Estate Auctions

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Estate Auctions are the result of the passing of a loved one. These types of auctions require knowledgeable and compassionate agents/auctioneers. The information below is here to hopefully help you with this difficult and stressful time.

KENTUCKY ESTATE INFORMATION

will and testimateAlthough you may or may not have a will, a portion of your estate will very likely undergo a settlement process called probate.  When someone files form  AOC-805 with a Kentucky court and opening a case for your estate the probate process has begun.  A court-appointed representative typically a family member, inventories the estate’s assets and liabilities, liquidates any necessary assets and pays your creditors.  He can then distribute any remaining assets to the beneficiaries.  In Kentucky, probate procedures vary slightly between county probate courts, but the process is generally the same statewide.
Protecting your loved ones with a will is extremely important.

Starting the Process

After a death, someone, usually a member of the family or person named in the will, is required to locate the original will. Once located that person must file it with the probate court in the county where you live. Kentucky courts require the petitioner to file form AOC-805 which asks the court to admit the will to probate and appoint a personal representative, or executor, to manage the estate. This form AOC-805 includes information about the estate, such as the deceased Social Security number, date of death, and the estate and family members. The form AOC-805 can be found online at the Kentucky Courts' website. If the will has a self-proving affidavit, it can be admitted to the court without witnesses, but a will without this affidavit requires at least one of the people who witnessed the signing of the the will to testify in court. If you do not leave a will, the court uses the same form to appoint a personal representative without admitting a will.

Inventory and Distribution

estate auction specialistOnce the court appoints a representative, he or she must oversee the assets during the probate process.  Within 60 days of this appointment, the representative must file two copies of an inventory of assets with the court, listing the estimated value of these assets at the time of death.  He or she must also provide notice of the open probate case to all creditors of the estate as well as potential heirs and beneficiaries.  The estate must remain open for a period of at least six months to allow creditors to make claims against the estate.  All valid claims from creditors must be paid out of the estate’s assets.  The personal representative’s has a duty to pay these debts, however he is not required to pay them from his own personal funds even if the estate runs out of money to pay.  Your personal representative must also pay any federal and state income taxes and any estate taxes owed.

Distribution of Assets

estate auctioneerThe personal representative must pay creditors, court expenses and taxes before any of the estate’s assets can be distributed to the beneficiaries.  If after the estate pays all of these debts and there is nothing left than the beneficiaries will be left with nothing.  The beneficiaries will not however, owe personal monies to cover any debts owed by the estate.

Probate Vs. Non-Probate Assets

Some assets are exempt from the probate process.  These assets can skip this process if you the proper paperwork exists to transfer them outside the probate process.  For example, life insurance is a non-probate asset so the life insurance policy will be paid directly to the beneficiaries named on the policy documents without going through probate.  If however, the estate listed the estate as the beneficiary then it would need to be probated.  Another exemption would be if the deceased jointly owned property with someone else as “joint tenants with rights of survivorship.”  If this is the case, then the property automatically passes to that co-owner upon death without going through the probate process.

How to Distribute the Assets

Often during or shortly after the probate period is complete, the personal representative may have assets they are not sure how to liquidate.  Many estates include large collections of personal property including antiques, firearms, equipment, machinery and tools as well as real estate that need to be liquidated.  A real estate agent or auctioneer that has experience in this type of liquidation can be vital to your piece of mind in knowing you are getting the very best solution to the liquidation task at hand.  Your initial reaction may be to simply relieve yourself of the burden as quickly as you can without thought to the value of the remaining assets.  You should rely on the expertise of your agent-auctioneer to get you the best possible value for your assets at the least amount of hassle and expense to complete the sale.  Often an estate auction is the best solution for the liquidation process.  An auction will liquidate all assets often in a one day sale, giving you a  fixed date to complete the process and move on with your life.

Helpful Links

Courtesy of Farm & Home Realty and Auction, Inc.
334 S. Main Street
Leitchfield KY 42754
270-259-3276 
www.farmandhomeauctions.com

Real Estate Agent Referrals

With 24 agents working throughout Kentucky, we can save you time and travel when you become part of our referral network.  First class service for your clients with no worries.  

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Patrick Willis
Principal Broker, Auctioneer
Farm & Home Realty and Auction, Inc.
800-801-9945
Email us


Leitchfield Office:
334 S. Main Street
Leitchfield, KY 42754
Phone: 270-259-3276
Email: fhrabroker@gmail.com

Hardinsburg Office:
33 Tules Creek Road
Hardinsburg KY 40143
270-756-5264

Bowling Green Office
1212 Ashley Circle Suite 1
Bowling Green KY 42104
270-938-1035

Testimonials Page

Dear Mr. Willis, On behalf of Mrs. Jewell Mudd, and her family members, I would like to sincerely thank you and the whole Farm and Home Realty and Auction Team for the successful auction of Mrs. Mudd’s personal property and real estate on May 3rd, 2014. Your Team’s focused commitment, resourcefulness, and complete professionalism resulted in a very successful sale that will provide additional resources for Mrs. Mudd’s continued care for several years into the future. During the auction process, the F&H Team provided excellent advice, counsel, and consistently delivered exceptional service in our preparation for this complex sale of the real estate, home, and personal property. With four generations of the Mudd family having lived in the home, the task of preparation and sorting the belongings for sale were especially challenging. Your team members “pitched in” to close a large gap in our preparation process and thereby ensured all the property was ready for presentation and auction to the buyers. From our first business interchange, the F&H Team consistently built our confidence in your ability to manage this process and to complete a successful auction on behalf of our family. Please pass along our deepest gratitude and appreciation to John Glenn, Aaron Haycraft, Todd Akridge, James Johnson, Pamela Willis and all the other Professionals at F&H who directly contributed to this successful auction outcome. Kathlyn Mudd Thomas, May 10th, 2014
I want to give a big THANK YOU to Ashlie for being so professional and for selling our cabin at ironwood that was on the market for over two years and for selling our lake front lot. We had both listed with people out of Louisville and had no luck until we signed up with Ashlie. No need to go out of the county we have one of the best right here. Michelle Stevenson, Bee Springs KY
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