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Is Probate Required in Kentucky?
How Do You Avoid Probate in Kentucky?
Can an Executor of an Estate in Kentucky be Compensated?
How Much Does an Executor in Kentucky Get Paid?
How Long Does Probate Take in Kentucky?
Do All Estates Have to Go Through Probate in Kentucky?
Does a Will Have to Be Probated in Kentucky?
Settling an Estate in Kentucky
How Long Do You Have to File After a Death in Kentucky?
Probate Court in Kentucky
Probate Code in Kentucky
When someone dies, the estate and everything they owned must be distributed to the heirs. This is a process that can’t wait too long. Assets must be managed and protected and the wishes of the deceased person honored.
Probate is the legal process of dispersing the estate of the person who is deceased. The court oversees the tasks to ensure everything follows the stipulations of the will and state law.
Is Probate Required in Kentucky?
Probate is required for most estates in Kentucky. State law dictates how the process is handled and how assets are divided up to the heirs. Anyone handling an estate must know the current law for the probate process.
How Do You Avoid Probate in Kentucky?
You can avoid probate in Kentucky in a few ways. The best option requires planning ahead of time. The estate can be placed in a revocable trust with someone named as beneficiary. The beneficiary takes control of the assets when the decedent has passed away. There is no need to go through probate for any assets that are included in the trust.
In other cases, you may not be able to avoid probate entirely. However, you can keep some assets from going through probate. Assets that have someone named as beneficiary won’t need to be included in probate. Some examples include life insurance policies, retirement accounts, bank accounts, and investment accounts.
If an asset is owned jointly with right of survivorship, it won’t need to be part of probate. The surviving owner will take total ownership of the asset.
Can an Executor of an Estate in Kentucky be Compensated?
Kentucky allows the person who acts as executor to receive compensation for their work. The payment is made out of the assets of the estate.
How Much Does an Executor in Kentucky Get Paid?
The statutes of Kentucky allow for compensation to the executor at up to 5 percent of the value of the estate along with 5 percent of the income that the executor receives into the estate during their management. Along with this amount, the court may decide to increase the compensation if it is determined that the executor performed duties that were beyond what is considered normal. Compensation is detailed in the KRS 395.150.
How Long Does Probate Take in Kentucky?
The timeline for probate can vary, depending on the size of the estate and the complexity. Probate must stay open for at least six months as stated in the Kentucky Revised Statutes 395.190. However, it can often take much longer, especially if there any disputes or other delays. Don’t be surprised if it takes more than a year, especially if the estate is complicated.
Do All Estates Have to Go Through Probate in Kentucky?
Most estates will need to go through probate in Kentucky. Unless they are part of a living trust, they will need to follow the probate process. Kentucky does allow for a simplified process for smaller estates. The term is dispensing with administration and is allowed for states with a value of $30,000 or less.
Along with small administration, estates have the option of a formal or informal probate. Informal probate simplifies the process by having each heir sign a notarized waiver and waives their right to a formal settlement. These options reduce the timeline for probate and make it easier to complete for all involved parties.
Does a Will Have to Be Probated in Kentucky?
A will must be filed with the court regardless of whether the estate must go through probate. The court must prove the validity of the will and settle any disputes if someone contests the will.
Settling an Estate in Kentucky
No matter the size of the estate, certain steps must be followed as it goes through probate. While most steps are the same in every state, Kentucky does have its own rules, especially on deadlines.
- A petition to open probate must be filed with the court. A hearing is held for the court to approve someone to act as executor.
- The executor has the job of notifying the heirs and creditors. They will need to publish a notification in a local newspaper.
- The executor also takes inventory of the estate and appraises anything valuable. They are given 60 days to complete this task and file the inventory with the court.
- The executor will file tax returns and pay any owed taxes. They will also pay any other debts that are filed against the estate by creditors.
- Once all debts are paid, the executor will distribute any remaining assets to the heirs. They may need to liquidate some assets in this process.
These steps are simple, but they can be complicated with larger estates. You may need to talk to a probate attorney for legal advice if you have questions.
How Long Do You Have to File After a Death in Kentucky?
Kentucky has a lenient time requirement for probate. According to the Kentucky Revised Statutes 395.010, it must be completed within 10 years after the person’s death. However, it is better to file soon after the person’s death and to complete the probate process as quickly as possible.
Probate Court in Kentucky
Probate cases are handled by the Circuit Court in the county where the decedent lived. They have the forms necessary to open probate and handle many of the tasks of the process. You can check the Kentucky Courts website to find the information on the court in the county where the decedent lived before their death. This is most likely the court that will handle the probate process.
Probate Code in Kentucky
The laws that cover probate in Kentucky are located in the Kentucky Revised Statutes in chapters 394 through 395. You can read about the laws here.
