Some people believe that only wealthy people with complicated assets need wills. However, contrary to this belief, anyone may benefit from preparing a will.
With a will, heirs will have an easier time accessing assets that the testator left to them. Moreover, it allows people to leave detailed instructions on how their executor should allocate assets following their death.
Who can inherit if there is no will?
If your loved one passes on without a will, their assets will be distributed following the state’s intestate succession rules. In Kentucky, the assets of an individual who dies intestate will be distributed to their family members in the following order:
- To their children
- To their parents
- To their siblings
- To their wife or husband
If the person who died is unmarried and has no children, parents or siblings, then their assets will go to their grandparents. If there are none, the executor will distribute the properties to uncles, aunts and their descendants.
In cases where there are no living relatives, the relatives of the deceased’s husband or wife may inherit the assets.
The importance of a will
Writing a will is essential because it lets you specify how the executor should distribute your wealth after your death and dictate who gets what and how much they will have. Moreover, it enables you to keep your wealth out of the hands of estranged relatives.
For example, a married testator wanted to keep their estranged husband out of their will. However, if they have no living parents, siblings and kids, their wealth may go to their estranged spouse if they die intestate. To prevent this from happening, they will need a will to specify where their assets should go instead.