Disclaimer: This article provides general information about Kentucky estate administration. It is not legal advice. For advice on your specific situation, consult a qualified attorney.
Detailed Answer
Court Supervision and Oversight
In Kentucky, the probate court monitors estate administrators. When filing a petition for administration, the court reviews the proposed administrator’s qualifications and bond. The court retains jurisdiction to hear motions, settle accounts, and address misconduct. See KRS 397.210.
Surety Bond Requirements
Kentucky law generally requires an administrator to post a surety bond to protect estate assets. The bond amount typically equals the estate’s value. A professional surety company guarantees payment if the administrator mismanages funds. The court may waive or adjust the bond with unanimous consent of beneficiaries. See KRS 397.220.
Inventory and Periodic Accountings
Administrators must file a detailed inventory of assets within 90 days of appointment. The inventory lists property values under oath. Kentucky law also requires periodic accountings—often annually—detailing receipts, expenses, and distributions. These filings let the court and interested parties track estate administration. See KRS 397.240.
Notice to Creditors and Beneficiaries
The administrator must publish notice to creditors in a local newspaper and send written notice to known beneficiaries. Creditors have a limited window to file claims. Beneficiaries receive notices of account filings and hearings. This transparency lets interested parties object to improper actions.
Removal and Surcharge
If an administrator breaches duties or misuses estate assets, beneficiaries or creditors can petition the court for removal or surcharge—ordering repayment of losses. The court holds hearings and may replace the administrator or enforce bond claims.
Helpful Hints
- Review the probate court docket to track required filings and deadlines.
- Confirm bond amounts and waivers in the original court order.
- Keep copies of all inventories and accountings for your records.
- Monitor local newspapers for creditor notices.
- Consult an attorney if you suspect mismanagement or missed deadlines.