by Michelle Tuesday

Created on: November 20, 2009

At some point in your life, you will have to take a few moments to consider the future of your belongings. To whom would you like to leave your personal and real property when you pass away?

In Kentucky, if you die without a valid will, the Kentucky courts get to decide who gets your belongings. If you have a surviving spouse, your spouse gets the the entire estate up to $15,000 worth, and then half of the remaining property, and your surviving children split the rest. If you have no spouse or children, the state of Kentucky provides the following flow chart to demonstrate how your property will be distributed, according to Kentucky law:

http://www.ca.uky.edu/agc/pubs/fcs5/fcs5425/01.GIF

Perhaps you are okay with the division of assets as outlined in the chart. Should you bother to create a valid will anyway?

Well, that might depend. For instance, what if the courts cannot come up with the equitable distribution of assets required by law without liquidating your home, or some other asset that you would like left alone? In that case, a valid will would allow you to decide who gets which assets without the state having to sell anything at all to comply.

If you are of sound mind and at least eighteen years of age, by Kentucky law, you can write your own will. In fact, you can write it in your own handwriting. If you do so, the state of Kentucky does not require you to obtain two witness signatures, so long as the document is written entirely by and does not contain the handwriting of more than one person, and so long as someone who is familiar with your handwriting can testify to the fact that the handwriting is yours.

You can also write your own will in printed form. If you choose to do so, the law requires that you obtain two witness signatures, neither of which may be named beneficiaries or the spouses of named beneficiaries in your will.

It is best to keep your will simple. It's not necessary to name beneficiaries for property which already has a designated beneficiary, such as a life insurance policy or a pension fund offered by your employer. You also do not need to designate a beneficiary for anything you own jointly with someone.

Estate planning now will ensure your loved ones receive the care they need after you perish. In Kentucky, writing a will is an easy thing to do, and you can update it at any time if your situation or desires change. You can pay an attorney to help you with the process or to set up a trust fund, but it's not required for creating a will, so don't use legal fees as an excuse. Just take the time and do it.

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