The below article is meant for informational purposes regarding the probate process in Kentucky. Rockpoint Probate Funding DOES NOT provide funding services for estates based in Kentucky.
Understanding the Kentucky Probate Process
Kentucky probate can prevent you and your family members from gaining access to the inheritances a loved one left behind, but it serves an important purpose. During this process, a probate court will validate a loved one’s will to prevent fraud and theft. It’ll also show whether your family pays off any outstanding debts your loved one had before you begin distributing their assets to heirs.
Although going through the probate process in Kentucky is vital, it can be stressful if you don’t know what to expect. Learn more about how it should play out below.
Does Kentucky Require Probate?
Yes, Kentucky does require probate in many instances under Title XI of the state’s Revised Statutes. In some cases, your family can avoid the probate process, but you’ll usually need to present a loved one’s will to a local probate court and have it validated before you can begin distributing any assets.
How Long Does Your Family Have To File Probate in Kentucky Following a Loved One’s Death?
Some states force families to file probate within just one month of a loved one’s death. Fortunately, Kentucky isn’t one of them. According to Kentucky Revised Statute 395.010, your family has up to 10 years to start the probate process.
Many families act long before the 10-year mark, though. Your family can’t legally distribute a loved one’s assets until you’ve gone through the probate process.
Can You Avoid Probate in Kentucky?
Your family likely won’t have the chance to avoid the Kentucky probate process, but there are some situations in which you can skip it. For example, if your loved one did estate planning and created a living trust, your family could steer clear of the probate process. The assets placed in a living trust, including bank accounts, life insurance policies, and retirement plans, automatically transfer ownership to beneficiaries when a person passes away.
Your family might also be able to avoid probate if your loved one left behind a small estate with few assets. Simply fill out a small estate affidavit, known as a Petition to Dispense With Administration in Kentucky, to skip the usual probate process.
What Are the Steps Involved in the Kentucky Probate Process?
The probate process in Kentucky won’t be over and done in a matter of days, weeks, or even months. Kentucky Revised Statute 395.190 states that this process must take at least six months to give creditors enough time to make claims against a person’s estate.
Here are the steps associated with the probate process in Kentucky:
- Finding the original copy of a loved one’s will and presenting it to a probate court in Kentucky
- Probating the will through the clerk in your loved one’s county
- Listing the assets included in a loved one’s will and having them appraised
- Paying off any outstanding debts a loved one owed at the time of their death
- Distributing a loved one’s assets to the appropriate heirs
Once these steps have been taken, the executor of a person’s will can close their estate. They can also receive their executor compensation at this time, if applicable.
How Long Does the Probate Process Take in Kentucky?
The probate process in Kentucky takes at least six months, but it isn’t uncommon for it to take longer. If any disputes arise among your family members, they could cause delays. Your family may have to continue working through the process for well over a year before your loved one’s estate is officially settled.
How Can Estate Planning Impact the Probate Process in Kentucky?
Estate planning plays a significant role in managing the probate process in Kentucky, as it lays the groundwork for how an individual’s assets will be distributed upon their passing. By creating a comprehensive estate plan, which may include wills, trusts, and other legal documents, individuals can streamline the probate process, minimize potential disputes, and ensure their wishes are executed as intended. This proactive approach often involves working with legal professionals to create documents that comply with Kentucky laws and address specific family dynamics.
The Role of Executors in Kentucky Probate
In Kentucky probate, the role of the executor is crucial, as they serve as the main point of contact between the probate court and the beneficiaries. The executor is typically named in the will and is responsible for managing the entire probate process. This includes filing the will with the probate court, notifying creditors and beneficiaries, and ensuring that the deceased’s debts are settled before any assets can be distributed.
Understanding Intestate Succession in Kentucky
When a person dies without a will in Kentucky, their estate is subjected to intestate succession laws, which dictate how assets are distributed among surviving relatives. This legal framework is designed to ensure that the deceased’s assets are allocated fairly, typically beginning with immediate family members such as a spouse, children, or parents. If no immediate relatives are present, the state may look further into the family tree to distribute the estate, potentially reaching out to siblings, grandparents, or even cousins.
What Should Your Family Do When a Loved One Dies Without a Will in Kentucky?
Like many other states, Kentucky has intestate succession laws that help probate courts determine what to do with a person’s assets when they die without a will. These laws call for the person’s estate to enter what is called escheat, which means it will belong to the state of Kentucky for the time being. The state then appoints an executor to guide the estate through probate.
Every case is different, but the state will usually distribute assets to a person’s surviving spouse and children first. From there, they may also consider distributing assets to other surviving family members, such as parents, siblings, and grandparents, based on a person’s family dynamics.
Is There a Kentucky Estate or Inheritance Tax?
Kentucky doesn’t have an estate tax, but it does have an inheritance tax that charges certain people following the distribution of the assets listed in a person’s will. Generally speaking, spouses, children, grandchildren, parents, and siblings are exempt from paying inheritance taxes. However, aunts and uncles, nieces and nephews, great-grandchildren, cousins, and friends might all have to pay inheritance taxes if they receive assets worth more than $500 to $1,000.
Can Your Family Access Inheritances Before the Conclusion of the Kentucky Probate Process?
Unfortunately, Rockpoint Probate Funding is unable to offer inheritance advances in Kentucky at this time, but we are able to serve for estates in several other Southern states. Call us at (888) 263-8588 to speak with a representative.
