Kentucky Notice to Client of Proposed Settlement
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How to fill out Notice To Client Of Proposed Settlement?
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FAQ
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.
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.
In Kentucky, unless the will states otherwise, executor compensation is determined as a percentage of the estate value, not to exceed 5%. Typically, the larger the estate, the smaller the percentage.
In cases where settlements take more than two years, then periodic settlements may be required. Probate allows for the possibility of either formal or informal settlements. A formal settlement requires an exhaustive, detailed record of receipts and a record of what has been distributed to the heirs.
Kentucky Revised Statutes | Chapter 395 - PERSONAL REPRESENTATIVES | Casetext. Kentucky Revised Statutes. Title 34 - DESCENT, WILLS, AND ADMINISTRATION OF DECEDENTS' ESTATES.
If the executor can sell the property for more than 90 percent of its appraised value then they do not need to get the permission of the beneficiaries or of the court.
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.
The informal settlement shall be made, under oath, by the fiduciary and shall state that the estate was solvent; that all legal claims and debts have been paid, or if not paid, the manner in which the claims and debts have been provided for; that, for final settlement, the requirements of the inheritance, estate or ...
