Why Do I Need a Will?
If you’re like the majority of Americans, you don’t have a Will.  You probably have an idea of who should get what property and when you want them to receive it, but without a Will, probate property will pass under state law– not according to your wishes.

Married couples are often surprised to learn that without a Will, the surviving spouse may receive only a fractional part of the estate.  In Kentucky, the surviving spouse is entitled to the first $15,000.  Additionally, the surviving spouse has dower rights that basically include a 50% interest in real property and a 50% interest in personal property (although the laws of other jurisdictions might apply to out-of-state property).  There are various technicalities, but this is just a general guideline.

The rest of your property descends by statute as follows:

• The children inherit the remainder in equal shares.  If a child had predeceased you, then his share will be divided equally among his own children.
• If you die without a surviving spouse or descendants, your parents or the survivor of them get everything.  After that, your brothers and sisters, or nieces and nephews and their descendants, share the estate. 
• Your surviving spouse receives everything only if there are no surviving children, no parents, no siblings, no nieces and no nephews!  Beyond that, your estate passes through your family tree to more distant next-of-kin.
• The Executor pays your debts, manages your property, and basically serves as your personal representative after you’re gone.  Whether you create the dramatic Will of a soap-opera matriarch or just leave everything to your spouse and children, you should nominate someone to be the ambassador of your intentions.
• Parents should nominate a guardian for their minor children in their Wills.  If you do not nominate a guardian, then a judge will have to make the decision without your input.  Many people will designate one person to be a guardian and another to manage the money for your children in a trust with a trustee independent from the guardian.
• A Will formalizes your intentions so they don’t die with you, but it’s just one of several estate planning documents, including a trust agreement, power of attorney, and living will declaration, that you might need as you work with an attorney to develop and implement a viable estate plan.  Beware of do-it-yourself Will kits and fill-in-the-blank documents!  There is no substitute for legal counsel to navigate you through the bewildering world of estate planning.