We’ve all heard the stories of a beloved family member passing away unexpectedly, without a will, leaving relatives to endure years in litigation or forcing the state to step in. Without clear instructions, your assets could be divided in ways no one intended. No matter where you are in life or what your income level, it’s a smart move to talk to a wills attorney in Louisville, KY and find out how to protect your estate and your loved ones.
What to Expect When Setting Up a Will
Basic Requirement
There are some non-negotiable rules to making your will valid, like you must be at least 18 years old and of “sound mind,” meaning you understand what you’re doing, know roughly what you own, and recognize who your natural heirs are (like kids or grandkids). That doesn’t mean you have to leave everything to them; you just need to know who would normally be your heirs as you make your will.
If there’s any doubt about your mental capacity, a court could later invalidate the will, so it could be wise to document that you’re clear and aware. Working with a lawyer can be very helpful here.
Format
Your will must be in writing, and you sign it at the end. Two witnesses must watch you sign and then sign themselves. It’s very important to note that these witnesses can’t be beneficiaries of your estate or married to someone who is, or acting as a witness could void their inheritance. For extra security, it’s a good idea to have a “self-proved” will, which means you have a notary public affirm the signatures.
Kentucky also recognizes holographic wills, which are wills written entirely in your own handwriting and dated and signed. If your will is holographic, no witnesses are required. These can be risky, however, as someone will have to prove in court that it’s your writing on that document. Typed or printed wills are more common and more reliable.
Working With a Wills Attorney in Louisville, KY
Kentucky doesn’t require you to use an attorney, but it’s very wise to get one anyway. A lawyer will make sure your will is compliant with the law and unlikely to encounter an issue in probate court, show you how to avoid probate for as much of your estate as possible, minimize your tax burden, and help you include important elements in your overall estate plan that you might otherwise overlook, like Medicaid planning for long-term care.
Setting Up Your Will
First, you’ll need to take stock by listing all your assets and debts. Note down any items that will go to designated beneficiaries, like life insurance policies or retirement accounts. Then decide on who your beneficiaries should be and who gets what items. Be specific to avoid fights.
Next, you’ll choose the key players. First, there’s your executor, who will manage your estate through probate. If you have minor children, then designate a guardian (and alternate) for them.
Then, you and your attorney will actually draft the document. Your lawyer will help you add any important clauses that may apply, like a residuary clause for dealing with any leftover assets.
For help with your will and your entire estate plan, contact the Winton & Hiestand Law Group, PLLC in Louisville, KY today to talk with an experienced wills attorney.
