There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
CHAPTER 395 PERSONAL REPRESENTATIVES
395.605 When informal settlement may be accepted from fiduciary.
Download pdfchapter regarding settlement of fiduciaries' accounts and may dispense with the
requirements of a surety for the fiduciary and shall accept from the fiduciary an
informal settlement. The informal settlement shall be made, under oath, by the
fiduciary and shall state that the estate was solvent; that all legal claims and debts
have been paid, or if not paid, the manner in which the claims and debts have been
provided for; that the requirements of the inheritance, estate or similar death statutes
have been met and the tax paid, if due and payable; that all court costs have been
paid; the name of the attorney(s), if any, representing the fiduciary, and the amount
of the attorney's fee, and that the beneficiary has received his share. An informal
settlement may be filed at any time after expiration of six (6) months from the
fiduciary's appointment. Upon the filing of the informal settlement, the court may
enter an order discharging the fiduciary, and his surety, if any. When a settlement is
effected in the informal manner, no notice to any person shall be required nor shall
the court be compelled to inquire into detailed items of income or disbursements. (2) If a proposed settlement of a fiduciary is accompanied by a verified waiver executed by all of the beneficiaries of an estate, and none of the beneficiaries is under a
disability, the court shall accept from the fiduciary an informal settlement which
meets the requirements of subsection (1) of this section. Said beneficiaries may
request an accounting of the assets of the estate prior to execution of the waiver. No
verified waiver need be obtained from a nonresiduary legatee who has received and
receipted for his legacy, the canceled check or signed receipt attached to the
proposed settlement being sufficient evidence of satisfaction. The court may require
the fiduciary to execute bond with or without surety to insure the application of the
estate assets to the debts of the decedent. (3) In the event that one (1) or more of the beneficiaries of the estate is under a disability, the court may allow the filing of an informal settlement if the court is of
the opinion that the best interests of the person under the disability would be served. Effective: July 15, 2002
History: Amended 2002 Ky. Acts ch. 362, sec. 2, effective July 15, 2002. -- Amended 2000 Ky. Acts ch. 151, sec. 5, effective July 14, 2000. -- Amended 1988 Ky. Acts
ch. 90, sec. 31, effective July 15, 1988. --Amended 1980 Ky. Acts ch. 259, sec. 24,
effective July 15, 1980. -- Created 1976 (1st Extra. Sess.) Ky. Acts ch. 14, sec. 369,
effective January 2, 1978.
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