A common misconception about wills and estate planning is that it should only be done after reaching a certain age or achieving a certain level of financial success. This couldn’t be further from the truth. At some point in our lives, we must give serious consideration to what will happen to our estate, property, and possessions when we die.
What are my options concerning my will?
A will relates to how your property is dispersed after death. It also includes who you would like to handle the task of executing the administration process of your estate (also known as probate). If you have children, your will should include who their next guardians will be. Creating a testamentary trust in your will is a good idea if you have money that you want to leave behind for your children that they would have access to upon turning 18 years old. Another option is creating a revocable living trust.
According to Kentucky law, your will must be signed by a testator — an individual seeking disposition of their property upon their death. The testator must be at least 18 years old and of sound mind. Two capable witnesses must be present at the signing. The witnesses shouldn’t be anyone who may inherit from the testator.
This type of document relates to your guidance and direction in terms of health care as well as the possible removal of certain types of health care in the event of certain conditions.
This type of will makes the probate process quicker. With this document, the court doesn’t need to contact the witnesses in order to accept the will. If you would like a self-proving will, it must be signed in the presence of a notary who will then notarize the document.
This type of will doesn’t require witnesses at all. While this may sound easier and more appealing, a holographic will has to be handwritten by the testator and signed at the bottom of the document.