Estate administration is the process of managing and distributing a deceased person’s assets. In Kentucky, several factors affect how long it takes.
While some may hope for a swift resolution, it may not be realistic to expect the process to finish within a month. Simpler estates may take six months.
Legal requirements and procedures
Kentucky has specific legal requirements and procedures for estate administration. These include filing the necessary paperwork, notifying creditors and distributing assets according to the law. Each step requires time and careful attention to detail.
Inventory and valuation of assets
The inventory and valuation of the deceased person’s assets involves identifying all assets. They may include real estate, bank accounts, investments and personal property. Next is determining their value. In Kentucky, the median value of a home is $177,000. Depending on the complexity of the estate, this task alone can take significant time and effort. It may require more than a month.
Creditors
Another aspect of estate administration is dealing with creditors. Executors must notify known creditors of the deceased person’s passing. Meanwhile, executors may need to publish a notice to unknown creditors. Creditors then have a certain period to make claims against the estate. Resolving these claims can prolong the administration process.
Legal challenges and disputes
In some cases, legal challenges or disputes among beneficiaries may delay estate administration. These disputes can arise for various reasons, such as disagreements over the validity of the will or the distribution of assets. Resolving these issues can require mediation or even litigation. Either can extend the timeline of estate administration.
Executors and beneficiaries should approach estate administration with patience and understanding. Thoroughness and compliance with the law are important.