Essential Considerations for Last Will and Testament Planning During National Make-A-Will Month

Will and Testament Planning  National Make-A-Will Month is the perfect time to address a crucial aspect of estate planning; your Last Will and Testament. Whether you are just starting or revisiting an existing plan, having a will in place ensures that your wishes are honored and your family is provided for after you are gone. 

A Last Will and Testament is a legal document that outlines how your assets will be distributed after your death. Without one, your property may be subject to Kentucky’s intestacy laws, which may not align with your wishes. It is important to make sure your will clearly states your intentions for everything from property distribution to the guardianship of minor children. 

Here are a few essential things to consider when planning your will: 

1. Choose the Right Executor  Your executor is responsible for ensuring your will is carried out as per your wishes. This person should be trustworthy, organized, and capable of handling the responsibility. Be sure to choose someone who is both willing and able to serve. 

2. Name Guardians for Minor Children  If you have children under the age of 18, it is essential to designate a guardian in your will. This person will be responsible for their care in the event of your death, so it is critical to discuss your choice with them beforehand. 

3. Address Your Health Care Wishes  While a will is crucial for asset distribution, health care planning tools such as a living will and durable power of attorney are essential to outline your medical wishes in the event you are unable to make decisions for yourself. These documents ensure that someone you trust can make decisions on your behalf regarding medical treatment and end-of-life care. 

4. Review Your Beneficiary Designations  It is also important to review and update your beneficiary designations on life insurance policies, retirement accounts, and other financial assets. These designations take precedence over what is stated in your will, so they need to align with your wishes. 

5. Make Sure Your Will Is Legally Valid  Ensure your will is valid under Kentucky law. It should be signed in the presence of witnesses, and it is often recommended that it be notarized to avoid any challenges after your passing. 

We know this article raises more questions than it answers. Our firm offers a number of legal services designed to help you and your family. We understand that not everyone can come into our office. Unlike other firms, we can make arrangements to come to you. Let us know when you call us at (502) 348–4873 to set an appointment or fill out our contact form, and we will contact you to coordinate a meeting based on your individual needs.