Kentucky Sample Letter for Release of Funds into Decedent's Estate
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How to fill out Sample Letter For Release Of Funds Into Decedent's Estate?
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FAQ
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.
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.
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.
A Kentucky small estate affidavit, called the ?Petition to Dispense with Administration,? is a legal document that permits estates to be distributed without probate. The process of administering an estate through court can be a relatively long and costly process.
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.
All creditors that wish to be paid from the estate are required to file a claims against the estate within 180 days (6 months) from the date the personal representative is appointed. Valid debts can be paid after the six months are up.
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.
