An Estate is the property someone owns. The property may be land, houses, bank accounts, cash, stocks, bonds,
and all property or rights in property. A probate estate is property of a dead person which is administered by an
executor or an administrator.
However, if there is no named beneficiary or the named beneficiary in the will is deceased or the insurance is payable to the person making the will or his estate, then the Will does determine who receives the insurance.
Most, but not all, deeds contain language such as "John Smith and his wife, Susie Smith, or the survivor of them" or "jointly with right of survivorship" or similar language. Bank accounts in which the names are separated by the word "or" are considered joint property. Placing property in survivorship may have the unintended effect of altering the effect of a Will.
Our office will have a copy of the will, but usually only the signed original is valid.
This website has enough information to get you in trouble. Lawyer fees are more reasonable that you may believe.
The executor or administrator's job is to gather and safeguard the property of the deceased, pay debts, taxes and claims against the estate and if necessary, turn real estate or personal property into cash. The executor then distributes any remaining money in accordance with the terms of the will and law. If there is no will, the administrator distributes the money to the deceased blood relatives in a plan set up by state law.
The executor or administrator must provide a preliminary report of the deceased property called an inventory. The executor or administrator must obtain court approval before he pays the heirs the petition for the appointment of an executor or administrator, the inventories, the final settlement and many other papers are required to be filed with the court clerk. The papers filed with a court clerk are a public record and may be examined by anyone. Executors or administrators may incur financial or criminal responsibility for failure to properly perform their duties.
Because the duties are complicated and depend upon the will, the financial circumstances, debts, claims, and state law, you will need a lawyer to figure out what to do in an estate.
Kentucky Inheritance Tax -This is a tax on the gift to each beneficiary, except a surviving spouse, parent
child, grandchild, great-child, step-child, brother or sister of the deceased. Other relatives are taxed at a
beginning rate of 4% continuing upward slowly. The amount is usually such a
small percentage of the estate that tax planning is not nearly as important as transferring
property to people that need to be protected.
DO NOT use this website as a substitute for a lawyer. Consult a lawyer of your choosing. We hope you will choose us.
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