EVERYONE NEEDS A PLAN- PROTECT YOUR LOVED ONES
A Will is the foundation of Estate Planning. If you were to die intestate, meaning without a will, then your property will be distributed according to Kentucky Law. This could vastly differ from how you would want your property to be distributed. Not only can a will protect your family, it can also guarantee that your desires be carried out such as “who, what, and when.” A will can set out who you would want to take care of your minor children in the event something were to happen to you. This is important because absent a will, the Court can appoint a family member or a guardian to take care of your minor children. You may also leave gifts or donations in your will.
With a will, you get to decide who will be the executor of your estate. An executor, is appointed by you, the testator, in order to carry out the terms of your will. Executor’s can also be beneficiaries under a will. Executor’s play an important role and should be someone who is trustworthy and organized to perform their duties. You may also appoint co-executors and/or a successor executor in the event that the first named executor cannot carry out his/her duties.
Keep in mind that if your life circumstances change- divorce, births, deaths, etc.- then your will may be changed or added to by the making of a new will or by a “codicil,” which is simply an addition or amendment executed with the same formalities of a will. No Will comes into effect until the death of the testator.
Give Hamilton & Stevens, PLLC a call today 606-437-6555 to set up a consultation to discuss your estate planning needs.