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How do you avoid probate in Kentucky?

In Kentucky, you can make a living trust to avoid probate for virtually any asset you own\u2014real estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).

Can you administer an estate without probate?

If you are named in someone's will as an executor, you may have to apply for probate. This is a legal document which gives you the authority to share out the estate of the person who has died according to the instructions in the will. You do not always need probate to be able to deal with the estate.

How do I file an estate claim in Kentucky?

The first step is to locate the deceased person's original will. The second step is to file a petition, using form AOC-805, which asks the District Court judge to admit the will to probate and to appoint an execu- tor to administer and settle the decedent's estate.

How do I claim an estate of a deceased person?

The estate of a deceased person must be reported to the Master of the High Court within 14 days of the date of death. Any person that has control or possession of any property or a will of the deceased, can report the death by lodging a completed death notice with the Master.

Can an executor of a will sell property without all beneficiaries approving in Kentucky?

The executor can sell property without getting all of the beneficiaries to approve. However, notice will be sent to all the beneficiaries so that they know of the sale but they don't have to approve of the sale.

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How much does an executor of a will get paid in KY?

(1) The compensation of an executor, administrator or curator, for services as such, shall not exceed five percent (5%) of the value of the personal estate of the decedent, plus five percent (5%) of the income collected by the executor, administrator or curator for the estate.

What is the probate process in Kentucky?

What is Probate in Kentucky. Kentucky probate is the formal, court-supervised process of carrying out one's last wishes by validating their last will & testament (if any), resolving any outstanding debts or taxes, and distributing any remaining assets to rightful heirs.

How much does probate cost in KY?

How Much Does Probate in Kentucky Cost? Depending on the value of the estate assets, probate can cost anywhere from 3 percent to 8 percent.

How long is the probate process in Kentucky?

Depending on the size and complexity of your estate, your probate case can last months to over a year. The Kentucky Revised Statute 395.190 requires all probates to stay open for at least six months. However, disputes or contesting the will may cause your probate case to take much longer.

Is Kentucky a probate state?

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.

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