However, you can keep some assets from going through probate. Kentucky estates that lack a valid will, or a will at all, are left up to the mercy of state intestate succession laws. At Bunch & Brock, our Kentucky estate planning attorney can help you make a will that makes sure your family will be taken care of in the manner that you choose. We believe reflecting on our mortality can help us lead more meaningful lives. Probate Resources for Kentucky Residents | The Potter Law Firm This includes adopted children, but not foster children or stepchildren if they were never legally adopted. Non-probate transfers through payable-on-death beneficiary designation override the laws of intestacy and even wills. Children conceived by you but not born before your death will receive a share if they are born within ten months of your death. V)gB0iW8#8w8_QQj@&A)/g>'K t;\ $FZUn(4T%)0C&Zi8bxEB;PAom?W= Some examples include life insurance policies, retirement accounts, bank accounts, and investment accounts. If there is no will and no designated executor, the . of Educational Accountability. 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. Etc. Technically, no, you do not have to file probate when someone passes away. When your parent dies without a will, you and your siblings are all entitled to an equal share of their probate estate. In addition, a will is important because it enables you to choose your estates executor, the person responsible for carrying out your wishes as stated in your will. I1 .170 Propounder of will may have interested parties summoned. A personal representative, called an executor, who is named in the will or appointed by the court if there is no will, is given the legal authority to gather and value assets, pay debts and taxes, and transfer assets to the people you wish to inherit them. Laws of intestacy dont always follow what would have been a decedents wishes. In Kentucky, is probate needed if there is no will? - Bunch & Brock Probate court supervises the distribution of assets to your creditors, heirs, and/or beneficiaries. Kentucky inheritance laws do allow someone to sign for you if you physically cannot. Kentucky - RequestLegalHelp.com In order of preference, the next of kin may be the decedents spouse, children, grandchildren, parents, siblings, or grandparents. These include the distributions to heirs with the corresponding canceled checks and the basis for compensation for the administrator if they request payment. For information about opting out, click here. They are given 60 days to complete this task and file the inventory with the court. On the other hand, cars, furniture and all other belongings are considered to be personal property. A spouse may be able to prevent probate due to Kentucky's dower and curtesy laws. 0000017290 00000 n Asked in Real Estate Law and Probate for Kentucky on Dec 29, 2022. We are committed to providing each of our clients with a high level of personal service, and we will walk you through each of the steps that must be taken. The courts of Kentucky will almost assuredly name an executor to handle the estates affairs. The average time to complete probate is approximately six to eight months, and cases can take years if the estate is very large, or if someone challenges the will. Its also the most time-consuming and laborious way to take care of an estate without a will. Personal Representative compensation - Kentucky state law limits Executor fees at five percent (but it's common for compensation to be treated the same as reasonable compensations states do) Any bonds required (I.E., Surety/Executor/Probate) Various professional fees. The classes are defined as follows: This inheritance tax is only levied against the estates of residents and nonresidents who own property in Kentucky. The amount of assets you have and how the assets are titled are what determine whether probate is required. . But if none of those relatives survive the decedent, the entire estate is awarded to the spouse. The petition for the appointment of administrator can be found free online through the official. By clicking Submit and submitting my request, I confirm that I have read and agree to the privacy policy of this site and that I consent to receive emails, phone calls and/or text message offers and communications from Probate Advance, and its network and advocates at any telephone number or email address provided by me, including my wireless number, if provided. .280 Nonresidents, persons not parties and infants may have retrial -- Time -- Extent of. varies based on who survives the decedent. However, there are ways to protect your assets from such circumstances. Many valuable assets don't go through probate, and therefore aren't affected by intestate succession laws. 80 0 obj <> endobj We have 156 Kentucky Probate Questions & Answers - Ask Lawyers for Free - Justia Ask a Lawyer . A petition to open probate must be filed with the court. .550 Stock legacy to include split shares, dividends, and shares issued in merger and exchange. Not having one could be viewed as parental malpractice. When you meet with us, we will examine your unique situation and help determine the best way to handle your estate to protect your best interests and those of your beneficiaries. Kentucky Probate Questions & Answers :: Justia Ask a Lawyer We are not attorneys and are not providing you with legal If you're not sure about your legal rights as an intestate heir in Kentucky, then consult with a Kentucky probate attorney to be sure. Who Inherits When Your Spouse or Parent Dies Without a Will in your state? 0000018659 00000 n The complexities of probate law require the guidance of a skilled Kentucky probate attorney. Any person, including the spouse or children, can provide proof of paying these expenses and request that the estate be transferred to them as a preferred creditor. If you can manage to pay off the entire inheritance tax prior to nine months passing since the death, the Kentucky Department of Revenue will apply a 5% discount. Because Kentucky law is set up to get your property to even remote relatives, it is unlikely that the state will wind up taking it. When a decedent dies with both a spouse and descendants, the spouse inherits one-half of the personal property, one-third of the real property to use during their life, and one-half of the real property to sell or give away. The word probate strikes dread into the hearts of most people that have recently lost a loved one. Laws can be confusing so perhaps the best place to start is by defining a few of the terms you will see. Taking into account the dower and curtesy laws, there are additional intestacy succession laws that depend on who are the other surviving descendants of the deceased, including children, grandchildren, great-grandchildren, parents, or siblings.