Kentucky Release and Indemnification of Personal Representative by Heirs and Devisees
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How to fill out Release And Indemnification Of Personal Representative By Heirs And Devisees?
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FAQ
In Kentucky, an estate must remain open for at least six months to allow time for creditors to submit their bills to the estate. Thus, a simple estate can be settled in as short a time as six months.
If assets have to be sold to produce funds to pay Joan's debts, the Executors must agree which assets are to be sold. They cannot make unilateral decisions and act on them just because they think it is the sensible thing to do; or because some of the beneficiaries are pressurising them to do it.
Under the Kentucky statute, when someone dies intestate (without a will), their descendants receive a per stirpesdistribution.
The executor can sell property without getting all of the beneficiaries to approve. However, notice will be sent to all the beneficiaries so that they know of the sale but they don't have to approve of the sale.
Most times, an executor would take 8 to 12 months. But depending on the size and complexity of the estate, it may take up to 2 years or more to settle the estate.
As an Executor, you should ideally wait 10 months from the date of the Grant of Probate before distributing the estate.
This extensive, thorough process is known as probate. It does not matter if someone dies intestate or has a Will written out, heirs will still have to go through a similar process. Can a house be sold while in probate in the state of Kentucky? YES!
If an executor breaches this duty, then they can be held personally financially liable for their mistakes, and the financial claim that is made against them can be substantial. In an extreme example of this, one personal representative failed to settle the inheritance tax bill before distributing the estate.
This is because KRS Chapter 396 states that creditors of estates have six months to file claims. Any claims not filed within the six-month period are not enforceable.