Kentucky Sample Letter for Closure of Estate - Request for Petition Signature
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How to fill out Sample Letter For Closure Of Estate - Request For Petition Signature?
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FAQ
Although there is no statute that requires an estate to stay open for any particular length of time, estates generally do have to stay open for a minimum of six months. This is because KRS Chapter 396 states that creditors of estates have six months to file claims.
If the executor can sell the property for more than 90 percent of its appraised value then they do not need to get the permission of the beneficiaries or of the court.
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.
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.
All creditors that wish to be paid from the estate are required to file a claims against the estate within 180 days (6 months) from the date the personal representative is appointed. Valid debts can be paid after the six months are up.
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.
In Kentucky, unless the will states otherwise, executor compensation is determined as a percentage of the estate value, not to exceed 5%. Typically, the larger the estate, the smaller the percentage.
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.
