Probate for Estates with Assets Under $30,000
This type of Probate Court is often called “Small Estate Administration.” In Kentucky it is known as a Petition to Dispense with Administration. Kentucky law allows the surviving spouse, surviving children, or a preferred creditor (the person who paid the funeral expenses) to ask that the Court not require a full Probate Estate to be opened. Instead, you ask the Probate Court for an Order declaring that the assets pass immediately to you. This process does not take 6 months like normal Probate cases. It also does not require that creditors of the deceased person be paid. It does not even require that someone be appointed as Executor.
Who can file a Petition to Dispense in Kentucky?
This type of Small Estate Administration in Kentucky is ONLY available to the surviving spouse, surviving children, or a preferred creditor. Any other person must open a full Probate Estate to transfer assets of a deceased person. Call Bauman Estate Planning for help filing a Petition to Dispense.
What assets are included on a Petition to Dispense?
The $30,000 limit on assets applies to personal property only. Real estate does not have to be included in that calculation. There may be other ways to transfer real estate after someone passes away, but sometimes the only answer is opening a full Probate Estate in order to sell that property. However, a Petition to Dispense is great for someone who only had a car or a small bank account in their name. It allows you to access those assets quickly and also saves you the time and expense of opening a full Probate Estate.
Every situation is different and there are many exceptions to the rules mentioned here. You should discuss your options with an experienced Kentucky Probate Attorney. At Bauman Estate Planning, we pride ourselves on earning our clients’ trust by providing exceptional legal services and client support. If you live in the Louisville area, I can answer your questions about Probate Court and work through the process with you.
Call Bauman Estate Planning today or click on the link at the top of the page to schedule a phone call with Jason.