Kentucky Disputed Accounted Settlement
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How to fill out Disputed Accounted Settlement?
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FAQ
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.
Under Kentucky's UCSPA, an insurance company is required to deal in good faith with a claimant, whether an insured or a third-party, with respect to a claim which the insurance company is contractually obligated to pay. The statute is ?intended to protect the public from unfair trade practices and fraud.?
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.
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.
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.
Upon receipt of proof of loss from a claimant, the insurer shall begin any necessary investigation of the claim within fifteen (15) calendar days.
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 law states that for fire and extended coverage policies that have replacement cost coverage: ?If a loss requires replacement of items and the replaced items do not reasonably match in quality, color, and size, the insurer shall replace all items in the area so as to conform to a reasonably uniform appearance.
