process in Kentucky

Each state has its own estate planning and administration statutes, laws, and procedures. If a person passes away without a will, the district court will decide who will be the administrator of the estate because there is no will to designate such a person.

Kentucky courts will follow the intestate succession laws in most cases to decide who receives what assets. This approach considers the deceased’s closest relatives first, such as a spouse and children, then parents and siblings, and so forth. However, it would be a mistake to assume your closest relative will receive everything without a will. This often isn’t the case.

The probate process can become complex and emotionally charged process. The state will distribute assets in a way that is often contrary to what most people desire. The only way to ensure your assets go to the people you want is to have a proper estate plan that includes a will.

Louisville Estate Planning Attorney is dedicated to providing people who are interested in securing their financial future with the information they need to make sound decisions. We can connect you with a Kentucky estate planning attorney that will offer knowledgeable guidance on wills, trusts, and other estate planning strategies.