Can a small estate be administered without probate in Kentucky?
The Kentucky Revised Statute 395.455 provides that small estates may be administered without going through probate. In Kentucky, a small estate is defined as an estate with probatable assets worth less than $15,000. Under Kentucky law, this scenario is the only one in which a will does not have to be filed for probate.
Who is the probate attorney in Lexington KY?
Mr. Meyers, a probate attorney in Lexington, KY, helps Executors and Administrators address the particular circumstances presented in each estate situation. What to Do First?
What is the probate process in Kentucky called?
The Kentucky probate process, also called estate administration, is the process of settling a person’s legal and property affairs after death. John Meyers is a Probate Lawyer in Lexington, KY. To discuss the probate process, John can be reached at 859-552-5151.
Do you have to file a will in Kentucky?
Under Kentucky law, this scenario is the only one in which a will does not have to be filed for probate. However, an individual can use what is referred to as a “will substitute” to avoid the probate process.
When do you need a probate attorney in Kentucky?
An analysis of the estate facts should determine whether a formal, court-based, probate process is required. Of particular importance is whether the estate includes any “probate property” or if all of the property is “non-probate property.” If the estate includes no probate property, a formal probate process likely will not be needed.
Under Kentucky law, this scenario is the only one in which a will does not have to be filed for probate. However, an individual can use what is referred to as a “will substitute” to avoid the probate process.
How does dispensing with estate work in Kentucky?
There is also the option of, what is known as “dispensing” with the administration of the estate. In Kentucky, the law allows certain individuals to request that District Court direct the transfer of estate assets without the need for further court proceedings. This is an even simpler method of settling the estate.
When does an estate not need to be probated?
Of particular importance is whether the estate includes any “probate property” or if all of the property is “non-probate property.” If the estate includes no probate property, a formal probate process likely will not be needed.