A will controls who receives your property. If there is no will, all of your probate estate will pass according to Kentucky’s law of Descent and Distribution, discussed above.
If there is no will, then your business, farm, family heirlooms and other assets will pass without specific direction to that person or those persons you may not intend to benefit. Likewise, without a will, charitable or religious gifts will not be carried out.
Similarly, valuable tax planning opportunities will have been lost. Favorable rules for special reduced valuation of family farms and businesses, if you qualify, will have been missed.
A will which waives the requirement of a surety bond on the executor is likely to save the estate hundreds of dollars.
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.