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Kentucky Law Blog

What is probate and why should I try to avoid it?

by | Aug 23, 2023 | ,

Probate is the legal process that is used to transfer title of assets from the decedent (person who passed away) to his or her devisees (recipients named in the will) or heirs (recipients named by law).  Probate can be informal or formal, depending on the situation which includes but is not limited to looking at the amount of assets owned at the time of passing and how those assets are titled. The probate court will validate the will, if there is one, or apply the intestate laws, if there is not, to distribute assets and settle debts. Intestate laws apply when there is no will and the assets...

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What are the grounds for challenging the validity of a will?

On Behalf of | Aug 4, 2023 |

Writing a will is a significant step in helping to ensure one's assets are distributed according to their wishes after death. However, there are situations when the validity of a will may be questioned, leading to disputes and legal battles among the interested parties. In Kentucky, there are specific grounds upon which a will's validity can be challenged. Some of the most common are detailed below. Lack of testamentary capacity One of the primary grounds for challenging a will is the alleged lack of testamentary capacity of a will creator. Testamentary capacity refers to the mental and...

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When does the role of an executor begin?

On Behalf of | Jul 17, 2023 |

Being appointed an executor of an estate can be a significant responsibility. When the testator dies, you will manage their estate and distribute it to heirs. But when will you assume your duties? Here is what you should know: Immediately after the testator dies Most executor duties commence when the will goes to probate. However, there are exceptions – you may need to assume your responsibilities when the testator dies. This includes registering the death, setting up funeral arrangements and paying reasonable funeral expenses. You may also take steps to care for and preserve the deceased’s...

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How fast can you get through probate?

On Behalf of | Jul 10, 2023 |

With someone dies, their estate will usually have to go through a process called probate. This process is intended to make sure that your final debts are paid (if possible) and make sure that your remaining assets are properly distributed.  Probate can take several months – anywhere between a year to a year and a half. The length of probate often depends on the complexity of your estate and the assets listed in your will. Probate could also lengthen if your beneficiaries dispute the validation or clarity of your will or had issues with the assets allocated to them. Is there any way to...

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How to communicate with an estate’s heirs

On Behalf of | Jul 5, 2023 |

After a testator's death, your role as their executor will begin -- and one of your primary jobs is making sure that the probate process is properly opened and completed. While going through the probate procedures, you will often find it necessary to communicate with the testator's heirs. Here are some tips that can help: Inform the heirs that probate on the estate has begun When you take the will to probate, you will notify the beneficiaries and other interested parties. This alerts them that estate administration has begun. Your notice should also inform them they can request a copy of the...

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Can a family business survive sibling disputes?

On Behalf of | Jun 20, 2023 | ,

Family businesses are a cornerstone of American society, with half the nation’s GDP generated by small family-owned businesses. Customers may like the familial atmosphere of seeing two or three generations working together or the dynamic of sisters and brothers melding family and work life together. Still, that dream can become a nightmare if siblings are at odds with one another, which is why an estimated 77% of businesses fail, often by the third generation. Conflicts are a common cause Blood may be thicker than water, but unrelated business partners often come together because of similar...

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A personal guarantee may help with business debt collection

On Behalf of | Jun 15, 2023 | ,

Every reputable business's lifeblood involves contracts. They stipulate terms for sales and services provided, price and dates for suppliers, and should include clauses that address foreseeable issues that cause one party not to meet the terms. While it makes good business sense to keep business finances separate from personal ones, Business A may request a personal guarantee if Business B is a partnership, LLC, C corporation, trust or other legal structure. The signee/guarantor for Business B becomes legally liable for a business’s unpaid debt regardless of the business's structure. Vendors...

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Some divorces require litigation

On Behalf of | Jun 5, 2023 | ,

Most divorces are handled through some form of mediation rather than in court, and many family law attorneys will argue against litigation as expensive and time-consuming. This is fine if the split is an amicable one, or the two sides are open to negotiating a fair and equitable solution. Still, litigating a case may be the best way to resolve issues where the spouses do not see eye-to-eye. Common reasons for using it The issues and circumstances involved in divorce are unique to the people involved, but there are five common reasons to litigate a divorce: The spouses do not cooperate:...

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Creditors’ claims are often a part of probate

On Behalf of | May 22, 2023 |

The probate process settles the decedent's affairs. For families and beneficiaries, this means dividing up assets like money, belongings, investments, and other things of value. Some are surprised that it also involves paying off any outstanding bills owed to creditors. While up to $30,000 will be exempt from creditor claims and pass to spouses or children, creditors can open the estate to collect money owed. It can happen even if no one is handling the administration. The priority goes toward paying creditors The estate must pay all outstanding bills. While the personal representative...

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Businesses often face the risk of contract disputes

On Behalf of | May 16, 2023 |

No matter how well an owner runs a business and how much due diligence they exercise, contract disputes will occasionally occur. It may involve a customer, a vendor, an employee or a partner. They may accuse the owner or business of breach of contract and even file a lawsuit. Not all lawsuits end up with a judge's ruling, nor does filing the lawsuit justify the plaintiff's claim. Still, a business or owner must defend their professional and legal interests when accused of a breach. Two types of breaches Contracts cover many types of business agreements, but there are two common legal...

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