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It is generally considered an honor to be named as a friend or family member's estate representative. However, with that honor comes a number of responsibilities that you have to carry out in accordance with Kentucky law. Although you likely won't get in trouble for...
One of the most important decisions when planning your estate in Kentucky involves selecting an executor. Usually, the chosen individual is considerably younger as the individual creating the estate expects the executor to be around to disperse their assets when the...
Contending with the loss of a loved one in Kentucky or in any other part of the world is often a challenging time. Fortunately, a reliable and trustworthy executor can help families and friends after a loved one passes away. Whether named in a will by the decedent or...
Most people in Kentucky who inherit money from a family member won't have worry about federal estate taxes reducing the amount of their inherited assets as only estates worth more than $12.92 million are subject to it as of 2023. However, do beneficiaries need to pay...
If you've been through the probate process in Kentucky, you know it can be time-consuming and sometimes expensive. However, probate can be a helpful option to administer a decedent's estate. That said, probate processes vary by state. The Uniform Probate Code (UPC)...
In Kentucky, probate or the legal process of distributing a person's assets upon their demise, can significantly affect real estate transactions. Understanding some of the common issues that can arise can help you navigate the probate process and make informed...
Kentucky charges an inheritance tax for some types of beneficiaries. It divides the types of beneficiaries into three categories: Class A, Class B and Class C. Class A The decedent’s spouse, children, grandchildren, parents and siblings fall under Class A. They don’t...
In Kentucky, an estate executor must set up a probate bank account as one of the essential steps in managing the deceased person's estate. The account, held in the name of the estate, is a temporary holding account for the deceased's assets. The account aids the...
When a Kentucky resident dies, the person who assumes responsibility for fulfilling their wishes and distributing their assets is the estate executor. This role comes with great responsibility to the person who passed away, their heirs, and even the state. If someone...
When someone in Kentucky receives an inheritance, they receive assets that have been bequeathed to them by friends or loved ones after they pass away. An inheritance can include real estate, cash, investments, art or anything of value that the deceased individual...
