What to Expect During Probate
Administering a loved one’s estate after death can feel confusing and emotionally overwhelming. In Kentucky, this responsibility involves a legal process known as probate. Probate is required to manage, settle, and distribute a person’s assets according to the terms of their will. If no will exists, the estate is handled under Kentucky’s intestacy laws. Whether you have been named as a personal representative (or executor) or are simply trying to understand the process, this guide will help explain the essential elements of probate, including what it is, where it takes place, when the process begins, who is involved, and how to navigate.
What is Probate?
Probate is the legal process used to transfer a deceased person’s property to the people who inherit. This can either be named persons in a valid will or, if no will exists, that person’s next-of-kin under Kentucky’s intestacy laws. Probate may involve validating a will, appointing a personal representative (executor or administrator), collecting and appraising assets, notifying creditors, paying debts and taxes, and distributing what remains. It’s important to understand that not all assets go through probate. Property with designated beneficiaries, jointly owned assets with rights of survivorship, and assets held in a trust typically pass outside the probate process.
Where Does Probate Happen?
The probate process in Kentucky is handled by the District Court in the county where the person resided. If the decedent owned real estate in another state, a separate ancillary probate proceeding will likely be required in that state to transfer ownership of the property.
When Does the Probate Process Begin?
A petition for probate can immediately be filed after a person’s death, however, the death certificate will be necessary to make financial transactions within the probate estate and to interact with most financial institutions and government entities.
Who is Involved in the Probate Process?
The probate process in Kentucky involves several key parties. It typically begins when an interested person files a probate petition to begin the process. If the deceased left a valid will, the court may appoint the person named in the will as the personal representative. This individual is responsible for managing and settling the estate. If there is no will, the court will appoint someone it deems best suited and situated to take on this role.
Beneficiaries and heirs are the individuals or entities entitled to inherit under the terms of the will or intestacy laws. They have the right to be notified of probate proceedings and may challenge the actions of the personal representative.
Finally, creditors may play a significant role as they must be given the opportunity to file claims against the estate for any unpaid debts.
How to Navigate Probate?
This guide provides only a brief overview of the probate process. A licensed Kentucky attorney who specializes in the probate process can offer valuable guidance tailored to your specific situation. If you choose not to retain an Attorney to assist you with the probate process, Kentucky has a guide to basic probate procedures and the necessary legal forms available in the court clerk’s office as well as online. The clerk’s office will provide materials; however, they are unable to give legal advice.
Disclaimer: This post is for general informational purposes only. To learn more about updating your estate plan, visit our website or call us today at (859) 281-0048.