Kentucky Wills & Trusts Attorneys
Creating a will or a trust is a great way to ensure your loved ones will be provided for when you die. Most importantly, they allow you to decide how your assets will be distributed, rather than leaving the decision up to the state.
In a will, you designate who will inherit your property when you die. In order to create a will you must be 18 years of age or older and of sound body and mind.
The law in Kentucky honors handwritten, or holographic, wills that are signed and dated by the testator. A typed will must, in addition to bearing the signature of the testator, be witnessed by two uninterested parties to the will – these witnesses cannot be named beneficiaries.
Should you choose to create a will, it is important that you account for all your assets, including cash; stocks; bonds; real estate; and business interests. Additionally, if you also have property in a trust that will terminate at your death, you will need to account for that property as well. Our knowledgeable attorneys can help you organize your documents and assets for purposes of drafting a comprehensive will.
When you make a will, you also select an executor of your estate – this person will make sure your assets are distributed according to the terms of your will. Also, if you have children, you may designate a guardian who will take care of them in your absence.
If you do not have a will, the state of Kentucky will distribute your possessions as called for by the laws of intestate succession. A far-better alternative, however, is to have your assets go to the people or organizations of your own choosing. The attorneys at John H. Ruby & Associates are here to make sure your wishes are fulfilled long after you are gone.
Creating a Trust
A trust holds your property for another person, called a beneficiary. A trustee is the party responsible for managing the assets in the trust. However, during your lifetime, depending on the type of trust you set up, you can be the trustee and control your assets directly.
There are several different types of trusts, including:
- Living trusts
- Charitable trusts
- Income trusts
- Revocable trusts
- Irrevocable trusts
It is never too early to start thinking about how to provide for your family and loved ones. Contact the attorneys at John H. Ruby & Associates to start creating an estate plan that is best for you.