Quick answer: A life insurance beneficiary designation can be challenged in Kentucky for lack of capacity, undue influence, fraud, forgery, or failure to follow the policy’s change procedures, and divorce decrees or separation agreements sometimes require a particular beneficiary. The insurer often files an interpleader and lets the court decide; act quickly, because the funds…
Quick answer: A pour-over will directs any assets left outside your revocable trust at death into the trust, so one document controls distribution. In Kentucky it must be executed with the same formalities as any will under KRS 394.040, it still goes through probate for the poured-over assets, and it should name a personal representative…
Quick answer: Retirement accounts pass to the beneficiary named on the plan’s form, not under your will, and go through no probate. If no beneficiary is named, the account pays to your estate and loses tax deferral. Federal law gives a spouse rights in a 401(k), and a surviving spouse can roll an inherited account…
Quick answer: In Kentucky a joint bank account with right of survivorship passes to the surviving owner automatically under KRS 391.315, outside probate, unless the account agreement says otherwise or the challenger proves the deceased did not intend a survivorship gift. The funds may still be subject to Kentucky inheritance tax and, in some circumstances,…