Get KY AOC-825 2017-2024

Estate's Affairs The final settlement with the probate clerk may be filed any time after six months following the date of appointment as executor and must be filed at least two years following appointment.

An executor in Kentucky is entitled to payment for his services on behalf of the estate. State laws limit the executor's compensation to 5 percent of the value of the deceased's total estate and 5 percent of the amount of the total income the executor collected for the estate.

In Kentucky, a probate estate must be opened within 10 years of the decedent's death. To open the estate, the person planning to manage the estate files the will in the probate court, along with a petition that asks the court to begin probate and confirm the managing person's position as executor.

But for estates in Kentucky that exceed the small estate's threshold, and for which there is either no Will, or a Will (but not a Living Trust), probate will be required before an estate can be tranferred to the decedent's heirs or beneficiaries. ... The Will must be filed in the county where the decedent lived.

It's not that simple. If you've been named executor in a loved one's will, you might be wondering if you, as executor, have final say in all matters related to the liquidation of the deceased's property and personal belongings. There is no simple answer to this question. The executor does not control the estate.

What An Executor Cannot Do. As an executor, you have a fiduciary duty to the beneficiaries of the estate. That means you must manage the estate as if it were your own, taking care with the assets. So you cannot do anything that intentionally harms the interests of the beneficiaries.

An executor has the fiduciary duty to execute your Will to the best of their ability and in accordance with the law, but it can be difficult to determine the limits of their powers. However, here are some examples of things an executor can't do: Change the beneficiaries in the Will.

The executor of the will is a designated person chosen by the testator, who makes the will, to distribute the property of the testator at death. ... Once all court costs, taxes and debt are paid, the executor of the will distributes the rest to the designated beneficiaries.

By law, an executor owes each beneficiary of a will a fiduciary duty. An executor should never willfully take action that is contrary to the instructions given in the will, nor should he ignore provisions that cause the beneficiaries' claims to weaken. ... Unfortunately, a breach of fiduciary duty is not uncommon.

Tip. The length of time an executor has to distribute assets from a will varies by state, but generally falls between one and three years.

Download and print Form 805 from the official website of the Kentucky Court of Justice (see Resources). ... List all of the deceased person's real estate. ... List all of the deceased person's personal property. ... Fill out the form in full. ... Have each heir sign the "Wavier" section at the bottom of the petition.

In Kentucky, you can make a living trust to avoid probate for virtually any asset you own -- real 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).

But for estates in Kentucky that exceed the small estate's threshold, and for which there is either no Will, or a Will (but not a Living Trust), probate will be required before an estate can be tranferred to the decedent's heirs or beneficiaries. ... The Will must be filed in the county where the decedent lived.

As a rule, you can expect probate to take anywhere from six months to a year in most average cases. Simple probate matters can sometimes be handled more rapidly, while complex estates can take years.

Transfer on Death Deeds in Kentucky A transfer on death deed, or a TOD Deed, allows for individuals to pass real property to a beneficiary upon their death. ... With a TOD Deed, however, the beneficiary has no ownership interest until the original owner dies.