Only "probate" assets are subject to this statute. Another category of property called nonprobate assets, do not pass through the hands of the administrator and are not covered by the law of Descent and Distribution.
- Joint bank accounts.
- Pension plans and IRAs.
- Life insurance, which goes directly to the beneficiary named in the policy.
- Joint and survivorship real estate, such as personal residence, which will pass to whoever lives the longest.
- Federal estate and Kentucky Inheritance taxes apply to these kinds of nonprobate assets; however, their disposition is not controlled by a will.
Sometimes, your wishes concerning property disposition and tax savings can be achieved by the use of re-titling assets, so that the benefits of joint survivorship ownership can be utilized.
Estate Planning is a highly complicated subject which should be attempted by you only in consultation with your attorney. Prior to consulting with your estate planning attorney, you should locate and organize a current financial statement, income tax returns for three immediate prior years, gift tax returns, divorce decrees, business agreements, partnership agreements, and any existing wills and trusts. This and additional information will be necessary for your estate planner to efficiently plan for accommodating your dispositive wishes as well as maximizing tax savings.
There are multiple complex technical rules regarding the execution of wills and trusts. The lay person who attempts to draft an estate plan does so at his or her peril.