Get It Done! If You Don't Have One, It's Time to Create a Will.

 If you don't have one, it's time to create a will.

If you don't have one, it's time to create a will.

Okay, I know NO ONE wants to talk about dying, but it's going to happen.  We are all going to die.  There, I said it.  I don't want everyone to think it about it for too long, or wallow in our mortality, but if you don't have one, it's time to get your will done.

Here's the deal - If you die without a will the state will determine who gets what.  It's called "intestate succession".   If you have children, your estate goes to them first.  In both Kentucky and Indiana, your spouse is entitled to part of your estate but not the whole thing.  In Kentucky it's called "dower and curtesy rights";  in Indiana it's called "elective shares".  That means anything you hold in your name alone will go partly to your kids and partly to your spouse.  If you don't have kids it goes to your parents, then to your siblings, then to your nieces and nephews, then to your more extended family - not 100% to your spouse. 

If your children are minors, their share will be put in a blocked account. Someone will be appointed by the court as a custodian of that money, and the custodian will have to request the Court for permission when they want to use it.  They will also have to do yearly inventories.  Then, when the child turns 18, he can do whatever he wants with his money.  Even the most responsible 18-year-olds might not have the best judgment after losing a parent. 

The Court will also appoint a guardian for minor children.  Most people I meet with think that there could be a custody issue if they don't name the person they want as the guardian in their will.   By creating a will you can help avoid even more emotional pain. 

There could also be other issues that make the administration of your estate harder if you don't have a will.   

The solution is simple- make a will.  Get it done. Quit putting it off.  Call us for a consultation to discuss your options.  You can't prevent the inevitable from happening, but you can ease the pain for those you leave behind by at least making the paperwork easier.  

As always, call us with any questions. 502-425-8717