When someone passes away, their debts don’t simply disappear. Instead, the estate is responsible for settling outstanding liabilities. For heirs and executors in Kentucky, understanding how these debts are handled is crucial to ensuring a smooth probate process and preventing complications.
This blog will provide an overview of how...
When a loved one passes away, navigating the probate process can be an emotionally challenging and legally complex task. The probate process involves administering the deceased’s estate, settling debts, and distributing assets to beneficiaries. While some may consider handling probate on their own to save money, hiring a probate attorney can be...
Navigating the probate process can be a daunting task, especially if you're serving as the executor of an estate. In Kentucky, the probate process involves several legal and administrative steps to ensure the deceased’s assets are distributed according to their will or state law. This guide will walk you through the essential...
Once a person passes on, someone has to attend to and wrap up their financial affairs. This is referred to as settling the estate. It involves collecting the deceased’s assets, paying their debts, and distributing the remaining assets according to the terms of the will or according to the state law in...
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...
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...
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...
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.
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...
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,...
