How Much Does an Estate Have To Be Worth To Go To Probate in Kentucky?
In Kentucky, there is a widespread misunderstanding that merely having a Last Will and Testament in place will bypass the probate process. However, this is not the case. Even if you have a Will, your estate may still need to go through probate proceedings. More importantly, it is critical to understand the specific types of estates that are subject to probate in Kentucky to ensure that your estate planning and management are handled appropriately.
What Is Probate?
Probate is the legal process that takes place after someone passes away. It involves proving in court that the deceased person’s Will is valid, taking an inventory of the deceased person’s property, paying debts and taxes, and distributing the remaining property as the Will directs. The probate court oversees the entire process to ensure that the deceased person’s assets are distributed correctly to creditors, heirs, and beneficiaries according to the law and the terms of the Will.
When Is Probate Required?
In Kentucky, estates with a value exceeding $30,000 in probate assets are generally subject to the probate process and must be administered through the probate courts. While it is common for individuals to seek ways to avoid probate due to its time-consuming nature, the process serves the valuable purpose of preventing fraud and ensuring that the deceased’s assets are distributed in accordance with their Will or state law.
During probate, the court ensures that debts and taxes are paid and that the remaining assets are distributed to the rightful heirs or beneficiaries. It provides a legal framework for resolving any disputes and ensures that the deceased person’s wishes are carried out in a fair and transparent manner.
Which Estates Do Not Go Through Probate?
Even if the total value of your estate exceeds the $30,000 threshold, it is possible to avoid going through the probate process by ensuring that certain assets are titled in a way that exempts them from probate. These assets may include:
- Real estate held in joint tenancy
- Assets held in a living trust
- Payable-on-death bank accounts
- Transfer-on-death securities, and
- Life insurance proceeds with named beneficiaries
By properly titling these assets, you can potentially bypass probate and streamline the transfer of these assets to your beneficiaries.
What Happens With Small Estates?
In Kentucky, individuals with small estates may be exempted from the probate process under specific conditions. Probate may not be required if the deceased’s Will does not include any personal property, if there is a surviving spouse and the value of the property that is subject to probate is $30,000 or less, or if there is no surviving spouse and someone else has paid at least $30,000 in preferred claims. In such situations, a simplified probate process known as “summary probate” is available for small estates, making it more convenient for survivors to transfer the property of the deceased individual.
To Learn More About the Probate Process in Kentucky, Contact the Legal Team at Hoffman Walker & Knauf Today
Hoffman Walker & Knauf’s team of experienced estate planning attorneys are dedicated to helping individuals in Northern Kentucky establish detailed and custom-tailored estate plans that reflect their unique circumstances and objectives. It is important to understand that estate planning is not exclusively for those with substantial wealth – anyone with assets and familial responsibilities should prioritize creating an estate plan to ensure their loved ones are taken care of in the future.
To learn more about estate planning or to discuss your specific estate situation in more detail, contact an experienced Kentucky family law attorney at Hoffman Walker & Knauf today to get your questions answered.
