Kentucky residents should have a will if they have specific wishes for their assets after their death or if they have minor children for whom a specific guardian should be appointed. When a person dies without a will, the state determines what happens to their assets and who will be responsible for their children.
Information needed for a will
Your will should appoint an executor to manage your estate. It should also name beneficiaries for assets and a guardian if there are minor children. You may need to gather additional information to prepare the will. For example, you might need contact information for the executor and beneficiaries. You may also want to make a list of all your assets and debts and their value. These assets might include savings, real estate, retirement plans and vehicles. It may also include any personal property that you care about passing on to others.
Making the will accessible
It can be helpful to keep other legal documents with the will, such as divorce decrees, trusts or prenuptial agreements. You should also tell your loved ones where they can find these documents. Wills and trusts should be reviewed periodically since there may be changes in your family, or your own wishes might change.
You may also want to consider talking to your family about the will and other estate planning documents as well as working with an attorney to prepare the estate plan. Both of these actions might reduce the likelihood that your will or other estate planning documents could be misunderstood or even challenged. An attorney may also help you determine whether you need other documents. For example, if you have minor children, you might want to set up a trust to protect their assets until they are older. You may also want to prepare documents to protect you and your assets if you become incapacitated.