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Last Will and Testament Template - Kentucky
A Kentucky Last Will and Testament is a legal form used for the purposes of distributing an individual's property upon their death to the selected beneficiaries. A Last Will has several main purposes and allows the individual making the will - otherwise known as the Testator - to do the following:
- Decide who gets their property;
- Decide who will manage their estate;
- Decide who will take care of any minor children, dependents or pets;
- Minimize probate and estate taxes;
- Avoid a lengthy probate process;
- Make gifts and donations;
- Set up a family trust.
The Kentucky Last Will is defined by § 394.010 and regulated by the KRS Chapter 394 . The will must be signed by two (2) or more credible witnesses in the presence of each other and in the presence of the Testator. Download a ready-made form below or make your own one with our online template.
What Is a Last Will and Testament in Kentucky?
A Last Will and Testament is a legal document that is written by a Testator to ensure that their estate will be distributed according to their wishes after their death. A Testator has to comply with certain requirements in order to be able to create a will.
- Age. A person must be over the age of 18 or an emancipated minor to legally be able to make a will.
- Testamentary capacity. A Testator must be of sound mind when composing their will. Having testamentary capacity means that the Testator has an understanding of what they are signing and are aware of the general nature and amount of property they own.
- Witnesses. All Last Wills must be signed and certified by a notary. Most states also require a legal will to be witnessed by least two people present during the signing of the document.
How to Write a Will and Testament in Kentucky?
Testators are free to decide on the contents of their will. In Kentucky a Last Will and Testament template will cover the following topics:
- Executor. An executor is an elected lawyer or accountant tasked with carrying out the Testator's wishes concerning their estate. If the Testator decides to hire a professional Executor, they'll need to set aside funds for their payments.
- Assets. A Testator's assets may include anything from their real estate, pensions and bank accounts to vehicles, valuables, artwork and family heirlooms. Any of these assets can be left to a person or organization if specified in the will.
- Beneficiaries. The Testator's Last Will needs to contain information about the beneficiaries that will receive an inheritance after the Testator's death. Any individual or organization can be a beneficiary. Spouses, children, relatives, close friends or organizations such as your church or professional club can all receive the Testator's property and possessions if listed in their will.
- Debts. The appointed Executor will be in charge of settling the Testator's debt after their death. Any assets and property will go towards covering the cost of probate and funeral expenses, debts and mortgages before being split between the appointed beneficiaries.
Download Last Will and Testament Template - Kentucky
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