People in Kentucky may acquire various property throughout their lives. They may also throw away, give away or sell property throughout their lives as well. However, when people die any property that they own will remain and it is important that people have a plan for distributing it to the people they want to have it after they pass away. This can be done through a Will. This is an important document, but it simply directs other individuals to distribute the property.
It is the responsibility of others to ensure that the property is distributed according to their wishes. If people have a Will, that responsibility falls on the person they named as the personal representative in their wills. This person has an important job and a number of responsibilities during probate. The personal representative takes over responsibility of people’s property after they pass away. They must manage the property and have a duty to protect the assets and distribute them properly to creditors and the heirs of the estate.
Duties of personal representative
Within 60 days of being appointed the personal representative, they must provide an inventory of all the property of the estate and state the values of the property. The personal representative then must pay all the creditors of the estate and any taxes that are owed. The remaining property is then distributed to the heirs in accordance with the Will. After all the property has been distributed the personal representative must settle the estate. This can be done formally with a written record of all distributions or informally with sworn statements from the beneficiaries stating they received their property.
It is very important for people in Kentucky to plan for their deaths. This is done by having a will and other estate planning documentation. In addition to naming beneficiaries, people also need to name personal representatives. These individuals have an important job and people need to select individuals who are trusted, qualified and willing to do it. Estate planning can be a complicated process and consulting with experienced attorneys could be beneficial.