Disclaimer: This is not legal advice. It provides general information under Kentucky law.
Detailed Answer
1. Open Probate and Appoint a Personal Representative
Begin by filing a petition with the district court in the decedent’s county of residence. The court issues Letters of Administration or Letters Testamentary, granting the personal representative authority to manage estate assets.
2. Inventory and Appraisal of Real Property
Within 30 days of appointment, the personal representative must prepare a detailed inventory of all estate assets, including real property, under KRS 395.020. Secure a professional appraisal to establish fair market value.
3. Publish Notice to Creditors
Publish notice in a local newspaper and send direct notice to known creditors in compliance with KRS 394.070. Creditors must submit claims within six months.
4. Petition Court for Sale of Real Property
If estate funds are insufficient to satisfy valid claims, petition the court under KRS 395.070 for an order authorizing sale of real property.
5. Conduct the Sale
Execute the sale following court-approved terms. Kentucky law typically requires a public auction with proper notice and bidding procedures. Deposit net proceeds into the estate account.
6. Pay Claims and Distribute Remaining Funds
Use the sale proceeds to pay validated creditors according to priority rules. After settling debts, distribute any surplus to beneficiaries under the will or intestate succession rules (KRS 394.040).
Helpful Hints
- Initiate probate promptly to protect estate assets.
- Maintain clear records of all transactions and communications.
- Hire a licensed appraiser to determine accurate property value.
- Coordinate with creditors and beneficiaries to avoid disputes.
- Consult a probate attorney for complex estates or unclear title issues.