Kentucky Inheritance Loans and Probate Advance Law
Probate allows the wishes of a deceased person to be honored and the heirs to receive the inheritance to which they are entitled. Each state has their own laws and statutes on how probate is to be handled. These laws determine how long a person has to file probate, what signatures and other paperwork are needed and what property must be included in probate.
What are Kentucky Probate Laws?
Kentucky probate laws are fairly simple compared to some other states. However, the process is still complicated for the average person to understand. It is possible to avoid probate for an estate and to go through the process fairly quickly if there were no complications.
If you are an executor of an estate or a personal representative, you may need the help of a Kentucky probate attorney to guide you through the process. They are up to date on the current laws and know what to do to protect the heirs.
The attorney will assist you in completing documentation, filing the correct paperwork and meeting deadlines. You may have a limited time to file probate after the death of the owner of the estate.
What is the Probate Process in Kentucky?
The process for probate in Kentucky is similar to what happens in other states, but it is important to understand the details. The steps must be followed to ensure probate is completely correct.
- Someone with an interest in the estate must file a petition with the district court in the county where the deceased person had lived. The will must also be presented to the court. An executor must be appointed by the court as listed in the will or a personal representative if no will exists.
- The executor must conduct an inventory of all assets of the estate. They must also list the value of those assets and present the information to the court within 60 days of being appointed as executor.
- The next step is for the executor to pay off all debts owed by the deceased person. This includes filing a final income tax return and paying any amount owed.
- Once the debts have been paid, the executor will distribute any remaining assets to the listed heirs. If there is a dispute with an heir, the court will determine the final distribution, which the executor will follow.
- After all, assets have been distributed to the heirs, a final statement must be prepared and filed with the district court. The document cannot be filed until at least six months after the appointment of the executor. Once these steps have been completed, the probate case will be closed.
The executor or personal representative is not the owner of the estate. They do not have control over the assets or any part of the estate except what power the court gives them. At this time, the court has the control of the estate until distribution is made.
What Property Will Go Through Probate in Kentucky?
Not all property is required to be probated in Kentucky. It is possible to avoid probate with planning. A living trust allows the transfer of property without court supervision. Some assets may be transferred automatically if there is a listed beneficiary or payable upon death. Examples of this type of asset include life insurance policies, retirement plan benefits, and bank accounts. Real property with a second owner may automatically transfer to that owner when the first owner is deceased.
In some cases, it is possible to transfer property without probate. This is called dispensing with administration. For instance, if the property is worth less than $15,000, the surviving spouse may receive the entire property.
How Can You Avoid Probate in Kentucky?
You can avoid probate in Kentucky if you plan ahead. It is possible to avoid the expense and time of the process with a living trust. When you set up a living trust, it allows the named beneficiary of the trust to receive ownership after the person has deceased.
Probate comes with expenses that can be quite costly. It can also take a long time to complete the process. It is often months and even years before the probate process can be completed and the assets distributed. If a family member disputes the will, the timeline can become even longer. A living trust eliminates many of these issues.
How Can You Access Kentucky Inheritance Funds Right Away?
Even if probate takes a long time, there are ways access Kentucky inheritance funds right away. In fact, an heir may gain access to their money in just a few days. This happens with a probate cash advance. It is an easy process, and all personal information is kept secure. You can spend the money you receive as you like.
ProbateAdvance allows you to receive your inheritance funds right away instead of waiting for the estate to be closed. There are no hidden fees, no monthly payments, and no interest because it is not a loan. Your credit history is not important, and you may qualify to receive the money in just a few days.
Do You Qualify for an Inheritance Cash Advance?
It does not take long to find out if you qualify for an inheritance cash advance. If you are an heir to an estate in probate, you may qualify for a probate cash advance. You could receive your money in as little as 48 hours. You can take that money to which you are entitled and use it to take a vacation, buy a new car or make home repairs. You don’t have to wait for months or even years before you receive your inheritance. It is possible to get that money in just two days.
What Do You Need for a Probate Advance in Kentucky?
You just need to provide some information to get a probate advance in Kentucky. You must show documentation which shows you are the beneficiary of an estate. You will also need to choose how much of the inheritance you want to receive now. The money can be placed into your bank account in as little as two days.
What Areas of Kentucky Qualify for an Inheritance Loan?
We provide inheritance loans in all areas of Kentucky, including the following major cities:
- Bowling Green
To find out more about the laws of Kentucky probate and estates, you can review the following resources: