Trusts and Estates
Trusts and Estates tests wills, intestacy, elective share, trust creation, fiduciary duties, and estate administration under Kentucky statutes. Key sources are KRS Chapter 394 for wills, KRS Chapter 391 for intestacy, KRS Chapter 392 for the surviving spouse's share, and KRS Chapter 386B for trusts.
Wills
A Kentucky will requires testamentary capacity, intent, signature, and two witnesses. Kentucky recognizes holographic wills if the material provisions and signature are in the testator's handwriting. Undue influence, fraud, and duress can invalidate a will. A later will revokes an earlier one by inconsistency or express revocation.
Intestacy and elective share
Under KRS Chapter 391, intestate property passes to the surviving spouse and descendants according to statute, with a share depending on the number of surviving children. A surviving spouse may elect against the will under KRS 392.020 to take a statutory share rather than the will's provision. An omitted spouse may claim a share unless the will shows intent to omit.
Trusts
KRS Chapter 386B adopts much of the Uniform Trust Code. A trust requires settlor capacity, intent, trust property, ascertainable beneficiaries, and a proper purpose. Trustees owe loyalty, impartiality, and prudent administration. Self-dealing is presumptively voidable.
Worked example
T's will leaves everything to charity and omits Spouse. Spouse elects against the will. Under KRS 392.020, Spouse may take the statutory elective share, and the charity receives the residue after the election, unless a valid premarital or postnuptial agreement waived the right.
Traps
Forgetting the two-witness requirement; assuming a holographic will may be partly typed; ignoring the elective share; treating trustee self-dealing as automatically void rather than voidable.