Disclaimer: This article is for educational purposes only and does not constitute legal advice.
Detailed Answer
1. Check Small Estate Affidavit Eligibility
Under Kentucky law, a small estate affidavit allows certain heirs to bypass full probate for estates composed only of personal property valued at $15,000 or less. To qualify:
- The decedent’s personal property (bank accounts, vehicles, personal effects) must total no more than $15,000. See KRS 394.080.
- No personal representative or executor has been appointed in a formal probate proceeding.
- At least 30 days have passed since the date of death, allowing creditors time to file claims.
2. Identify and Inventory Estate Assets
Create a detailed list of the decedent’s personal property, including:
- Checking and savings accounts
- Vehicles and their titles
- Stocks, bonds, and investment accounts
- Household items and personal belongings
Obtain certified copies of the death certificate, as many institutions require them before releasing assets.
3. Prepare the Affidavit of Heirship
Draft an affidavit that includes:
- Decedent’s full name, date of death, and address at time of death.
- Statement that no probate proceeding is pending and that total personal property does not exceed $15,000.
- List of heirs entitled to inherit under Kentucky’s intestate succession rules (KRS 391.010).
- Description and location of each asset.
- Signature and notarization by the affiant sworn under oath.
4. Allow the Statutory Waiting Period
Once the affidavit is completed and notarized, you must wait at least 30 days from the date of the decedent’s death before presenting the affidavit to banks or other custodians. This waiting period gives creditors an opportunity to file valid claims against the estate.
5. Present the Affidavit and Collect Assets
After the 30-day period, present the original affidavit and certified death certificate to the custodian (e.g., bank, title office). Each institution may have its own internal procedures and may require additional forms. Once satisfied, the custodian will release assets directly to the heirs listed in the affidavit.
6. Distribute Assets to Heirs
Distribute proceeds according to the percentages or shares outlined in your affidavit or under Kentucky intestate succession if no will exists. If a will exists but the estate qualifies as “small,” beneficiaries named in the will receive distribution as specified.
Helpful Hints
- Obtain multiple certified death certificates—banks often require originals.
- Confirm total personal property value before proceeding.
- Check for any named beneficiaries on retirement or investment accounts.
- Keep detailed records of all communications and documents provided to custodians.
- If an estate exceeds $15,000 in personal property or involves real estate, consider full probate or consult an attorney.