ANSWERS: 1
  • Nothing personal about where you live (KY is a great state...been to the Derby numerous times). However, it has some antiquated statutes regarding marriage and estates. Briefly, if you don't get new Wills, the surviving spouse would be entitled to an elective share, regardless of what the deceased spouse's Will dictated. The rules are as follows: Surviving spouse may elect to tale an elective share equal to the Dower or Curtesy except that only 1/3 share in real estate of which decedent died seized will be considered. The surviving spouse must renounce the Will in order to claim dower. Dower rights include an estate of 1/2 of the surplus real estate of which the deceased spouse was seized in fee simple att the time of death; plus an estate for life in 1/3 of any real estate of which the spouse was seized in fee simple during the coverture but not at the time of death unless the survivor's right was relinquished; plus 1/2 of surplus personalty. Curtesy rights are the same as Dower rights but not in addition to Dower rights. That being said, the two of you should discuss how you want your respective assets to be distributed and draft new Wills

Copyright 2023, Wired Ivy, LLC

Answerbag | Terms of Service | Privacy Policy