KENTUCKY ESTATE PLANNING ATTORNEYS
Most people are familiar with what a will is. A will is often called a “last will and testament.” This simply means that the testator (writer) of a will is laying out what he or she wants to pass on to beneficiaries upon his or her death. Many people do not have a will and this raises issues for distribution of the assets of an estate once that time comes. When a person dies and has a will, that person has died “testate.” If the person dies without a will, the person is deemed to have died “intestate.” If no will exists, Kentucky law will determine how assets are distributed to heirs.
WHAT’S TYPICALLY CONTAINED IN A LAST WILL AND TESTAMENT
A will can be used for various things to ensure that your wishes, intent and desires are carried on after your passing. Some of the most common uses of a will include, but are not limited to, the following:
• Naming the persons who are to receive your personal property and real estate;
• Naming a personal representative to administer your estate (called the executor), to avoid having a court appoint an administrator;
• Naming the person(s) who will be the guardians of your child(ren), should your children survive you; and
• Naming the person(s) who will manage the property you leave to your child(ren) – this can often be done by creating a trust for the benefit of your children.
HOW TO ENSURE YOUR LAST WILL AND TESTAMENT IS VALID IN KENTUCKY
In Kentucky, as in most states, there are requirements that must be met in order for your will to be legally valid. You must sign your will in the presence of two witnesses, and your witnesses must also sign the will. You do not need an attorney to make the will for you, however, an attorney can verify that your will is in fact valid, so that any potential dispute over your will regarding its legal validity will stand up in court.
While it is not required under Kentucky law that you have your will notarized, it is always a good idea to notarize your will so that it is “self-proving” in court. This means that the court will accept the will as is without having witnesses testify to the will’s validity. This can save time and make your will stronger so that it cannot be questioned.
When disputes arise regarding the validity of a will, this tends to occur when terms are unclear or ambiguous. When drafting a will, be sure to make the statements as clear as possible so that the reader of the will can only derive one meaning from it. This, along with the requirements of having two witnesses, and additionally having the will notarized leaves your last will and testament in good shape.
WHAT HAPPENS IF I DO NOT HAVE A LAST WILL AND TESTAMENT?
If you do not have a last will and testament, whatever property you own at the time of your death will be distributed to your heirs according to Kentucky’s intestacy laws. Kentucky law states that your individually owned assets go first to your children, then to your parents, then to your siblings, and finally to your surviving spouse. However, the surviving spouse does have a dower or curtesy right which allows them to take half of the estate. This system of distribution is contrary to what most people want as most people usually desire to have their surviving spouse inherit all of their assets.
CAN I REVOKE MY CURRENT WILL?
If you want to change or completely revoke your last will and testament, you can certainly do so, but you must take certain steps to ensure the will is lawfully revoked. Revocation requires (1) that you actually intend to revoke the will; and (2) that you carry out some physical act that effectively revokes the will. An example of intent includes you telling your family members, friends or your attorney that you wish to revoke your will. Examples of the required physical act include burning the will, tearing up the will or some other act that reflects a specific intent to revoke the will. If you have a duplicate copy of your will, that copy will be revoked upon revocation of the original one.
Before revoking your will, you should consult with an estate planning attorney so that you ensure you are following Kentucky law. If you simply want to change some language in your will, an estate planning attorney can help you draft a new one to ensure that the old, original will is no longer valid. If you wish to have someone else revoke your will on your behalf (perhaps because you are not physically able to do so), that person will have to revoke the will in your presence and at your direction.
CONTACT GOEING GOEING & MCQUINN FOR A FREE CONSULTATION
If you are considering drafting a will, or have questions about an existing will, contact our highly skilled estate planning attorneys at Goeing Goeing & McQuinn today. Our four attorneys have the experience necessary to help you plan for your future by drafting a last will and testament that stands up in court. Our firm will ensure that any will you currently have is in compliance with Kentucky law. We will also advise you on suggestions to minimize the risk of beneficiaries fighting with each other over your estate. Contact our office today for a free consultation and allow our attorneys to help you draft a valid will, or to have our attorneys review a will you have already created. We can be reached by calling (859) 904-2045.