Kentucky Covenant Not to Sue by Widow of Deceased Stockholder
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FAQ
In California, a community property state, the surviving spouse is entitled to at least one-half of any property or wealth accumulated during the marriage (i.e. community property), absent a pre-nuptial or post-nuptial agreement that states otherwise.
Kentucky has a peculiar set of laws called dower and curtesy, which provide that certain property passes directly to a surviving spouse even before creditors are paid. The first $15,000 of personal property or money on hand goes to the surviving spouse.
Many married couples own most of their assets jointly with the right of survivorship. When one spouse dies, the surviving spouse automatically receives complete ownership of the property. This distribution cannot be changed by Will.
In Kentucky, living trusts can be used to avoid probate for essentially any asset you own. That would include real estate, bank accounts, vehicles, and so on. You need to create a trust document that names someone to serve as successor trustee, the one to take over as trustee after your death.
In Kentucky, the spouse of a deceased person will get everything if there are no children or other descendants, but if there are descendants, spouses generally receive half of the estate.
The surviving spouse will get one-third of the separate property if the couple have two or more children, with the children getting the other two-thirds.
The surviving spouse generally stands to inherit first, followed by the decedent's children, their parents, their siblings and so forth. Under certain circumstances, stepchildren may have priority to inherit over other heirs.
The Spouse's Share in Kentucky In Kentucky, if you die without a will, your spouse will inherit property from you under a law called "dower and curtesy." Usually, this means that your spouse inherits 1/2 of your intestate property. The rest of your property passes to your descendants, parents, or siblings.
Anything that is jointly owned by you and your spouse will pass to the surviving partner automatically, but you can allocate any solely owned property to whomever you choose.