5 Reasons You Need A Will
Creating a will is something that some Kentuckians might not spend too much time worrying about, as they may assume that the will creation process is reserved for those who are particularly aged or those who are especially well off. However, creating a will is beneficial for just about everyone, whether you have significant assets, and are elderly or not. In fact, if you’re over the age of 18 and have a penny to your name or/and have children, creating a will can be very beneficial. Consider these top five reasons why you need a will in Kentucky
- Determine Guardianship for Minor Children
If you are a parent, creating a will that addresses who you want to care for any minor children that you have in the event of your death is essential. If you do not create a will that names a guardian for minor children and you and your child’s other parent are both deceased, guardianship will be determined by a court.
- Prevent Internal Conflict Amongst Family
When a person dies, the death can be very hard on surviving family members. And as the family begins to go through the deceased person’s estate, it is not uncommon for conflicts about who gets what to arise. In fact, whether talking about a minor child, a house, liquid assets, or other property types, if a deceased person’s will does not spell out exactly how things in their estate are to be divided, quarrels can surface. One of the best ways ways to prevent internal conflict amongst family members when you’re gone is to have a will that addresses how your estate will be distributed.
- Make Donations
Many people have plans to donate a part of their estate or assets to a charity after their death, but fail to do so because they never create a will. If making a donation to a charity or organization is important to you, the best way to do so is to work with an attorney to create a will that specifies exactly how much you want to give, and to whom.
- Protecting a Business
If you have are a business owner and want your business to continue after your death, you need to create a will as part of your estate plan that details what will become of your business when you’re gone. If you do not create a plan for your business and you die, your business will likely be totaled with the rest of your estate, and be subject to Kentucky’s laws of intestate succession, which details how an estate is divided. In brief, in Kentucky, if a person dies without a will then the deceased’s children will inherit everything if there is no spouse, a spouse will inherit everything if there are no children, and if there are both children and spouse, property from the estate will be split 50/50.
- The Future Is Unknown
Finally, creating a will is a smart idea for all of those who have any assets, children, or/and want to have a say in how their property will be distributed at the time of death. Even if you are young and healthy, the future is unknown and as terrible as it is to think about, tragic accidents happen and terminal diseases are diagnosed. If you do not have a will in place and die unexpectedly, neither you nor those closest to you will be able to decide how your estate is divided – the process will fall to a court.
Create Your Will and Estate Plan Now
Having a will is an important part of a solid estate plan. If you haven’t started the process of thinking about the distribution of your estate in the event of your death and creating legal documents to outline your wishes, now’s the time. At the law office of Lanna Martin Kilgore, Attorney at Law, PLLC, our experienced Kentucky will and estate planning attorney can guide you through everything you need to know, and help you to create a will that puts in place a plan for your estate. Remember, a will can be amended at any time throughout the course of your life should circumstances change.
To schedule an appointment with Lanna Martina Kilgore, Attorney at Law, PLLC today, please call 270-846-3700. You can also request an appointment using the online form on our website.