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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...
Probate is a process by which someone's estate is settled after their death. If you have started creating your estate plan in Kentucky, you will want to protect your loved ones by bypassing probate. These are some steps you can take to avoid it. Gift assets One way...
While in the majority of cases a will is executed without problems, there are circumstances in which it's possible for someone to challenge the validity of a will in the Kentucky courts. Probate issues can be complicated and can have major financial ramifications...
Debt is a common feature of the economic lives of many Kentucky residents. Credit card, mortgage and car payments are part of their monthly budgets. If someone dies owing money to creditors, legal procedures are in place to resolve the debt. Paying debts through your...
When people in Kentucky pass away, their will needs to be probated before the underlying property can be passed to their heirs or beneficiaries. The probate process is overseen by the probate court and involves specific steps. Some assets do not need to go through it...
Losing a loved one is difficult, but it can be even more overwhelming when that family member has left behind an estate. Navigating the probate sale process in Kentucky can be emotionally draining and time-consuming for those still grieving. From understanding the...
