The Kentucky Affidavit for Probate Fee Exemption and Order is a form used by individuals in Kentucky who are exempt from paying probate fees due to their indigence or lack of assets. This affidavit must be signed and notarized by the applicant and then filed with the probate court. The affidavit outlines the individual's assets and financial obligations, and is used to determine whether they are eligible for a probate fee exemption. There are two types of Kentucky Affidavit for Probate Fee Exemption and Order: the Standard Affidavit and the Small Estate Affidavit. The Standard Affidavit is used when the estate is valued at less than $25,000 and the deceased had no real estate holdings. The Small Estate Affidavit is used when the estate is valued at less than $5,000 and the deceased had no real estate holdings.
Kentucky Affidavit for Probate Fee Exemption and Order
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The balance of whatever's left over is split among the decedent's parents, siblings or children (regardless of whether those children are the product of the decedent's marriage with his or her spouse). But if none of those relatives survive the decedent, the entire estate is awarded to the spouse.
Settling the Estate The settlement may not be filed until at least six months from the date the personal representative was appointed. KRS §395.190. If settling the estate takes more than two years, a periodic settlement may be required.
Filing Independently Download Kentucky's Form AOC-830. Locate the decedent's will and collect information regarding the estate's debts and assets. Fill out Form AOC-830. Get the form notarized ? if there are multiple surviving children who are filing, they must all swear and sign the petition before a notary.
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.
How Long Does Probate Take in Kentucky? Depending on the size and complexity of your estate, your probate case can last months to over a year. The Kentucky Revised Statute 395.190 requires all probates to stay open for at least six months.
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).
Step 1 ? File a petition with the court (this is called a form AOC-805 in Kentucky) By filing this petition, you are asking the court to admit a will (if it exists) to probate. You are also asking the court to appoint an executor to manage or administer the loved one's estate.
Kentucky Legislature Increases Surviving Spouse/Child Probate Exemption. During the 2020 Regular Session, the Kentucky General Assembly passed House Bill 307, which was signed into law on March 17, 2020 and will take effect on July 15, 2020. HB 307 expands the surviving spouse's exemption from $15,000 to $30,000.