Informal Final Settlement: Affidavit, Motion and Order - courts ky 2025

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A formal settlement must include a detailed record of all receipts and disbursements accompanied by canceled checks. A formal settlement must reflect the distribution to the heirs of their respective bequests.
Upon court motion: Beneficiaries can petition the court for a formal accounting; if the court grants the petition, the executor must provide one.
Informal Settlement An attorney and an insurance company are hired in order to reach a settlement favored by both the parties with written consents and agreements. If both the parties reach an agreement there is no further forgoing of the case and it is dismissed then and there.
Formal Probate: High level of court supervision, with multiple hearings and judicial oversight. Informal Probate: Minimal court involvement, with fewer hearings and more autonomy for the personal representative.
Executors and Administrators have the right to be paid a commission (fee) for their services, but commissions are not required to be paid. The commission is generally capped at 5% of the value of the personal property probate assets.
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Probate involves court-supervised proceedings to settle an estate, typically when a will exists. Estate administration, on the other hand, is generally used when a decedent passed away without a will. Understanding these distinctions empowers individuals to navigate estate matters wisely.

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