Most adults in the U.S. do not have a will or a trust. According to a survey by Caring.com, only 33% of Americans have one of these estate planning documents. If so many people don’t have a will, you might be wondering whether you need one. Your family can just figure out...
Category: Probate
The Probate Process in Kentucky
Probate is a process that involves the authentication of a person’s last will & testament, the resolution of any outstanding taxes or debts, and the distribution of assets to the deceased’s rightful heirs. Although it is possible to avoid probate by creating a comprehensive estate plan with the assistance of an experienced...
Ways to Avoid Probate in Kentucky
Probate is a court-supervised process that involves the administration of a deceased person's estate. The process typically consists of authenticating a will, paying off debts, and distributing assets to beneficiaries. The probate process is often time-consuming and expensive. Fortunately, as we explain below, there are several ways to avoid probate in...
HOW LONG DOES AN EXECUTOR’S JOB TAKE? | A BOLO Legal Brief
Being the executor of an estate can be a time-consuming job, depending on the size and complexity of the estate. A simple estate can take a few months and not require a huge time commitment. However, if there are problems, the job can drag on for years.
Estate Exemption Amount for Surviving Spouse and Children | A BOLO Legal Brief
Legislative changes in July 2020 saw the exemption amount for Kentucky probate estates double from $15,000 to $30,000. This means that the living spouse of the person who passed away is entitled to receive the first $30,000 of the deceased spouse’s estate before any of the estate will be used to...
Do you know what happens to your debts if you die?
Check out this great article (featuring our own, Josh Berkley!) for insight into how debt is treated upon death. This is just one of the many issues on which estate and probate attorney Josh Berkley provides personal consultation as part of our estate planning services.
As always,...