If you die without a will, the Kentucky Legislature has written one for you. Only a validly executed will can later control the disposition of your property from the statutory scheme of distribution.
For those who die without a will, Kentucky’s Statute of Descent and Distribution applies to distribute your property as follows:
- The surviving spouse, if any, receives the first $7,500 in bank deposits or other personal property.
- The surviving spouse also receives one-half (1/2) of the probate estate; that is, property which passes through the hands of the court appointed administrator.
- The surviving spouse also receives one-half (1/2) of the real estate.
- The remaining one-half (1/2) of the probate estates goes to the "heirs" of the deceased, as follows:
- To children, whether born to or adopted by you and their descendants.
- If no children, then to the deceased’s father and mother.
- If none, then to brothers and sisters or their descendants.
- If none, then to the deceased’s surviving spouse.
- If none, then to the grandparents of the deceased, then to aunts and uncles, first cousins and then to still more remote relatives, without end.
Only if none of the above relatives survive the surviving spouse will the probate estate pass completely to the surviving spouse.
Estate Planning is a highly complicated subject which should be attempted by you only in consultation with your attorney. Prior to consulting with your estate planning attorney, you should locate and organize a current financial statement, income tax returns for three immediate prior years, gift tax returns, divorce decrees, business agreements, partnership agreements, and any existing wills and trusts. This and additional information will be necessary for your estate planner to efficiently plan for accommodating your dispositive wishes as well as maximizing tax savings.
There are multiple complex technical rules regarding the execution of wills and trusts. The lay person who attempts to draft an estate plan does so at his or her peril.