Use Signature Notifications For Legal Kentucky Personal Forms For Free

You do not have to go through probate in circumstances where the will leaves no personal property, or there is a surviving spouse and the value of property subject to probate is $30,000 or less, or if there is no surviving spouse and someone else has paid at least $30,000 in preferred claims.

The Living Trust If you have a larger estate, you can avoid a long and expensive probate process by using a technique of asset transfer called a Living Trust. A document called a ?trust document?, which is similar to a Will, is created which names a person who will control the trust.

As noted in the Kentucky Revised Statute 395.010, you must file for probate within 10 years of the individual's death. However, filing as soon as possible after the person's death will allow you to complete the probate process promptly.

The Kentucky probate process requires the Fiduciary file an Inventory of the estate probate assets within 60 days after being appointed by the court. The idea is that 60 days should provide the Fiduciary time to complete an investigation of the assets to report in the Inventory.

It involves proving the will is valid, identifying and inventorying the deceased person's property, having the property appraised, paying debts and taxes, and distributing the remaining property as the will directs. In Kentucky, the cost for probate can range from $4,500 to $6,950 or more.

Is Probate Necessary? Probate is not always necessary, but it may be desirable to prevent problems and fraud. In Kentucky, estates with greater than $30,000 in probate assets are typically subject to probate and must be administered through the probate courts.