Did you know that a poll taken in 2024 revealed that 32% of adults do not have a Last Will and Testament? The percentage didn’t get much higher among adults over 55 years, which showed that just 42% have wills. These results are surprising, especially when you consider what happens without a will.
When someone in Kentucky dies without a will, contrary to what you might think, the surviving spouse does not get everything. In this situation, the state’s 1942 intestacy laws determine who gets their property. The court administrative process can also be lengthy and more expensive than when a person dies with a will. Here’s a simple breakdown of who inherits when there is no will:
- If the person is survived by family:
- Spouse and children: The spouse gets half of the estate, and the children share the other half.
- Children but no spouse: The children inherit everything.
- Spouse and parents but no children: The spouse gets half, and the parents share the other half.
- Spouse and siblings but no children or parents: The spouse gets half, and the siblings share the other half.
- If the person is not survived by close family:
- Nieces and nephews: If there is no spouse, children, or parents, the nieces and nephews inherit everything.
- No family at all: If there are no surviving family members, the estate goes to the state of Kentucky.
It’s important to note that not all property goes through probate. Some assets, like life insurance, a 401k, or jointly owned property, can pass directly to the designated beneficiaries and co-owners and are not affected by intestacy laws. Under the right circumstances, if the deceased had more debts than assets, the estate might be insolvent, meaning there’s nothing left to inherit.
So, why would you not want a will? If you would like information about preparing a Last Will and Testament or have questions about an estate without a will, contract Fred Simon Law at (502) 558-8576 for assistance.