395.455 Transfer of assets without administration.

276 words·~1 min read·/ky/chapter-395/395-455

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Where the exemption of the surviving spouse alone, or together with preferred

claims paid by a widow or by the widower where the wife's estate is legally liable

for payment, equals or exceeds the amount of probatable assets, the court may order

that administration of the estate be dispensed with and such assets be transferred to

the surviving spouse or to a person designated by such surviving spouse to receive

all or part of such assets. The court may so order in both testate and intestate estates

and without requiring the renunciation of a will or the giving of bond.

(2)If the court is satisfied that no probatable estate will pass through the hands of the

personal representative, it may order that no letters of administration be issued and

in the case of a testate estate that the will be probated only.

(3)Where a surviving spouse has waived his or her right to the exemption accorded by

law in favor of a person who has paid preferred claims in an amount equalling or

exceeding the amount of probatable assets or who is legally entitled to such

payment, or where there is no surviving spouse and such person has made such

payment or is legally entitled thereto, the court may order that the administration of

the estate be dispensed with and such assets transferred to such person. The court

may so order without requiring the giving of bond.

(4)For purpose of this section, the exemption of the surviving spouse is such

exemption as has been created by KRS 391.030 and preferred claims are those

listed in KRS 396.095 and in the order thereof.