Steps to Probate in Kentucky

Estate planning is the key to either avoiding or minimizing the probate process. Regardless of planning, many cases end with probate. While estate costs and fees can vary wildly, it is generally not nearly as difficult, cumbersome, or costly as many would have you believe. Following is a step by step process for the Executor/Administrator to follow after they have been appointed as the estate representative:

Steps:

1. Obtain and collect all estate assets. Money that is paid to a beneficiary is outside of the estate and can be kept by the beneficiary(ies) without accounting in the estate.
2. Open a separate bank account to place all of the assets. You can use your SS# for that purpose, but we can also apply for separate EIN if you wish.
3. Pay estate debts and ongoing expenses. Pay from the estate account whenever possible to minimize the comingling of your money and estate money. If you pay for something directly, reimburse yourself but keep a receipt and/or spreadsheet of all expenses.
4. If there is real estate, you can use the appointment to list the property with a realtor. In certain cases a separate Motion/Order for sale is required.
5. File Inventory. This must be done within 60 days.  This is list of all assets in the estate. You can email me a spreadsheet or just list and I will prepare to file with court.
6. Once the estate is complete, you will make sure to first pay all debts. This includes my fee and filing fees with the court.
7. Once debts are complete, please schedule a meeting to review the assets and payments. We will then file a Kentucky Inheritance Tax Filing.  There are no taxes if the beneficiaries are any of the following: spouse, children, parents, grandchild, brother or sister.  If any beneficiaries do not fit into one of these categories, there is likelihood that some tax will be due.  We want to pay this prior to any other distribution.
8. Once tax filing is complete, we will arrange for beneficiaries to be paid.
9. When beneficiaries are paid, we will ask them to sign for Informal Settlement of the estate. We are required to wait at least 6 months after appointment to assure any debtors can come forth prior to final settlement.

Estates do not have to be time intensive or costly. For estimate and representation, contact Michael Bouldin by using this Contact Card, email [email protected] or call 859-581-6453