Many misconceptions about probate exist in Kentucky. These myths can be harmful, as they can often result in financial strains and unnecessary stress. To help you avoid costly mistakes, here are three common myths debunked by facts and governing statutes.
Having a will can help you avoid probate
If you hear from someone that having a will can help you avoid probate, they are incorrect. You will still go through the probate process, even if you have one.
In Kentucky, possessing more than $30,000 in probate assets subjects the estate to the probate process. The court then validates and distributes assets to beneficiaries named in the will. Conversely, non-probate assets, such as joint tenancies and retirement accounts, can bypass the probate process entirely.
Avoiding creditors is possible
Debts do not disappear after your death. Upon your passing, unpaid bills become part of your estate. As such, creditors can still collect payment.
The probate process involves debt settlement. Your assigned executor uses the estate’s assets to repay all outstanding balances. As part of the probate protocol, they must notify the creditors about your death before repayment.
Going through probate can take years
The most common myth about probate is that the process can be lengthy. While this has some truth, the probate period varies depending on your estate’s complexity and contestations.
Generally, probate in Kentucky occurs within six months to one year. This timeline can extend if family members challenge the will or if complications emerge in asset transfers.
Plan for your estate now rather than later
Debunking the common myths about probate can help you see the process more clearly and objectively. With this perspective, consider starting your estate plan as early as now. Doing so can assist in preparing your family’s future after your passing. Gaining legal guidance can direct you to the appropriate direction.
