Kentucky Sample Letter for Creditor Notification of Estate Opening
Description
How to fill out Sample Letter For Creditor Notification Of Estate Opening?
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FAQ
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.
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.
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.
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.
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.
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.
