A will provides safeguards for your family and assets. A will might be utilized to bequeath your assets to individuals or institutions, designate a legal guardian to care for your underage children or pets, and select an executor to oversee the management of your assets.

What are the steps to create a will in Kentucky?

Below is a checklist outlining the steps for creating a will in Kentucky:

1. Determine which asset to include in your last will and testament.

Having an asset inventory will make it easier to establish how much you have, and this information will, in turn, influence the drafting of your will.

2. Determine the individual who will be designated as the beneficiary of your property.

Beneficiaries usually include close family members, but a person can appoint anyone as a beneficiary in their will.

3. Select an executor to manage your estate.

Please appoint an executor to avoid the court appointing one on your behalf.

4. Select a legal guardian to care for your children.

By exercising your right to choose a guardian for your children, you can select the best candidate to take over parental responsibility in your absence.

5. Select someone to oversee the management of children’s assets.

It is usually best to have a fiduciary separate from the guardian to oversee the management of your children’s assets for enhanced oversight of the children’s funds.

6. Create your last will and testament.

Although it is dreadful to think about your demise and create a plan around it, having a will ensures your loved ones are provided for in your absence per your wish.

7. Execute your will in the presence of witnesses.

Execution signals your desire to be bound by the terms of the will.

8. Ensure the secure storage of your last will and testament.

It is crucial to store your will in a safe place free from destruction, but it should additionally be accessible to your loved ones when the time comes to access it.

What happens if I don’t have a will?

When you don’t have a will, intestate succession is used to distribute your assets. Let our team at LegalPen guide you on how to make a will in Kentucky.

What are the requirements for writing a last will and testament in Kentucky?

Kentucky will requirements dictate that a testator must meet the following criteria:

1. Be 18 years or older

An 18-year-old is deemed mature enough to write a will. Additionally, a person under 18 years old and has a child can create a will in which they can choose a guardian for their child.

2. Have a sound mind

A sound mind means the testator has the mental capacity to write a will and understand its impact.

How often should you review and update your Kentucky will?

You should review and update your Kentucky will if you have experienced a significant life change. However, it is recommended that you review and update your will every three to five years, regardless of any significant changes.

How to revise and update your will in Kentucky

You can revise and update your will in Kentucky through a codicil, which must be prepared according to the same formalities as a will. Where the revisions or updates are many, it is advisable to revoke the current will and prepare a new one.

What makes a will valid in Kentucky?

Making a will in Kentucky that is valid requires the following:

1. A testator who is 18 years or older. In the event that a person is under the age of 18 and has a child, they can form a will, which allows them to select a guardian for their child.
2. A testator with a sound mind.
3. The will must be in hard copy form.
4. The testator signs and acknowledges the will in the presence of at least two credible witnesses.
5. The witnesses affix their signatures to the will in the presence of the testator and one another.

Can a handwritten will be valid in Kentucky?

Yes, a handwritten will can be valid in Kentucky since Kentucky recognizes handwritten (holographic) wills. Handwritten wills make Do-it-yourself (DIY) wills all the easier to attain.

How do I sign my Kentucky will?

You should sign your Kentucky will in the presence of two witnesses, and your witnesses must additionally sign your will in the presence of each other per Kentucky will laws.

What can I include in an online will in Kentucky?

You can include beneficiaries, assets, executors, and guardians in an online will in Kentucky. Any provision found in a traditional will can be included in an online will.

Types of assets covered in a Kentucky will

The type of assets covered in a Kentucky will is probate assets, such as real estate and vehicles. Non-probate assets,do not transfer through a will but per the provisions outlined in their respective legal agreements. Examples of non-probate assets are retirement accounts, and pensions.

Can I revoke or change my will in Kentucky?

Yes, you can revoke or change your will in Kentucky.

How do you revoke or change your will in Kentucky?

In order to revoke your Kentucky last will and testament, you can:

1. Engaging in actions such as cutting, ripping, burning, obliterating, canceling, or destroying your will with the deliberate intention of revoking it.
2. Commanding another individual to physically dismantle, incinerate, annihilate, nullify, or destroy your will in your presence.
3. Creating a new will
4. Create a new document expressing your desire to revoke your will and adhere to the identical protocols employed when creating your will.

More on how often should one update a will, will revocation, and changes have been addressed on our website spanning all the states.

Can I make a digital or electronic will in Kentucky?

No, you cannot make a digital or electronic will in Kentucky since Kentucky does not recognize electronic wills.

Who can witness a will in Kentucky?

Anyone who has attained 18 years and is mentally and physically competent can witness a will in Kentucky. The witnesses to the will should be “disinterested,” meaning they should not be beneficiaries of the will. In Kentucky, the act of a Will being signed by a witness who has a personal stake in the will does not render the Will void. However, if two impartial witnesses do not witness the will, any gift to a witness who has a personal interest or is the testator’s spouse is considered invalid. However, there is an exception to this rule if the witness interested in the outcome of the will is an heir and would get a share of the testator’s assets if the testator had died without a will. Subsequently, the witness with an interest may get a gift equivalent to their portion of the inheritance as determined under intestate succession laws.

Should my will name an Executor?

Yes, your will should name an executor. Omitting to designate an executor in your will may result in the court appointing an executor who may not align with your desired selection.

What are the Kentucky will executor requirements?

The individual appointed as your executor must possess the following qualities:

1. Attainment of 18years

Eligibility requires that one be at least 18 years old unless the decedent’s will explicitly designates a younger person as the executor.

2. Sound mind

Additionally, the person must be of sound mind, meaning they have not been deemed incapacitated by a court.

Unlike in other states, no law in Kentucky specifically forbids you from appointing an executor who has been convicted of a felony. An out-of-state executor can only be appointed if they have a familial relationship with you via blood, adoption, or marriage or if they are the spouse of a relative.

What happens to a will after death in Kentucky?

After death in Kentucky, the will is located, and a petition is submitted to a district court. To settle the estate and administer it, the petitioner requests that the court admit the will to probate and appoint an executor or executrix.

What is the impact of marriage and divorce on your Kentucky will

The act of getting married does not invalidate a previously created will. Suppose the testator passes away without making provisions for his new spouse. In that case, the legal presumption is that he would rather leave behind a will that only partially reflects his preferences rather than not having a will at all. However, the law additionally presumes that the spouse should get a portion of the inheritance, to a certain degree, and this is accomplished through the “dower and curtesy” (DAC) approach. DAC provides a widow or widower with a portion of their deceased spouse’s assets. Where the spouse passed away with a valid will, the surviving spouse has the right to reject the will and instead claim the legal interest under KRS 392.080.

Divorce does not invalidate a will, where a will is signed before a divorce; any bequests made to the ex-spouse will be invalidated, as well as any rights of appointment and nomination of your ex-spouse as executor of your estate. Nevertheless, if you choose to marry your former spouse again or explicitly indicate in y-our will that divorce should not impact the stipulations outlined in your will, these regulations will not be applicable. Are you looking for a will for married couples? Look no further. We will guide you through how to write a will in Kentucky per Kentucky will requirements.

Do all wills in Kentucky have to go through probate?

Yes, all Kentucky wills have to go through probate since probate allows for authentication of the will and appointment of the executor. Whether probate is necessary depends on the value of the deceased’s assets and the legal status of those assets. Where there is a surviving spouse or children, a Kentucky estate with a value below $30,000 can avoid going through full probate.

Is Kentucky a community property state?

No, Kentucky is not a community property state. Kentucky adheres to the separate property statute, meaning that although state courts aim to distribute the assets of a divorced spouse fairly, they do not always divide everything equally.

How is Kentucky intestate succession done?

Under Kentucky’s intestacy law, your property is distributed to your nearest relatives, starting with your spouse and children. Where you do not have a spouse or children, your property will be inherited by your grandkids or parents. This list extends to more remote family members, such as siblings, grandparents, great-grandparents, aunts and uncles, nieces, nephews, cousins, and relatives of your spouse. Should the court thoroughly examine this list and determine that you do not have any living relatives who are related to you by blood or marriage, the state will seize your property.

How is estate and inheritance tax in Kentucky done?

Certain heirs may not be required to pay the inheritance tax in Kentucky, depending on their relationship to the deceased. Under class A, inheritance taxes do not apply to children, spouses, parents, siblings, and grandkids of the decedent. In class B, the decedent’s aunts, uncles, nephews, nieces, and great-grandchildren are eligible for an exemption of up to $1,000, and the tax rates for this group vary from 4% to 16%. Cousins, friends, organizations, and any other individuals or groups not part of Classes A and B are exempt from paying up to $500, with rates ranging between 6% and 16%.

Anyone with property in Kentucky, whether a resident or not, will be subject to this inheritance tax. Although there are benefits to submitting it early, the deadline is 18 months after the decedent’s death. The Kentucky Department of Revenue offers a 5% discount for full inheritance taxes paid before nine months have passed after the decedent’s death. You may get an installment plan to repay the amount owed progressively, but late payment might be penalized. Kentucky does not impose an estate tax.