Probate proceedings can be costly and time consuming. Having a solid estate plan in place helps alleviate this issue. Kentucky attorneys with deep experience in this area of law know that every state has different ways of addressing the probate issue.
A successful estate plan is one that passes your assets to the next generation while minimizing unnecessary taxation and limiting other expenses. This may include, for example, reducing the need for probate by placing the assets in an appropriate trust. It may also include taking steps to minimize intra-family disputes that could result in a challenge to the estate distribution.
Accounts like 401(k) and 403(b) plans, IRAs and life insurance need beneficiaries assigned. You probably designated a beneficiary when you were first hired, opened the account or purchased the policy.