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If my spouse and I die simultaneously, who will care for our minor children?

Unless a testamentary guardian is nominated in your wills, Kentucky Law sets out the order of preference of relatives who are entitled to qualify as Guardian of your children. That person who is first entitled to qualify may be the least qualified to serve. Furthermore, it may be a relative who you do not desire to serve as guardian.

 

Conclusion:

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.