What Happens to Property in KY if someone dies and there is no will? Does it go to Probate Court? Then what?
In KY, assets like real estate will go to the closest living relative.
This legal term for this process is called “intestate succession”, and this would only apply to things that would have normally gone through a will like real estate.
Under KY’s intestate succession laws, who inherits depends on who is living, whether that be parents, siblings, spouse, or children.
- If there is a spouse and children, the spouse will get half and the children will divide the other half.
- If there are children but no spouse the children split the estate equally.
- If there is a spouse and parents but no descendants, the spouse get’s one half and the parents the other.
- If the is a spouse, no descendants, no parents, but there are siblings, then the spouse gets half and the siblings get half.
In KY, this whole process of managing an estate with no will is the probate division of the district courts.
Unfortunately, if you an inheritor of real estate in this scenario you likely are sharing ownership of property with other family, which can make decision making about the property cumbersome.
Multiple decisions must be made about whether to keep the property or sell. If the property is not sold, then the inheritors need to decide if one of the family will live there or whether they will become landlords and rent the property.
With multiple parties involved this can create family strain because of the difficulty of coming to consensus.
The cleanest action would be to sell the property and divide the cash equally between remaining parties.
If this is the route you decide, we can help make the process quick without fees and added expense. Click Here: We Buy Houses for more info