By: Laurie Valentine-COO & Trust Counsel
· That between 60% and 70% of all adults in the United States has never written a Last Will and Testament? Making a Will is the single most important act of Christian financial stewardship we will ever take.
· That for those who have not written a Will, the state in which they reside has a plan of asset distribution written for them? Here in the Kentucky that plan is called the “Kentucky Intestate Succession Statute”. There is a good possibility that Kentucky’s “Will” sets up a plan of distribution that doesn’t meet your family’s needs or your wishes regarding how your assets will pass at your death.
· That the court will decide who will rear any minor children if both parents are deceased and they have not made a Will or included a nomination of guardian provision in their Will for their children? This is a far more important issue than where your assets will go.
· That Kentucky’s plan for asset distribution does not include your church or any other Christian ministry? You also forfeit the option of creating provisions that will benefit both your family and the Lord’s work.
· That without a properly drawn Will, the death taxes and cost of administering your estate may be higher, thereby reducing what will be available for your family?
· That by having a properly drawn Will, you get to choose who serves as executor and guardian for your children? You also get to decide who gets what and when they get it!
· That by having a properly drawn Will you are helping to ease family friction at your death? This is especially important at a time when your loved ones are grieving your loss.
The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.