Revocable Living Trust requirements in Kentucky
- You must be at least 18 years old and mentally competent.
- The trust document must name a trustee (you can be the trustee) and a successor trustee.
- You must fund the trust by transferring ownership of assets into it.
- Sign the trust document in front of a notary public. Kentucky does not require witnesses for a revocable living trust, but a notary is mandatory.
- For real estate in Kentucky, you must record a deed transferring the property to the trust with the county clerk where the property is located.
Start your revocable living trust in Kentucky today with a state-specific template.
Create your revocable living trustHow to create a Revocable Living Trust in Kentucky, step by step
- List all your major assets: real estate, bank accounts, investments, vehicles, and personal property.
- Decide who will be the beneficiary (often yourself) and who will inherit after you die.
- Choose a successor trustee to manage the trust if you become incapacitated or pass away.
- Draft the trust document. You can use a Kentucky-specific living trust template or hire an attorney.
- Sign the document with a notary public, and ensure all signatures are notarized.
- Transfer title of assets into the trust's name. For bank accounts, change beneficiary or ownership; for real estate, record a new deed.
Cost considerations
Creating a revocable living trust in Kentucky typically costs between $1,500 and $3,000 if you hire an attorney. Using a do-it-yourself template costs $50 to $200, but you must get it notarized and fund the trust properly. Attorney fees may be higher if your estate is complex.
Kentucky Living Trust: Pre-Start Checklist
Before creating your Kentucky revocable living trust, gather the essentials and understand the state-specific requirements to ensure your document is valid and effective.
- Make a list of all significant assets, including real estate, bank accounts, investments, and personal property, with current values and beneficiary designations.
- Verify that your property deeds and account statements show the exact legal names of all owners, as your trust must reference these accurately.
- Gather contact information for all intended beneficiaries, trustees, and successor trustees, including full legal names, addresses, and phone numbers.
- Have two witnesses available when you sign the trust document; Kentucky does not require notarization for a revocable living trust, but notarizing can help with real estate transfers.
- Identify the property to be transferred into the trust, and plan to retitle real estate deeds and update beneficiary designations on financial accounts (consult your bank for their requirements).
- Check if you have a current will; if so, ensure it is updated to avoid conflicts with the trust, and note that the trust will not avoid probate for assets not titled in its name.
Common questions
Is a revocable living trust worth it in Kentucky?
If you own real estate or have significant assets, yes. It avoids probate, which in Kentucky can be costly and public. It also provides privacy and control during incapacity.
Do I need a living trust or a will in Kentucky?
A will only takes effect after death and goes through probate. A revocable living trust avoids probate and manages assets if you become incapacitated. Many people use both: a trust to hold assets and a will (pour-over will) to catch anything left out.
Can I be the trustee of my own revocable living trust in Kentucky?
Yes. You can serve as trustee, keep full control over your assets, and change or revoke the trust anytime. Just name a successor trustee to take over if you can't.
Do I need to notarize a revocable living trust in Kentucky?
Yes, Kentucky requires the trust to be signed in the presence of a notary public. Witnesses are not required, but a notary is enough to make it valid.