Free Kentucky Last Will and Testament
What is a Last Will and Testament?
A Kentucky Last Will and Testament, when written and executed correctly by an individual who is an adult of sound mind, is a formal document that establishes how your possessions or estate will be managed and allocated after your passing away. After the testator (individual who wrote the will) dies, they're identified as the decedent. The testator might also assign a guardian for their children in the will to make certain there's somebody who can look after the children till they become adults or until they get to a certain age.
|In a Kentucky Last Will and Testament, the testator typically also appoints a personal representative-or co-personal representatives (several persons acting together in this capacity) to be in charge of the estate matters. A personal agent is an individual who collects all of the information regarding the decedent’s debt and property, pays off any outstanding debts using the assets, and helps to ensure that the decedent’s property is used as described in the Will, so this is a role with a lot of responsibility. The personal representative decided on is normally someone the decedent really relies on to conclude their final will.
If a person passes away with no valid Kentucky Last Will (which in most states implies the document must be properly witnessed, not only signed), somebody will normally be designated by the probate court to function as personal agent and pay off the decedent’s financial obligations, using assets as needed to do so. Then, the leftover assets will be allotted amongst the decedent’s beneficiaries as per the laws of the state the will creator resided in.
In certain states, in case one spouse passes away leaving behind their wife or husband, that living spouse will end up with all of the decedent’s assets without a Will stating the contrary. Sometimes, the decedent could have selected a certain individual to acquire a life insurance policy, retirement account, or some other asset, and that beneficiary designation will establish who gets those assets without a Will document.
The important thing to take note of is the fact that anybody who wishes to designate the way in which their possessions will be used after their passing should prepare and properly execute a Will to ensure their wishes are recognized and carried out. Without having a last will, you may be leaving it up to chance, the rules of the state, or a lawcourt regarding the way your final affairs will be wrapped up.
Legal Requirements for Last Will in Kentucky
A Last Will and Testament document is an option for those who have concrete desires concerning the distribution of private property and the order of inheritance. Of course, these are not the only points that might be mentioned in the document of that type. In general, the Last Will document is a legally confirmed paper that claims the final will of the deceased person. The deceased person in such documents is usually called a “decedent”: in this article, it will be referred to this way as well. The mandatory point about creating a Last Will document is that the testator must be sane (in sound mind) and older than 18 years old (an adult).
One of the first points in every Last Will document is the statement of a representative. A representative is a person responsible for managing the last affairs of the decedent after his/her death. A representative, usually called “an executor,” will be obliged to deal with the debts of the deceased person via the latter’s property. When the debts are paid, the representative will control the transfer of the remaining assets to the inheritance fully. A decedent has the right to mention one or more representatives — these people then will be called co-representatives.
In case if the deceased person does not leave the Last Will document, the court will choose the representative of the decedent among his/her relatives or closest friend. Usually, these are the spouses or children but might be other family members as well.
If the decedent during his/her lifetime had children, the Last Will has to contain information about the future guardians. A guardian is the closest person who can be entrusted with the kids to be raised and carried about. After the death of the testator, one’s children (under 18 years old, incapable of taking care of themselves) will become the responsibility of the guardian (or the guardians).
The laws concerning the Last Will and Testament vary from state to state in the USA. As for Kentucky, the testator has to prepare a written copy of the document, sign it by oneself, and then make sure that there are two other witnesses to sign this paper as well. These witnesses must not be the inheritors to make the procedure completely legal.
Thus, summing up, each Last Will copy has to include the following information:
When the paper is built, the will is stated clearly, and the document is signed. The best option is to keep it somewhere in a safe place. This is a practice recommended to all testators with no exceptions, allowing to prevent faking the Last Will and Testament documents.
Last Will Forms for Neighboring States