When an estate’s real property sells during probate in Kentucky, heirs must sign specific forms to authorize the sale and direct distribution of net proceeds. Below is an overview of the key documents required under Kentucky law.
Detailed Answer
1. Waiver and Consent to Sale of Real Property
Under KRS 395.020, a Personal Representative petitions the probate court to approve a real estate sale. If all heirs sign a “Waiver and Consent to Sale of Real Property,” the court can bypass an appraisal hearing and approve a private sale. The form generally includes:
- Estate name and number.
- Legal description of the real property.
- Heir’s full name and relationship to decedent.
- Unconditional consent to the terms of sale.
- Notarized signature in Kentucky.
Statute reference: KRS 395.020.
2. Affidavit of Heirship (Small-Estate Alternative)
If the decedent’s total real and personal assets fall below the small-estate threshold (currently $50,000), heirs may file an Affidavit of Heirship under KRS 395.010 instead of formal probate. Each heir signs to:
- Establish heirship.
- Authorize sale of property.
- Trigger distribution of proceeds.
Statute reference: KRS 395.010.
3. Release and Receipt for Proceeds
After closing, the Personal Representative prepares a “Release and Receipt for Estate Proceeds.” Each heir’s signature confirms:
- Receipt of their distributive share.
- Full satisfaction of any claim to other assets.
- Compliance with intestate or testamentary distribution under KRS Chapter 392.
Intestate succession details: KRS Chapter 392.
4. Additional Probate Consents
- Renunciation of Right to Serve: Under KRS 391.050, an heir may decline appointment as Personal Representative.
- Consent to Appointment of Personal Representative: Heirs often sign this to expedite estate administration.
By gathering these signed forms, the Personal Representative fulfills Kentucky probate requirements and ensures proper distribution of sale proceeds.
Helpful Hints
- Verify the estate qualifies for small-estate procedure before using an Affidavit of Heirship.
- Use a Kentucky-commissioned notary for all signatures.
- Obtain approved form templates from the local probate court clerk.
- Check for liens or mortgages before closing the sale.
- Calculate distributions following KRS Chapter 392 for intestate estates.
- Keep original signed forms in the estate file for at least seven years.