What authorization forms must an heir sign to direct distribution of real property sale proceeds in Kentucky
When an estate’s real property sells during probate in Kentucky, heirs must sign specific forms to authorize the sale and direct distribution of net proceeds. Below is an overview of the key documents required under Kentucky law. Detailed Answer 1. Waiver and Consent to Sale of Real Property Under KRS 395.020, a Personal Representative petitions […]
Read article →How Can a Former Spouse or Survivor Assert Entitlement to Surplus Funds Following the Owner’s Death or Divorce?
How Can a Former Spouse or Survivor Assert Entitlement to Surplus Funds Following the Owner’s Death or Divorce? Detailed Answer In Kentucky, surplus funds become available when a foreclosure sale or sheriff’s sale brings in more money than is needed to satisfy all valid liens and costs. KRS 426.520 et seq. governs how these excess […]
Read article →How to Distinguish a Deceased Person’s Estate Assets from a Relative’s Corporation Assets in Kentucky
How to Distinguish a Deceased Person’s Estate Assets from a Relative’s Corporation Assets in Kentucky How to Distinguish a Deceased Person’s Estate Assets from a Relative’s Corporation Assets in Kentucky Detailed Answer When a loved one dies, you must identify which assets belong to the decedent’s estate and which are held by any corporation the […]
Read article →What options exist for selling or auctioning personal property to reimburse estate expenses and equalize distributions among heirs?
What options exist for selling or auctioning personal property to reimburse estate expenses and equalize distributions among heirs? Detailed Answer When someone dies in Kentucky, their personal representative (executor or administrator) must pay estate expenses and then distribute assets under KRS Chapter 396. If the estate holds personal property—furniture, jewelry, collectibles—the representative can sell or […]
Read article →What rights does a life estate grant to a lifetime beneficiary and how is a remainder interest determined under Kentucky law?
Detailed Answer Under Kentucky law, a life estate and a remainder interest are types of future interests in real property that help control ownership across generations. The life tenant (also called the lifetime beneficiary) holds the property for the duration of a specified life, and the remainderman holds the interest that takes effect when that […]
Read article →Who Is Eligible to Receive Surplus Proceeds When the Property Was Solely in the Deceased Spouse’s Name in Kentucky?
Detailed Answer When a property titled solely in a deceased spouse’s name sells at foreclosure, any sale price in excess of outstanding liens and costs becomes surplus proceeds. In Kentucky, those funds do not automatically go to a surviving spouse. Instead, Kentucky law treats surplus proceeds as part of the deceased’s estate and requires the […]
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