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395.605 When informal settlement may be accepted from fiduciary.
(1)
(2)
(3)
Upon the sworn application of any fiduciary, that the fiduciary is the sole
beneficiary of any estate, the court may dispense with the requirements of this
chapter regarding periodic or final 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 or her
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 or her 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.
If a proposed periodic or final 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 or her 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.
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 12, 2012
History: Amended 2012 Ky. Acts ch. 60, sec. 1, effective July 12, 2012. -- 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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