Kentucky Sample Letter for Execution of Petition to Close Estate and For Other Relief
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How to fill out Sample Letter For Execution Of Petition To Close Estate And For Other Relief?
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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.
(1) Administration of the estate of a person dying intestate may be dispensed with by agreement if there are no debts owing by the estate; all persons beneficially entitled to the personal estate have agreed in writing that there shall be no administration; and either there are no claims or demands due the estate, or ...
Kentucky has a lenient time requirement for probate. ing to the Kentucky Revised Statutes 395.010, it must be completed within 10 years after the person's death. However, it is better to file soon after the person's death and to complete the probate process as quickly as possible.
The Living Trust If you have a larger estate, you can avoid a long and expensive probate process by using a technique of asset transfer called a Living Trust. A document called a ?trust document?, which is similar to a Will, is created which names a person who will control the trust.
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.
Establish a living trust: This is a common way for people with high-value estates to avoid probate. With a living trust, the person writing the trust decides which assets to put into the trust and who will act as trustee. When the trust owner dies, the trustee will divide the assets outside of probate.
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.
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.
