Legal Question in Wills and Trusts in Kentucky

Re: ''Probate''

There are no outside time limits. An estate cannot make a final distribution until 6 months after it is opened. This is to give creditors time to file claims. Sometimes a partial early distribution can be made but the Executor runs the risk of not having enough money to pay all that is due. Some estates stay open for years. There are some time requirements: (1) an inventory must be filed within 60 days after the appointment of the representative, and (2) an annual settlement must be filed on each anniversary of the opening of the estate. Fees vary from a percentage of 4-8% of the gross estate, including real estate, a flat fee or an hourly charge or any combination. If litigation is involved, the fee increases. For example, an attorney may have a flat fee of $500 for a small estate. Consult local counsel for their advice in the probate court having jurisdiction.