The process of transferring assets after death can often involve court supervision, a procedure known as probate. In Kentucky, this legal mechanism validates a will and ensures orderly distribution of a deceased person’s property. However, several strategies exist to circumvent this process, allowing assets to pass directly to beneficiaries without court intervention. Example methods include the strategic use of trusts, beneficiary designations on accounts, and joint ownership arrangements.
Circumventing the formal probate process offers several advantages. It can save time and expense, as legal fees and court costs associated with probate can be substantial. Avoiding probate also maintains a degree of privacy, as probate records are generally public. In contrast, assets transferred outside of probate remain largely confidential. Historically, probate was the primary method of asset transfer, but evolving estate planning techniques provide more flexible and often more efficient options.
