Under Kentucky law, a surviving spouse was entitled to half the surplus personal property if their partner died without a will.
A Kentucky woman whose husband died without leaving a will has won a legal dispute over approximately $2.33 million held in investment accounts that named his children as beneficiaries. The Kentucky Court of Appeals has upheld an earlier ruling that Nancy Bobo Perrine is entitled to half the value of the accounts, along with a share of $126,000 in gifts made to her husband’s children and grandchildren shortly before his death. Perrine, known as Bill, who died on February 6, 2024. Nancy married John Bobo in 1955 and had three children. Her husband died in 2002. The court also examined an earlier investment account held with Baird Private Wealth Management with a balance of $409,395 in May 2022.
The dispute arose because Bill had named his children, rather than his wife, as beneficiaries of two investment accounts, according to court records. The court therefore said that the assets remained his property until his death and were subject to Nancy’s statutory interest.
It also said that Bill could withdraw money, change beneficiaries or close the accounts without obtaining his children’s permission. His four adult children challenged a Fayette Circuit Court decision that recognised Nancy’s legal right to a portion of his personal property under Kentucky’s dower law. These were transfer-on-death (TOD) accounts, which allow assets to pass directly to named beneficiaries when the account holder dies. However, the appeals court found that the arrangement did not remove Nancy’s statutory claim to the money. The judges also agreed with the lower court that the children had failed to overcome a legal presumption that the arrangements were intended to deprive Nancy of her rightful share. Bill married, had four children and later divorced. Both accounts named his children as transfer-on-death beneficiaries.
The ruling, issued on Friday concerns the estate of William E.