Kentucky Bankruptcy Law

Counsel with Care

Real estate and probate

It may be tempting, in dealing with a relatively small estate of a loved one who has passed away where there is no will, to avoid probate. This is especially tempting when the only asset of value is a piece of real estate that is passing to the children of the deceased. It is tempting because real estate, unlike some types of property, passes directly to intestate heirs. All that is necessary is for an affidavit of descent to be filed in the county clerk’s office. However, there is one caution. If there are any creditors of the deceased remaining that could file a claim against the estate, avoiding probate prevents the time limitation on such claims from running. So, if the heirs then try to sell the property a few years down the road, that creditor could make a claim on the property and complicate or ruin the sale. Probate provides a six month time limit for creditors to file their claim leaving, no doubt as to clear title on the property.

Advertisements

June 3, 2007 - Posted by | Estate Planning, Family Law

1 Comment »

  1. My father has passed away with no will. My family is preparing to File an Affidavit of Descent (the only asset/property is a house (worth about $80,000. The house was in my father’s name. However, my mother is in a nursing home (alzheimers) and has been for over 4 years. She is on Medicaid. Can they file this affidavit rather then going through Probate?

    Comment by P. Giles | September 29, 2008 | Reply


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: