Kentucky Law Blog

A will is a legal document that provides instructions. Usually, these instructions relate to how the testator’s assets will be distributed upon their death. However, instructions may also include things like who will look after minor children.  The person tasked with ensuring that the testator’s instructions are carried out is called the executor. They have what is known as fiduciary duties.  What are the fiduciary duties of an executor? The duty of loyalty  Executors have four key fiduciary duties, and the first of these is the duty of loyalty. They must put the wishes of the testator and...

If you are due to execute someone’s estate, then you want to do so as efficiently as possible. Not only will this save you time, but it will mean that the beneficiaries get the assets due to them as soon as possible. Doing that means they are less likely to be nagging you to hurry up, or that they will become unhappy with how long it is taking and perhaps try to remove you as executor. Firstly, it is important to understand that probate will take at least a few months, and in more complex cases, it can take years. Getting an idea of the complexities you will face can help you set realistic...

Your parents passed away recently, and you were named as the estate executor in their estate plan. This means that you are the one who carries out the instructions that they left in that plan. You may start by making an inventory of all of their assets, for example. After you have gathered these assets, you can consult the will to determine how they should be distributed. While doing this, you may discover that your parents still have some remaining debt that hasn’t been paid off. In the case of an unexpected passing, there could be substantial debt – business loans, mortgage loans, car...

As a beneficiary of a deceased’s estate, you will have to wait for the executor to do their job before you get the assets coming to you. While you need to exercise patience and realize this is effectively an unpaid role they are performing, there might come a point where you start to wonder if they are the right person for the job. So what grounds might you have to seek their removal? Here are a few: They are incompetent Let’s say the executor keeps making mistakes which delays the distribution of assets. Or they struggle to remember what they have to do next. In that case, you might have...

When a loved one passes away, sorting through their estate can be a complex process. Intellectual property (IP) rights, such as patents, copyrights, and trademarks, can add another layer of difficulty. These rights, which can be quite valuable, are something your estate has to properly address during probate. Identifying intellectual property disputes Intellectual property disputes often arise when heirs disagree on the ownership or value of IP assets during the probate process. These assets can include written works, inventions, logos, and brand names. Recognizing potential disputes early...