who does the attorney represent in probate in kentucky

The plain language of this court rule is clear that an attorney appearing in the probate court on behalf a fiduciary represents the fiduciary, rather than the estate.

Full Answer

How does probate work in the state of Kentucky?

Statutory Reference. The law covering probate actions is found in the Kentucky Revised Statutes, Chapters 394 through 395. Attorney Referral. If you need an attorney, the following bar associations can refer you to an attorney in your area: Kentucky Bar Association Lawyer Locator Service www.kybar.org Fayette County Bar Association 859-225-9897

Why hire a probate attorney in Lexington KY?

Mar 26, 2019 · How Does Probate Work in the State of Kentucky? When someone dies, their estate often has to go through probate. Probate is the process by which an estate is settled under the supervision of the court. If there is a will, the executor/personal representative is nominated in the will to represent the affairs of the estate.

What is the small estate limit in Kentucky probate?

Frequently Asked Questions —. 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 …

How can I shorten the probate process in Kentucky?

Big firms often charge 5 percent of the estate. For a $5 million estate, this would translate to attorney fees of $250,000 — a huge difference from my hourly fees. A typical fee for my total services on estate administration is less than $2,000. …

Do I need a lawyer for probate in Kentucky?

Just as with any other legal proceeding, individuals have the right to handle probate matters without an attorney. However, please remember that self-represented litigants are required to act in accordance with the Kentucky Revised Statutes and any local court rules.

What is a representative in probate?

A Personal Representative (commonly referred to as an Executor) of an estate is an individual or institution designated to administer the estate of a decedent. ... The primary duty of a Personal Representative is to protect the estate in a manner consistent with the decedent's wishes.Jul 1, 2020

What is power of attorney in probate?

When someone appoints another person to deal with their affairs and make deicisons for them, this is called giving them power of attorney and this is done through a legal document.

How does probate court work in Kentucky?

Settling an Estate in Kentucky A petition to open probate must be filed with the court. A hearing is held for the court to approve someone to act as executor. ... The executor will file tax returns and pay any owed taxes. They will also pay any other debts that are filed against the estate by creditors.

Who can be a personal representative for probate?

A personal representative is the person, or it may be more than one person, who is legally entitled to administer the estate of the person who has died (referred to as 'the deceased'). The term 'personal representatives', sometimes abbreviated to PR, is used because it includes both executors and administrators.

Who is legal representative of deceased?

" 'legal representative' means a person who in law represents the estate of a deceased person, and includes any person who intermeddles with the estate of the deceased and where a party sues or is sued in a representative character the persons on whom the estate devolves on the death of the party so suing or sued."

Who makes decisions if no power of attorney?

If you have not given someone authority to make decisions under a power of attorney, then decisions about your health, care and living arrangements will be made by your care professional, the doctor or social worker who is in charge of your treatment or care.Mar 30, 2020

Who is executor in power of attorney?

The agent serving under your power of attorney only has power and authority to act during your lifetime. Conversely, the executor is a person who is appointed by the probate court to close out your estate when you pass away. The executor only has power to act after your death.Apr 7, 2019

Can an executor override a beneficiary?

Ways an Executor Cannot Override a Beneficiary An executor cannot change beneficiaries' inheritances or withhold their inheritances unless the will has expressly granted them the authority to do so. The executor also cannot stray from the terms of the will or their fiduciary duty.May 12, 2021

How much does an estate have to be worth to go to probate in KY?

Which Estates Go Through Probate in Kentucky? Typically, those estates with greater than $15,000 in probate assets will be subject to probate. So what kind of assets are probate assets? Generally, any assets held in an individual's name only are subject to probate.Apr 27, 2019

How do you avoid probate in Kentucky?

In Kentucky, living trusts can be used to avoid probate for essentially any asset you own. That would include real estate, bank accounts, vehicles, and so on. You need to create a trust document that names someone to serve as successor trustee, the one to take over as trustee after your death.Sep 21, 2016

Can money be released before probate?

Although there are some exceptions, it is usually against the law for you to start sharing out the estate or to get money from the estate, until you have probate or letters of administration.

How long does probate take in Kentucky?

Probate in the state of Kentucky usually takes about 6 to 12 months. Estates generally have to stay open for six months, because this is the amount of time creditors have to file a claim. Any creditor claims that are filed more than six months after an estate is opened are unenforceable. For this reason, it is usually recommended that the personal representative does not make any distributions to beneficiaries until the six-month period has expired. Otherwise, the assets within the estate may not be sufficient to satisfy the claims of all creditors, which would make the personal representative personally liable for the shortfall.

What happens to an estate when someone dies?

When someone dies, their estate often has to go through probate. Probate is the process by which an estate is settled under the supervision of the court. If there is a will, the executor/personal representative is nominated in the will to represent the affairs of the estate. If there is no will, a personal representative is appointed by the court.

How long does a personal representative have to make distributions?

For this reason, it is usually recommended that the personal representative does not make any distributions to beneficiaries until the six-month period has expired. Otherwise, the assets within the estate may not be sufficient to satisfy the claims of all creditors, which would make the personal representative personally liable for the shortfall. ...

What is a personal representative?

The personal representative is charged with handling the affairs of the estate. This may include gathering and valuing the assets and property owned by the estate, paying the estate’s debts and taxes, and distributing the remaining property and assets to the heirs and beneficiaries (as per the terms and conditions of the will).

What is the $15,000 exemption for estate?

If there is property within the estate, the court may still “dispense with administration” if you meet certain qualifications. The first qualification is that the total value of the assets within the estate must be $15,000 or less. The second qualification is that the only ones allowed to be heirs to the property in the estate are spouses and children. It is important to note that the $15,000 exemption amount is after all preferred claims to the estate have been satisfied. Preferred claims include funeral costs, federal and state tax debt, and estate administration costs (e.g., CPA and attorney fees).

Can you have probate in Kentucky without a beneficiary?

Probate in Kentucky can be a stressful process, and it is generally best to avoid it if at all possible. By designating beneficiaries to certain assets ahead of time, your estate may qualify for a more simplified process if you have little or no assets that are in your name only and/or without a beneficiary designation.

How much is probate in Kentucky?

Kentucky probate law allows some probate estates valued at no more than $15,000 (and sometimes a little more depending on the facts) and having no real estate to be administered through a simplified process called Dispense with Administration.

What is probate in estate?

Probate. The term “Probate” can be used in several ways, including as a synonym for the estate administration process, as used in this discussion. Sometimes probate is used more narrowly to refer to the task of submitting the Will to the court (“to probate the Will”). And, as is explained above, “probate property” differs in important ways ...

What is non probate property?

Non-probate property includes items that pass from the decedent to another person by a mechanism other than the court-based probate process. These items include: 1 Jointly-owned property with “right of survivorship.” Examples include, but are not limited to, certain bank accounts and real estate jointly owned by married couples. Upon the death of a joint owner, the decedent’s interest in the right-of-survivorship property automatically passes to the surviving joint owner outside of the probate process. 2 Properties, such as retirement plans and life insurance policies, that have beneficiary designations as part of the property contract. These properties are distributed directly by the retirement plan or insurance company to the designated beneficiaries. Note that only the designated beneficiaries of these properties, and not the Executor or Administrator, have authority to get information about and apply for the distribution of these items. 3 Some bank accounts and investment accounts offer “pay on death” or “transfer on death” features that allow the owner to designate beneficiaries to receive these assets after death. As with many retirement plans and life insurance policies, these properties are paid out directly to the designated persons outside the probate process. 4 Properties that have been transferred to the name of a trust prior to the decedent’s death. After the decedent’s death, these properties are handled and transferred as directed by the trust document outside the probate process.

What is probate process?

In summary, however, the probate process often involves: Presenting and proving the validity of a decedent’s Will to the probate court, Seeking the appointment of an Executor or Administrator to handle the probate process, Determining and paying the decedent’s debts and other obligations of the estate, and.

When is a fiduciary required to file a periodic settlement?

If an estate remains open with the probate court for more than two years, the Fiduciary is required to file with the probate court at the second anniversary a Periodic Settlement, which includes an accounting report of (i) the transactions of the estate for the first two years of administration and (ii) the property then remaining in the Fiduciary’s hands. A similar Periodic Settlement is required to be filed by the Fiduciary on each anniversary thereafter that the estate is open. Most estates are completed before the second anniversary and no Periodic Settlements are required to be prepared and filed for those estates.

Who is responsible for paying the debts of the decedent before distributing the probate property to the estate beneficiaries?

The Fiduciary is responsible for paying the valid debts of the decedent before distributing the probate property to the estate beneficiaries. In some estates, satisfying the debts is no challenge for the estate. At the other extreme, in some estates the decedent’s debts fully consume, and even exceed the value of, the probate assets. At an early point in the estate administration, the size of the debts relative the value of the probate assets needs to be carefully considered.

What happens to a joint owner after death?

Upon the death of a joint owner, the decedent’s interest in the right-of-survivorship property automatically passes to the surviving joint owner outside of the probate process. Properties, such as retirement plans and life insurance policies, that have beneficiary designations as part of the property contract.

How much does Probate cost?

Probate attorneys may charge an hourly fee or a percentage of the estate for the work they perform. I charge by the hour, and my retainer fee is $1,500. Many of my clients will not pay more than the $1500 retainer.

How long does Probate take?

Kentucky law requires that an estate be open for six (6) months. Many estates can be finalized and closed right after the six-month date. Of course, the amount of time that an estate stays open can vary depending on numerous factors. Most simply stated, if there are no problems, or problems are avoided, the estate can settle sooner.

Does a person get paid for serving as an Executor?

Yes. Kentucky law makes it clear a fee is to be paid for the Personal Representative’s services.

Do all assets need to go through Probate?

Certain assets, such as those held in Trust, life insurance proceeds, and retirement accounts may be distributed directly to beneficiaries. As your lawyer, I can advise you on which assets need to go through Probate, and which do not.

So, who does the Probate Attorney really represent?

The answer to that question depends on the state in which the estate is being probated.

McDonald Law Firm is here to help

Everyone’s goal should be for the settling of the probate estate to go smoothly. Understanding the lawyer’s role will go a long way towards achieving that goal. If you have questions or would like to discuss your personal situation, we are available to have a consultation with you via telephone or via video conferencing if you prefer.

What is probate after death?

Probate is the legal procedure by which a deceased individual’s property passes to others after his or her death. Probate is usually necessary whether the person died with a will or without a will (which is known as “intestate”). Upon death, the decedent’s interests are no longer those of a living person.

What is an interested party in probate?

An interested party is someone who has some financial interest in the settlement of the decedent’s estate.

When does probate occur?

When Does a Probate Proceeding Occur? If the decedent left a will and named someone as executor, that person typically retains an attorney to initiate a probate proceeding on his or her behalf. In such a case, the executor is the attorney’s client.

What happens to an estate when a person dies?

Upon death, the decedent’s interests are no longer those of a living person. In a probate proceeding, assets, liabilities, and any other financial matters become the interest of the “estate” of the deceased. The estate, however, must be represented by a living entity.