Kentucky Sample Letter regarding Revised Petition to Close Estate and For Other Relief
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How to fill out Sample Letter Regarding Revised Petition To Close Estate And For Other Relief?
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FAQ
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.
Probate for Estates with Assets Under $30,000 This type of Probate Court is often called ?Small Estate Administration.? In Kentucky it is known as a Petition to Dispense with Administration.
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. KRS §§394.140, 394.145.
Kentucky has a lenient time requirement for probate. ing 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.
The estate has a low value If a person dies with an estate worth $15,000 or less, and the only people inheriting from the estate are a spouse and/or children, the court can dispense with administration.
Settling the Estate After paying the debts and any income and death taxes owed by the estate, and after distributing any remaining assets of the estate to the heirs, the personal representative must prepare and file a final settlement with the District Court using form AOC-846. KRS §§395.190, 395.510.
Unlike most other states, Kentucky utilizes the ?dower and curtesy? inheritance structure. If a spouse dies without a will, the spouse receives the dower share, but not the entire estate. Because of these laws, you'll want to consider a will to designate how you want your assets distributed, despite being married.
If the estate is $30,000 or less, and there is no real estate, then either the surviving spouse, surviving child or a preferred creditor may file a petition to dispense with administration of probate.
