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KY probate laws, is probate required for an estate with no assets
Flemingsburg, KY
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Posted about 1 year ago in Probate
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Trust & Estate - Election to have treated as same, need for probate with no estate assets?:
A trustee of a trust that was once a revocable trust, but then converted to a family trust upon death of the last parent. All the assets are inside the revocable trust that becomes the family trust. Does the trust need registered or filed in the state of the assets? Is there a reason that the trustee would not want to elect to have the trust & estate considered as one? I forget the election number. Will the trustee need to do something through probabe without the estate actually having anything?
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This involves assets in Texas and the trustee is in Kentucky. Answers (1)
Stephanie G. Rapkin
This attorney is licensed in Wisconsin.
Posted about 1 year ago.
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I am unable to answer a Ky specific question however, as a general rule if all assets are truly in the trust there is no reason or need to open a probate. That is often considered one of the purposes and objectives of a revocable trust. I am not sure what you mean by an election, but I am guessing that you are confusing a tax issue with a probate issue. The tax code provides that if there is a probate estate and revocable trust (becoming irrevocable upon death) that the two entities can elect to use one tax identification number and be taxed as one entity.
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