SB 34

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1AN ACT relating to the transfer of property upon death.
2 Be it enacted by the General Assembly of the Commonwealth of Kentucky:
3SECTION 1. A NEW SECTION OF KRS CHAPTER 391 IS CREATED TO
4 READ AS FOLLOWS:
5 As used in Sections 1 to 14 of this Act, unless the context otherwise requires:
6 (1)     "Beneficiary" means a person who receives property in a transfer on death deed;
7 (2)     "Designated beneficiary" means a person designated to receive property in a
8transfer on death deed;
9 (3)     "Joint owner" means an individual who has a titled ownership interest in
10property concurrently with one (1) or more other individuals with a right of
11survivorship and includes joint tenants and tenants by the entirety. "Joint owner"
12does not include a tenant in common or owner of community property without a
13right of survivorship;
14 (4)     "Person" means an individual, corporation, business trust, estate, trust,
15partnership, limited liability company, association, joint venture, public
16corporation,  government    or      governmental   subdivision,   agency,    or
17instrumentality, or any other legal or commercial entity;
18 (5)     "Proof of death" means a death certificate;
19 (6)     "Property" means real property located in this state that is transferable on the
20death of the owner;
21 (7)     "Transfer on death deed" means a deed authorized under Sections 1 to 14 of this
22Act; and
23 (8)     "Transferor" means an individual who has a titled ownership interest in property
24and makes a transfer on death deed.
25SECTION 2. A NEW SECTION OF KRS CHAPTER 391 IS CREATED TO
26 READ AS FOLLOWS:
27 (1)     An individual may transfer his or her titled ownership interest in property to one
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1(1) or more beneficiaries effective at the transferor's death by a transfer on death
2deed.
3 (2)     A transfer on death deed shall be revocable as provided under Section 3 of this
4Act even if the deed or another instrument contains a contrary provision.
5 (3)     A transfer on death deed shall be nontestamentary and notwithstanding any other
6law to the contrary shall not be subject to the levy of any inheritance tax in this
7state.
8 (4)     The capacity to make or revoke a transfer on death deed shall be the same as the
9capacity required to make a will.
10 (5)     A transfer on death deed or an instrument revoking a transfer on death deed
11shall be void if it is obtained by fraud, duress, or undue influence.
12 (6)     A transfer on death deed shall:
13(a)      Except as otherwise provided in this subsection, contain the required
14elements and formalities of a properly recordable deed under KRS 382.110;
15(b)      Designate one (1) or more persons, identified by name, as a designated
16beneficiary. A transfer on death deed that uses a beneficiary designation
17that only identifies beneficiaries as members of a class is void;
18(c)      If the transferor is married, contain a sworn statement by the transferor's
19spouse that the spouse's dower or curtesy rights are subordinate to the
20vesting of title to the real property or interest in the real property to the
21designated beneficiary at the time of transfer;
22(d)      Contain a sworn statement that the designated beneficiary or beneficiaries,
23and alternate beneficiaries, if any, have been given notice of the intent of
24the transferor to record the transfer on death deed;
25(e)      State that the transfer to the designated beneficiary is to occur at the
26transferor's death; and
27(f)      Shall be recorded in the record of deeds, and indexed in the general index
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1of deeds before the transferor's death in the name of the transferor as
2grantor and in the name of each of the designated beneficiaries as grantees
3in the office of the county clerk in the county where the property to be
4transferred is located. A transfer on death deed that is not recorded before
5the transferor's death is void.
6 (7)     A transfer on death deed shall be effective without:
7(a)     Delivery to, or acceptance by, the designated beneficiary during the
8transferor's life; or
9(b)     Consideration.
10SECTION 3. A NEW SECTION OF KRS CHAPTER 391 IS CREATED TO
11 READ AS FOLLOWS:
12 (1)     Except as provided in subsection (2) of this section, an instrument shall be
13effective to revoke a recorded transfer on death deed in whole or in part only if
14the instrument is one (1) of the following:
15(a)     A transfer on death deed that revokes the deed or part of the deed expressly
16or by inconsistency;
17(b)     A written instrument of revocation that expressly revokes the transfer on
18death deed or part of the transfer on death deed;
19(c)     A deed that expressly revokes the transfer on death deed or part of the deed;
20or
21(d)     Any deed that transfers an interest in property that is the subject of a
22transfer on death deed;
23and is acknowledged by the transferor after the acknowledgment of the deed
24being revoked, and recorded before the transferor's death in the record of deeds
25in the office of the county clerk in the county where the deed is recorded.
26 (2)     If a transfer on death deed is made by more than one (1) transferor:
27(a)     Revocation by one (1) transferor shall not affect the deed as to the interest
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1of another transferor; and
2(b)     A deed of joint owners is revoked only if it is revoked by all of the living
3joint owners.
4 (3)     After a transfer on death deed is recorded, it shall not be revoked by a will or
5codicil.
6 (4)     The signature, consent, agreement of, or notice to the designated beneficiary of
7any revocatory act shall not be required.
8SECTION 4. A NEW SECTION OF KRS CHAPTER 391 IS CREATED TO
9 READ AS FOLLOWS:
10 During a transferor's life, a transfer on death deed shall not:
11 (1)     Affect an interest or right of the transferor or any other owner, including the
12right to transfer or encumber the property;
13 (2)     Affect an interest or right of a transferee, even if the transferee has actual or
14constructive notice of the deed;
15 (3)     Affect an interest or right of a secured or unsecured creditor or future creditor of
16the transferor, even if the creditor has actual or constructive notice of the deed;
17 (4)     Affect the transferor's or designated beneficiary's eligibility for any form of
18public assistance;
19 (5)     Create a legal or equitable interest in favor of the designated beneficiary; or
20 (6)     Subject the property to claims or process of a creditor of the designated
21beneficiary.
22SECTION 5. A NEW SECTION OF KRS CHAPTER 391 IS CREATED TO
23 READ AS FOLLOWS:
24 (1)     Except as otherwise provided in the transfer on death deed in this section, Section
2517 of this Act, or KRS 394.092, on the death of the transferor, the following shall
26apply to the property that is the subject of a transfer on death deed and owned by
27the transferor at death:
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1(a)     The interest in the property is transferred to the designated beneficiary in
2accordance with the deed;
3(b)     The interest of a designated beneficiary is contingent on the designated
4beneficiary surviving the transferor in accordance with KRS 397.1002, and
5the interest of a designated beneficiary that fails to survive the transferor
6lapses;
7(c)     Subject to paragraphs (d) and (e) of this subsection, concurrent interests are
8transferred to the beneficiaries in equal and undivided shares with no right
9of survivorship;
10(d)     If the transferor has identified two (2) or more designated beneficiaries to
11receive concurrent interests in the property and the transferor has not
12named an alternate designated beneficiary under paragraph (e) of this
13subsection for the share of a designated beneficiary that lapses or fails for
14any reason, the lapsing or failing share shall be transferred to the other
15remaining designated beneficiaries in proportion to the interest of each
16remaining beneficiary in the remaining part of the property held
17concurrently; and
18(e)     The transferor may identify one (1) or more alternate designated
19beneficiaries by name to take the share of a designated beneficiary that
20lapses or fails for any reason.
21 (2)     Subject to KRS 382.110, a beneficiary shall take the property subject to all
22conveyances, encumbrances, assignments, contracts, mortgages, liens, unpaid
23property taxes, and other interests to which the property is subject at the
24transferor's death. For purposes of this subsection and KRS 382.110, the
25recording of the transfer on death deed to the beneficiary shall be deemed to have
26occurred at the transferor's death.
27 (3)     If the transferor is a joint owner and is:
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1(a)     Survived by one (1) or more other joint owners, the property that is the
2subject of a transfer on death deed shall belong to the surviving joint owner
3or owners with right of survivorship; or
4(b)     The last surviving joint owner, the transfer on death deed is effective.
5 (4)     A transfer on death deed shall transfer property without covenant or warranty of
6title even if the deed contains a contrary provision.
7 (5)     A beneficiary may disclaim all or part of the beneficiary's interest as provided
8under KRS 394.035.
9SECTION 6. A NEW SECTION OF KRS CHAPTER 391 IS CREATED TO
10 READ AS FOLLOWS:
11 (1)     To the extent the transferor's probate estate is insufficient to satisfy an allowed
12claim against the estate, the costs of administration of the estate, or a statutory
13allowance to a surviving spouse or child, the estate may enforce the liability
14against property transferred at the transferor's death by a transfer on death deed.
15 (2)     A proceeding to enforce the liability under this section shall be commenced not
16later than the time established under KRS 396.011. A proceeding to enforce the
17liability under subsection (1) of this section shall not be commenced unless the
18personal representative of the transferor's estate has received a written demand
19by the surviving spouse, a creditor, a child of the decedent, or a person acting for
20a child of the decedent.
21SECTION 7. A NEW SECTION OF KRS CHAPTER 391 IS CREATED TO
22 READ AS FOLLOWS:
23 (1)     The following form may be used to create a transfer on death deed under
24Sections 1 to 14 of this Act. The Department of Revenue shall prescribe this form
25and make the form available on its website. Each county clerk shall provide a link
26on its website to the form on the website of the Department of Revenue to effect a
27transfer on death deed.
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1 (2)     Sections 1 to 14 of this Act shall govern the effect of this or any other instrument
2used to create a transfer on death deed:
3(front of form)
4REVOCABLE TRANSFER ON DEATH DEED
5 NOTICE TO OWNER
6You should carefully read all information on the other side of this form. You may
7 want to consult a lawyer before using this form.
8This form must be recorded before your death, or it will not be effective.
9 IDENTIFYING INFORMATION
10Owner or Owners Making This Deed:
11 _________________________________________________________
12Printed name  Mailing address
13 _________________________________________________________
14Printed name  Mailing address
15 _________________________________________________________
16Legal description, including parcel number, and source of title of the property,
17 and any additional requirements of KRS 382.335:
18 ____________________________________________________________
19 ____________________________________________________________
20 PRIMARY BENEFICIARY
21I designate the following beneficiary or beneficiaries if the beneficiary survives
22 me:
23 ____________________________________________________________
24 ____________________________________________________________
25Printed name  Mailing address, if available
26 ____________________________________________________________
27 ____________________________________________________________
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1 ALTERNATE BENEFICIARY – Optional
2If my primary beneficiary does not survive me, I designate the following alternate
3 beneficiary or beneficiaries if that beneficiary survives me:
4 ____________________________________________________________
5Printed name  Mailing address, if available
6 ____________________________________________________________
7 TRANSFER ON DEATH
8At my death, I transfer my interest in the described property to the beneficiaries
9 as designated above.
10Before my death, I have the right to revoke this deed.
11 SIGNATURE OF OWNER OR OWNERS MAKING THIS DEED
12 ______________________________________________________
13Signature  Date
14 ______________________________________________________
15Signature  Date____
16 ACKNOWLEDGMENT
17 State of:_____________________
18 County of:___________________
19 The foregoing Transfer of Death Deed was acknowledged before me this ____ day of
20 ____________, 20__, by ____________________________________.
21________________________________________
22NAME OF OFFICER
23_______________________________
24TITLE
25(back of form)
26COMMON QUESTIONS ABOUT THE USE OF THIS FORM
271.      What does the Transfer on Death (TOD) deed do? When you die, this deed
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1 transfers the described property, subject to any liens or mortgages or other
2 encumbrances on the property at your death. Probate is not required. The TOD deed
3 has no effect until you die. You can revoke it at any time. You are also free to transfer
4 the property to someone else during your lifetime. If you do not own any interest in the
5 property when you die, this deed will have no effect.
62.      How do I make a TOD deed? Complete this form. Have it acknowledged
7 before a notary public or other individual authorized by law to take acknowledgments.
8 Record the form in each county where any part of the property is located. The form has
9 no effect unless it is acknowledged and recorded before your death.
103.      Is the "legal description" and "source of title" of the property necessary?
11 Yes.
124.      How do I find the "legal description" and "source of title" of the property?
13 This information may be on the deed you received when you became an owner of the
14 property. This information may also be available in the county clerk's office for the
15 county where the property is located. If you are not absolutely sure, consult an
16 attorney.
175.      Can I change my mind before I record the TOD deed? Yes. If you have not
18 yet recorded the deed and want to change your mind, simply tear up or otherwise
19 destroy the deed.
206.      How do I "record" the TOD deed? Take the completed and acknowledged
21 form to the county clerk's office of the county where the property is located. Follow the
22 instructions given by the county clerk to make the form part of the official property
23 records and pay the required recording fee. If the property is in more than one county
24 you should record the deed in each county and will be required to pay the recording fee
25 in each county.
267.      Can I later revoke the TOD deed if I change my mind? Yes. You can revoke
27 the TOD deed. No one, including the beneficiaries, can prevent you from revoking the
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1 deed.
28.      How do I revoke the TOD deed after it is recorded? There are three ways to
3 revoke a recorded TOD deed: (1) Complete and acknowledge a revocation of transfer
4 on death deed form, pay the recording fee, and record it in each county where the
5 property is located. (2) Complete and acknowledge a new TOD deed that disposes of the
6 same property, pay the recording fee, and record it in each county where the property is
7 located. (3) Transfer the property to someone else during your lifetime by a recorded
8 deed. You may not revoke the TOD deed by will or codicil.
99.      I am being pressured to complete this form. What should I do? Do not
10 complete this form under pressure. Seek help from a trusted family member, friend, or
11 attorney.
1210.     Do I need to tell the beneficiaries about the TOD deed? Yes. Secrecy can
13 cause later complications and might make it easier for others to commit fraud.
14 Advising the beneficiaries of the TOD deed, however, does not change your ability to
15 revoke the TOD deed at a later date if you want to do so.
1611.     I have other questions about this form. What should I do? This form is
17 designed to fit some but not all situations. If you have other questions, you are
18 encouraged to consult an attorney.
19SECTION 8. A NEW SECTION OF KRS CHAPTER 391 IS CREATED TO
20 READ AS FOLLOWS:
21 (1)     The following form may be used to create an instrument of revocation under
22Sections 1 to 14 of this Act. The Department of Revenue shall prescribe this form
23and make the form available on its website. Each county clerk shall provide a link
24on its website to the form on the website of the Department of Revenue to revoke
25a transfer on death deed.
26 (2)     Sections 1 to 14 of this Act shall govern the effect of this or any other instrument
27used to revoke a transfer on death deed:
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1(front of form)
2REVOCATION OF TRANSFER ON DEATH DEED
3 NOTICE TO OWNER
4This revocation must be recorded before you die or it will not be effective. This
5 revocation is effective only as to the interests in the property of owners who sign this
6 revocation.
7 IDENTIFYING INFORMATION
8Owner or Owners of Property Making This Revocation:
9 _________________________________________________________
10Printed name  Mailing address
11 ________________________________________________________
12Printed name  Mailing address
13Source of title of the property:
14 ____________________________________________________________
15Book number and page number of the transfer on death deed that is being
16 revoked:________________________________________________________________
17 REVOCATION
18I revoke all my previous transfers of this property by transfer on death deed.
19 SIGNATURE OF OWNER OR OWNERS MAKING THIS REVOCATION
20 _______________________________________________________
21Signature  Date
22 _______________________________________________________
23Signature  Date
24 ACKNOWLEDGMENT
25 State of:_____________________
26 County of:___________________
27 The foregoing revocation of a transfer on death deed was acknowledged before this
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1 ____ day of ____________, 20__, by ____________________________________.
2________________________________________
3NAME OF OFFICER
4_______________________________
5TITLE
6(back of form)
71.      How do I use this form to revoke a Transfer on Death (TOD) deed?
8 Complete this form. Have it acknowledged before a notary public or other individual
9 authorized to take acknowledgments. Record the form in the public records in the
10 county clerk's office of each county where the property is located. The form must be
11 acknowledged and recorded before your death or it has no effect.
122.      How do I find the "source of title" of the property? This information will be
13 on the TOD deed. It may also be available in the county clerk's office for the county
14 where the property is located. If you are not absolutely sure, consult an attorney.
153.      How do I "record" the form? Take the completed and acknowledged form
16 to the county clerk's office of the county where the property is located. Follow the
17 instructions given by the county clerk to make the form part of the official property
18 records and pay the required fee. If the property is located in more than one county,
19 you should record the form in each of those counties.
204.      I am being pressured to complete this form. What should I do? Do not
21 complete this form under pressure. Seek help from a trusted family member, friend, or
22 attorney.
235.      I have other questions about this form. What should I do? This form is
24 designed to fit some but not all situations. If you have other questions, consult an
25 attorney.
26SECTION 9. A NEW SECTION OF KRS CHAPTER 391 IS CREATED TO
27 READ AS FOLLOWS:
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1 In applying and construing this uniform act, consideration shall be given to the need to
2 promote uniformity of the law with respect to its subject matter among the states that
3 enact it.
4SECTION 10. A NEW SECTION OF KRS CHAPTER 391 IS CREATED TO
5 READ AS FOLLOWS:
6 The provisions of Sections 1 to 14 of this Act modify, limit, and supersede the Federal
7 Electronic Signatures in Global and National Commerce Act, 15 U.S.C. sec. 7001 et
8 seq., but do not modify, limit, or supersede Section 101(c) of that Act, 15 U.S.C. sec.
9 7001(c), or authorize electronic delivery of any of the notices described in Section
10 103(b) of that Act, 15 U.S.C. sec. 7003(b).
11SECTION 11. A NEW SECTION OF KRS CHAPTER 391 IS CREATED TO
12 READ AS FOLLOWS:
13 Sections 1 to 14 of this Act shall not affect any method of transferring property
14 otherwise permitted under the laws of this state.
15SECTION 12. A NEW SECTION OF KRS CHAPTER 391 IS CREATED TO
16 READ AS FOLLOWS:
17 (1)     As used in this section:
18(a)     "Department" means the Department for Medicaid Services or its designee;
19(b)     "Estate" means all:
201.      Real and personal property or other assets owned by the transferor of
21the transfer on death deed that would be included as probate property
22under the laws of this state; and
232.      Other real and personal property or other assets in which the
24transferor of the transfer on death deed had legal title or interest at the
25time of death, to the extent of the recipient's interest, including assets
26conveyed to a survivor, heir, or assign of the deceased recipient
27through joint tenancy, tenancy in common, survivorship, life estate,
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1living trust, or other arrangement; and
2(c)     "Medicaid estate recovery program" means that program instituted
3pursuant to 42 U.S.C. sec. 1396p.
4 (2)     The commissioner of the department shall prescribe a form on which a
5beneficiary of a transfer on death deed who survives the deceased transferor of
6the real property or an interest in the real property that is in existence on the date
7of death of the deceased transferor, or that beneficiary's representative, is to
8indicate both of the following:
9(a)     Which of the following applies to the deceased transferor:
101.      The deceased transferor had been a Medicaid recipient;
112.      The deceased transferor had not been a Medicaid recipient; or
123.      The beneficiary or representative does not know whether the deceased
13transferor had ever been a Medicaid recipient; and
14(b)     If the spouse of the deceased transferor died before the owner died, which
15of the following applied to the deceased spouse:
161.      The predeceased spouse had been a Medicaid recipient;
172.      The predeceased spouse had never been a Medicaid recipient; or
183.      The beneficiary or representative does not know whether the
19predeceased spouse had ever been a Medicaid recipient.
20 (3)     The department shall make the form required under subsection (2) of this section
21available on its website and shall provide copies to the property valuation
22administrator in each county. The property valuation administrator shall provide
23a copy of the form to a beneficiary of a transfer on death deed or to the
24beneficiary's representative upon presentation of the proof of death of the
25transferor. A beneficiary or beneficiary's representative shall submit a copy of the
26properly completed form to the department if the beneficiary or representative
27indicates any of the following on the form:
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1(a)     That the deceased transferor had been a Medicaid recipient or that the
2beneficiary or representative does not know whether the deceased transferor
3had ever been a Medicaid recipient; or
4(b)     That the predeceased spouse of the deceased transferor had been a
5Medicaid recipient or that the beneficiary or representative does not know
6whether the predeceased spouse had ever been a Medicaid recipient.
7SECTION 13. A NEW SECTION OF KRS CHAPTER 391 IS CREATED TO
8 READ AS FOLLOWS:
9 Sections 1 to 14 of this Act shall apply to a transfer on death deed made before, on, or
10 after the effective date of this Act by a transferor dying on or after the effective date of
11 this Act.
12SECTION 14. A NEW SECTION OF KRS CHAPTER 391 IS CREATED TO
13 READ AS FOLLOWS:
14 Sections 1 to 14 of this Act may be cited as the Uniform Real Property Transfer on
15 Death Act.
16Section 15. KRS 142.050 is amended to read as follows:
17 (1)     As used in this section, unless the context otherwise requires:
18(a)     "Deed" means any document, instrument, or writing other than a will,[ and
19other than a] lease, or easement, regardless of where made, executed, or
20delivered, by which any real property in Kentucky, or any interest in the
21property[therein], is conveyed, vested, granted, bargained, sold, transferred,
22or assigned; and[.]
23(b)     "Value" means:
241.      In the case of any deed not a gift, the amount of the full actual
25consideration[ therefor,] paid or to be paid, including the amount of any
26lien or liens on the property[thereon]; and
272.      In the case of a gift, or any deed with nominal consideration or without
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1stated consideration, the estimated price the property would bring in an
2open market and under the then prevailing market conditions in a sale
3between a willing seller and a willing buyer, both conversant with the
4property and with prevailing general price levels.
5 (2)     A tax upon the grantor named in the deed shall be imposed at the rate of fifty cents
6($0.50) for each five hundred dollars ($500)[$500] of value or fraction thereof,
7which value is declared in the deed upon the privilege of transferring title to real
8property.
9 (3)     (a)     If any deed evidencing a transfer of title subject to the tax[ herein] imposed in
10subsection (2) of this section is offered for recordation, the county clerk shall
11ascertain and compute the amount of the tax due thereon and shall collect the
12amount as prerequisite to acceptance of the deed for recordation.
13(b)     The amount of tax shall be computed on the basis of the value of the
14transferred property as set forth in the deed.
15(c)     The tax required to be levied by this section shall be collected only once on
16each transaction and in the county in which the deed is required to be recorded
17by KRS 382.110(1).
18 (4)     The county clerk shall collect the amount due and certify the date of payment and
19the amount of collection on the deed. The county clerk shall retain five percent
20(5%) as his or her fee for collection and remit the balance every three (3) months to
21the county treasurer, who shall deposit the money in the county general fund.
22 (5)     The Department of Revenue may prescribe regulations necessary to carry out the
23purposes of this section.
24 (6)     Any county clerk who willfully records[shall record] any deed upon which a tax is
25imposed by this section without collecting the proper amount of tax and certifying
26the date and amount of collection on the deed as required by this section based on
27the declared value indicated in the affidavit appended to the deed shall, upon
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1conviction, be fined fifty dollars ($50)[$50] for each offense.
2 (7)     The tax imposed by this section shall not apply to a transfer of title:
3(a)     Recorded prior to March 27, 1968;
4(b)     To, in the event of a deed of gift or deed with nominal consideration, or from
5the United States of America, this state, any city or county within this state, or
6any instrumentality, agency, or subdivision of this state, city, or county
7within this state[hereof];
8(c)     Solely in order to provide or release security for a debt or obligation;
9(d)     Which confirms or corrects a deed previously recorded;
10(e)     Between husband and wife, or between former spouses as part of a divorce
11proceeding;
12(f)     On sale for delinquent taxes or assessments;
13(g)     On partition;
14(h)     Pursuant to:
151.      Merger or consolidation between and among corporations, partnerships,
16limited partnerships, or limited liability companies; or
172.      Any conversion of a partnership, limited partnership, corporation, or
18limited liability company into a partnership, limited partnership,
19corporation, or limited liability company;
20(i)     Between a subsidiary corporation and its parent corporation for no
21consideration, nominal consideration, or in sole consideration of the
22cancellation or surrender of either corporation's stock;
23(j)     1.      Under a foreclosure proceeding; or
242.      Pursuant to a voluntary surrender under a mortgage in lieu of a
25foreclosure proceeding;
26(k)     Between a person and a corporation, partnership, limited partnership or
27limited liability company in an amount equal to the portion of the value of the
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1real property transferred that represents the proportionate interest of the
2transferor of the property in the entity to which the property was transferred, if
3the transfer was for nominal consideration;
4(l)     Between parent and child or grandparent and grandchild, with only nominal
5consideration therefor;
6(m) By a corporation, partnership, limited partnership, or limited liability
7company to a person as owner or shareholder of the entity, upon dissolution of
8the entity, in an amount equal to the portion of the value of the real property
9transferred that represents the proportionate interest of the person to whom the
10property was transferred, if the transfer was for nominal consideration;
11(n)     Between a trustee and a successor trustee;[ and]
12(o)     Between a limited liability company and any of its members; and
13(p)     Pursuant to a transfer on death deed.
14 (8)     The tax imposed by subsection (2) of this section shall not apply to transfers to a
15trustee, to be held in trust, or from a trustee to a beneficiary of the trust if:
16(a)     The grantor is the sole beneficiary of the trust;
17(b)     The grantor is a beneficiary of the trust and a direct transfer from the grantor
18of the trust to all other individual beneficiaries of the trust would have
19qualified for an exemption from the tax pursuant to one (1) of the provisions
20of subsection (7) of this section; or
21(c)     A direct transfer from the grantor of the trust to all other individual
22beneficiaries of the trust would have qualified for an exemption from the tax
23pursuant to one (1) of the provisions of subsection (7) of this section.
24 (9)     As used in this section, "trust" shall have the same definition as contained in KRS
25386B.1-010.
26Section 16. KRS 64.012 is amended to read as follows:
27 (1)     The county clerk shall receive for the following services the following fees:
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1(a)     1.      Recording and indexing of a:
2a.      Deed of trust or assignment for the benefit of creditors;
3b.      Deed;
4c.      Deed of assignment;
5d.      File-stamped copy of documents set forth in KRS 14A.2-040(1) or
6(2) that have been filed first with the Secretary of State;
7e.      Real estate option;
8f.      Power of attorney;
9g.      Revocation of power of attorney;
10h.      Lease which is recordable by law;
11i.      Deed of release of a mortgage or lien under KRS 382.360;
12j.      United States lien;
13k.      Release of a United States lien;
14l.      Release of any recorded encumbrance other than state liens;
15m.      Lis pendens notice concerning proceedings in bankruptcy;
16n.      Lis pendens notice;
17o.      Mechanic's and artisan's lien under KRS Chapter 376;
18p.      Assumed name;
19q.      Notice of lien issued by the Internal Revenue Service;
20r.      Notice of lien discharge issued by the Internal Revenue Service;
21s.      Original, assignment, amendment, or continuation financing
22statement;
23t.      Making a record for the establishment of a city, recording the plan
24or plat thereof, and all other service incident;
25u.      Survey of a city, or any part thereof, or any addition to or
26extensions of the boundary of a city;
27v.      Recording with statutory authority for which no specific fee is set,
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1except a military discharge;
2w.      Will or other probate document pursuant to KRS Chapter 392 or
3394;
4x.      Court ordered name change pursuant to KRS Chapter 401;
5y.      Land use restriction according to KRS 100.3681;[ and]
6z.      Revocable transfer on death deed;
7aa.     Revocation of transfer on death deed; and
8ab.     Filing with statutory authority for which no specific fee is set;[.]
9For all items in this paragraph[subsection] if the entire thereof
10does not exceed
11five (5) pages .........................................................................$33.00
12And, for all items in this paragraph[subsection] exceeding five (5)
13pages,
14for each additional page ..........................................................$3.00
15And, for all items in this paragraph[subsection] for each
16additional reference
17relating to same instrument .....................................................$4.00
182.      The thirty-three dollar ($33) fee imposed by this paragraph[subsection]
19shall be divided as follows:
20a.      Twenty-seven dollars ($27) shall be retained by the county clerk;
21and
22b.      Six dollars ($6) shall be paid to the affordable housing trust fund
23established in KRS 198A.710 and shall be remitted by the county
24clerk within ten (10) days following the end of the quarter in
25which the fee was received. Each remittance to the affordable
26housing trust fund shall be accompanied by a summary report on a
27form prescribed by the Kentucky Housing Corporation.
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1(b)     For noting a security interest on a certificate of title pursuant to
2KRS Chapter 186A ..................................................................................$12.00
3(c)     For filing the release of collateral under a financing statement
4and noting same upon the face of the title pursuant to KRS Chapter
5186 or 186A ...............................................................................................$5.00
6(d)     Filing or recording state tax or other state liens ........................................$5.00
7(e)     Filing release of a state tax or other state lien ...........................................$5.00
8(f)     Acknowledging or notarizing any deed, mortgage, power of attorney,
9or other written instrument required by law for recording and certifying
10same ..................................... ......................................................................$5.00
11(g)     Recording plats, maps, and surveys, not exceeding 24 inches by
1236 inches, per page ..................................................................................$40.00
13(h)     Recording a bond, for each bond .............................................................$10.00
14(i)     Each bond required to be taken or prepared by the clerk ..........................$4.00
15(j)     Copy of any bond when ordered ................................................................$3.00
16(k)     Administering an oath and certificate thereof ...........................................$5.00
17(l)     Issuing a license for which no other fee is fixed by law ............................$8.00
18(m) Issuing a solicitor's license ......................................................................$15.00
19(n)     Marriage license, indexing, recording, and issuing certificate thereof ....$26.50
20(o)     Every order concerning the establishment, changing, closing, or
21discontinuing of roads, to be paid out of the county levy when
22the road is established, changed, closed, or discontinued, and by
23the applicant when it is not ...............................................................$3.00
24(p)     Registration of licenses for professional persons required to register
25with the county clerk ......................................................................$10.00
26(q)     Certified copy of any record ......................................................................$5.00
27Plus fifty cents ($.50) per page after three (3) pages
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1(r)     Filing certification required by KRS 65.070(2)(a) ....................................$5.00
2(s)     Filing notification and declaration and petition of candidates
3for Commonwealth's attorney........................................................$200.00
4(t)     Filing notification and declaration and petition of candidates for county
5and independent boards of education .............................................$20.00
6(u)     Filing notification and declaration and petition of candidates for
7boards of soil and water conservation districts ...............................$20.00
8(v)     Filing notification and declaration and petition of candidates for
9other office ......................................................................................$50.00
10(w) Filing declaration of intent to be a write-in candidate for office ..............$50.00
11(x)     Filing petitions for elections, other than nominating petitions ................$50.00
12(y)     Notarizing any signature, per signature .....................................................$2.00
13(z)     Filing bond for receiving bodies under KRS 311.310 .............................$10.00
14(aa) Noting the assignment of a certificate of delinquency and recording
15and indexing the encumbrance under KRS 134.126 or 134.127 .............$27.00
16(ab) Filing a going-out-of-business permit under KRS 365.445 .....................$50.00
17(ac) Filing a renewal of a going-out-of-business permit under KRS 365.445 $50.00
18(ad) Filing and processing a transient merchant permit under KRS 365.680 .$25.00
19(ae) Recording and indexing a real estate mortgage:
201.      For a mortgage that does not exceed thirty (30) pages ....................$63.00
212.      And, for a mortgage that exceeds thirty (30) pages, for each additional
22page  .........................................................................................$3.00
23(af) Filing or recording a lien or release of lien by a consolidated local
24government, urban-county government, unified local government, or city of
25any class ................................................................................................$20.00
26 (2)     The sixty-three dollar ($63) fee imposed by subsection (1)(ae) of this section shall
27be divided as follows:
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1(a)     Fifty-seven dollars ($57) shall be retained by the county clerk; and
2(b)     Six dollars ($6) shall be paid to the affordable housing trust fund established
3in KRS 198A.710 and shall be remitted by the county clerk within ten (10)
4days following the end of the quarter in which the fee was received. Each
5remittance to the affordable housing trust fund shall be accompanied by a
6summary report on a form prescribed by the Kentucky Housing Corporation.
7 (3)     (a)     For services related to the permanent storage of records listed in paragraphs
8(a), (g), (n), and (ae) of subsection (1) of this section, the clerk shall be
9entitled to receive a reimbursement of ten dollars ($10).
10(b)     In counties or a county containing an urban-county government, charter
11county government, or unified local government:
121.      This fee shall:
13a.      Not be paid annually to the fiscal court under KRS 64.152;
14b.      Not be paid to the Finance and Administration Cabinet under KRS
1564.345;
16c.      Be accumulated and transferred to the fiscal court or the legislative
17body of an urban-county government on a monthly basis within
18ten (10) days following the end of the month;
19d.      Be maintained by the fiscal court or the legislative body of an
20urban-county government in a separate bank account and
21accounted for in a separate fund; and
22e.      Not lapse to the general fund of the county or urban-county
23government.
242.      The moneys accumulated from this fee shall be held in perpetuity by the
25fiscal court or the legislative body of an urban-county government for
26the county clerk's exclusive use for:
27a.      Equipment related to the permanent storage of and access to
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1records, including deed books, binders, shelves, microfilm
2equipment, and fireproof equipment;
3b.      Hardware for the permanent storage of and access to records,
4including computers, servers, and scanners;
5c.      Software for the permanent storage of and access to records,
6including vendor services and consumer subscription fees;
7d.      Personnel costs for the permanent storage of and access to records,
8including overtime costs for personnel involved in the digitization
9of records; and
10e.      Cloud storage and cybersecurity services for the permanent storage
11of and access to records.
123.      Notwithstanding KRS 68.275, claims by a county clerk that are for the
13approved expenditures in subparagraph 2. of this paragraph shall be paid
14by the county judge/executive or the chief executive officer of an urban-
15county government by a warrant drawn on the fund and co-signed by the
16treasurer of the county or urban-county government.
174.      No later than July 1 of each year, each county fiscal court or legislative
18body of an urban-county government shall submit a report to the
19Legislative Research Commission detailing the receipts, expenditures,
20and any amounts remaining in the fund.
21(c)     In a county containing a consolidated local government:
221.      The fee shall not:
23a.      Be paid to the Finance and Administration Cabinet under KRS
2464.345; or
25b.      Lapse to the general fund of the consolidated local government.
262.      The moneys accumulated from this fee shall be held in perpetuity by the
27county clerk in a separate fund to be used exclusively for:
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1a.      Equipment related to the permanent storage of and access to
2records, including deed books, binders, shelves, microfilm
3equipment, and fireproof equipment;
4b.      Hardware for the permanent storage of and access to records,
5including computers, servers, and scanners;
6c.      Software for the permanent storage of and access to records,
7including vendor services and consumer subscription fees;
8d.      Personnel costs for the permanent storage of and access to records,
9including overtime costs for personnel involved in the digitization
10of records; and
11e.      Cloud storage and cybersecurity services for the permanent storage
12of and access to records.
133.      No later than July 1 of each year, the county clerk shall submit a report
14to the consolidated local government and the Legislative Research
15Commission detailing the receipts, expenditures, and any amounts
16remaining in the fund.
17Section 17. KRS 381.280 is amended to read as follows:
18 (1)     If the husband, wife, heir-at-law, beneficiary under a will, joint tenant with the right
19of survivorship, beneficiary under a transfer on death deed, or the beneficiary
20under any insurance policy takes the life of the decedent or victimizes the decedent
21by the commission of any felony under KRS Chapter 209 and in either
22circumstance is convicted of the offense[therefor], the person[ so] convicted
23forfeits all interest in and to the property of the decedent, including any interest he
24or she would receive as surviving joint tenant, and the property interest or insurable
25interest[ so] forfeited descends to the decedent's other heirs-at-law, beneficiaries, or
26joint tenants, unless otherwise disposed of by the decedent. A judge sentencing a
27person for an[a] offense that triggers a forfeiture under this section shall inform the
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1defendant of the provisions of this section at sentencing.
2 (2)     A forfeiture under subsection (1) of this section:
3(a)     Shall not apply in cases involving the commission of any felony under KRS
4Chapter 209 where the will, deed, or insurance policy was executed prior to
5January 1, 2012;
6(b)     Shall not apply in cases where the decedent, with knowledge of the person's
7disqualification, reaffirmed the right of the husband, wife, heir-at-law,
8beneficiary under a will, joint tenant with the right of survivorship, transfer
9on death deed beneficiary, or insurance policy beneficiary to receive the
10property by executing a new or modified will or codicil, insurance policy or
11policy modification, transfer on death deed, or deed; and
12(c)     Shall not apply in cases of a felony under KRS Chapter 209 committed prior
13to January 1, 2012.
14 (3)     If, after the provisions of this section are applied, there are no other heirs-at-law,
15beneficiaries, or joint tenants of the decedent as to all or part of the interest
16forfeited, the forfeited interest shall escheat to the state under KRS Chapter 393.
17The Department of the Treasury shall, after liquidation of the interest, pay the
18proceeds into the elder and vulnerable adult victims trust fund established in KRS
1941.305.
20Section 18. KRS 382.135 is amended to read as follows:
21 (1)     In addition to any other requirement imposed by law, a deed to real property shall
22contain the following:
23(a)     The full name of the grantor and grantee;
24(b)     The mailing addresses of the grantor and grantee;
25(c)     A statement of the full consideration;
26(d)     A statement indicating the in-care-of address to which the property tax bill for
27the year in which the property is transferred may be sent; and
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1(e)     1.      In the case of a transfer other than by gift, or with nominal or no
2consideration a sworn, notarized certificate signed by the grantor or his
3or her agent and the grantee or his or her agent, or the parent or guardian
4of a person under eighteen (18) years old, that the consideration
5reflected in the deed is the full consideration paid for the property; or
62.      In the case of a transfer either by gift or with nominal or no
7consideration, a sworn, notarized certificate signed by the grantor or his
8or her agent and the grantee or his or her agent, or the parent or guardian
9of a person under eighteen (18) years old, stating that the transfer is by
10gift and setting forth the estimated fair cash value of the property.
11 (2)     The deed filing requirements listed in subsection (1)(c), (d), and (e) of this section
12shall not apply to:
13(a)     Deeds which only convey utility easements;
14(b)     Deeds which transfer property through a court action pursuant to a divorce
15proceeding;
16(c)     Deeds which convey rights-of-way that involve governmental agencies;
17(d)     Deeds which convey cemetery lots;
18(e)     Deeds which correct errors in previous deeds conveying the same property
19from the same grantor to the same grantee;[ or]
20(f)     Deeds which convey real property to a local airport board; or
21(g)     Transfer on death deeds.
22 (3)     In the case of an exchange of properties, the fair cash value of the property being
23exchanged shall be stated in the body of the deed.
24 (4)     In the event of a transfer of property by will or under the laws of intestate
25succession, the personal representative of the estate, prior to closing out the estate,
26shall file an affidavit with the county clerk of each county in which any of the
27property is located, which shall contain the following:
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1(a)     The names and addresses of the persons receiving each property passing by
2will or intestate succession; and
3(b)     The full or fair market value of each property as estimated or established for
4any purpose in the handling of the estate, or a statement that no such values
5were estimated or established.
6 (5)     No county clerk or deputy clerk shall lodge for record, and no county clerk or
7deputy shall receive and permit to be lodged for record, any deed that does not
8comply with the provisions of this section.
9 (6)     For purposes of subsection (1)(a) of this section, the full name of the grantor and
10grantee shall be determined as follows:
11(a)     As provided in KRS 355.9-503(1);[ or]
12(b)     For a business entity, it shall be synonymous with its real name determined as
13provided in KRS 365.015(1)(b) and (c); or
14(c)     For an individual, his or her surname and his or her first personal name or
15initial, middle personal name or names, or initial or initials, or any
16combination thereof that includes the individual's surname.
17 (7)     The receipt for record and recording of any instrument by the county clerk not in
18compliance with this section shall not prevent the record of filing of the instrument
19from becoming notice as otherwise provided by law, nor impair the admissibility of
20the record as evidence.
21Section 19. KRS 391.360 is amended to read as follows:
22 (1)     A written provision for a nonprobate transfer on death in an insurance policy,
23contract of employment, bond, mortgage, promissory note, certified or uncertified
24security account agreement, custodial agreement, deposit agreement, compensation
25plan, pension plan, individual retirement plan, employee benefit plan, trust,
26conveyance, deed of gift, marital property agreement, transfer on death deed, or
27other written instrument of a similar nature is nontestamentary. These written
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1provisions shall include[,] but not be limited to[,] written provisions which provide
2that:
3(a)     Money or other benefits due to, controlled, or owned by a decedent before
4death shall be paid after the decedent's death to a person whom the decedent
5designates either in the instrument or in a separate writing, including a will,
6executed before, at the same time, or after the instrument is executed;
7(b)     Money due or to become due under the instrument shall cease to be payable in
8the event of the death of the promisee or the promissor before payment or
9demand; or
10(c)     Any property, controlled by or owned by the decedent before death, which is
11the subject of the instrument shall pass to a person the decedent designates
12either in the instrument or in a separate writing, including a will, executed
13before, at the same time, or after the instrument is executed.
14 (2)     This section shall not limit the rights of creditors under other laws of this state.
15Section 20. KRS 392.020 is amended to read as follows:
16 Except as provided in Section 2 of this Act, after the death of the husband or wife
17 intestate, the survivor shall have an estate in fee of one-half (1/2) of the surplus real estate
18 of which the other spouse or anyone for the use of the other spouse, was seized of an
19 estate in fee simple at the time of death, and shall have an estate for his or her life in one-
20 third (1/3) of any real estate of which the other spouse or anyone for the use of the other
21 spouse, was seized of an estate in fee simple during the coverture but not at the time of
22 death, unless the survivor's right to such interest has been barred, forfeited or
23 relinquished. The survivor shall also have an absolute estate in one-half (1/2) of the
24 surplus personalty left by the decedent. Unless the context otherwise requires, any
25 reference in the statutes of this state to "dower" or "curtesy" shall be deemed to refer to
26 the surviving spouse's interest created by this section.
27Section 21. KRS 392.070 is amended to read as follows:
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1 When a surviving spouse recovers dower or curtesy against the heir or devisee or
2 purchaser from the decedent, or from a beneficiary under Sections 1 to 14 of this Act,
3 the dower or curtesy shall be according to the value of the estate when received by the
4 heir, devisee, beneficiary, or purchaser, and shall not include, in the estimated value, any
5 permanent improvements which the heir, devisee, beneficiary, or purchaser has made on
6 the land. Against the heir,[ or] devisee, beneficiary, or his or her alienee the surviving
7 spouse's claim for rent shall not exceed rent for five (5) years before the action, and
8 against a purchaser from the decedent the surviving spouse's claim shall be only from the
9 commencement of the action. In either case it shall continue up to final recovery. If, after
10 action has been brought, the surviving spouse or tenant dies before recovery, the rent may
11 be recovered by the surviving spouse's representative or against the tenant's heirs,
12 devisees, and representatives.
13Section 22. KRS 403.190 is amended to read as follows:
14 (1)     In a proceeding for dissolution of the marriage or for legal separation, or in a
15proceeding for disposition of property following dissolution of the marriage by a
16court which lacked personal jurisdiction over the absent spouse or lacked
17jurisdiction to dispose of the property, the court shall assign each spouse's property
18to him or her. It also shall divide the marital property without regard to marital
19misconduct in just proportions considering all relevant factors including:
20(a)     Contribution of each spouse to acquisition of the marital property, including
21contribution of a spouse as homemaker;
22(b)     Value of the property set apart to each spouse;
23(c)     Duration of the marriage; and
24(d)     Economic circumstances of each spouse when the division of property is to
25become effective, including the desirability of awarding the family home or
26the right to live therein for reasonable periods to the spouse having custody of
27any children.
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1 (2)     For the purpose of this chapter, "marital property" means all property acquired by
2either spouse subsequent to the marriage except:
3(a)     Property acquired by gift, bequest, devise, or descent during the marriage and
4the income derived from that property[therefrom] unless there are significant
5activities of either spouse which contributed to the increase in value of
6the[said] property and the income earned from the property[therefrom];
7(b)     Property acquired in exchange for property acquired before the marriage or in
8exchange for property acquired by gift, bequest, devise, or descent;
9(c)     Property acquired by a spouse after a decree of legal separation;
10(d)     Property excluded by valid agreement of the parties; and
11(e)     The increase in value of property acquired before the marriage to the extent
12that such increase did not result from the efforts of the parties during
13marriage.
14 (3)     All property acquired by either spouse after the marriage and before a decree of
15legal separation is presumed to be marital property, regardless of whether title is
16held individually or by the spouses in some form of co-ownership such as joint
17tenancy, tenancy in common, tenancy by the entirety, and community property. The
18presumption of marital property is overcome by a showing that the property was
19acquired by a method listed in subsection (2) of this section.
20 (4)     If the retirement benefits of one (1) spouse are excepted from classification as
21marital property, or not considered as an economic circumstance during the division
22of marital property, then the retirement benefits of the other spouse shall also be
23excepted, or not considered, as the case may be. However, the level of exception
24provided to the spouse with the greater retirement benefit shall not exceed the level
25of exception provided to the other spouse. Retirement benefits, for the purposes of
26this subsection shall include retirement or disability allowances, accumulated
27contributions, or any other benefit of a retirement system or plan regulated by the
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1Employees Retirement Income Security Act of 1974, or of a public retirement
2system administered by an agency of a state or local government, including
3deferred compensation plans created pursuant to KRS 18A.230 to 18A.275 or
4defined contribution or money purchase plans qualified under Section 401(a) of the
5Internal Revenue Code of 1954, as amended.
6 (5)     For purposes of this section, property exempted under subsection (2)(a) of this
7section shall include property transferred to either spouse pursuant to a transfer
8on death deed.
9SECTION 23.  A NEW SECTION OF KRS CHAPTER 186A IS CREATED
10 TO READ AS FOLLOWS:
11 (1)     As used in this section:
12(a)     "Beneficiary" means a person designated to receive title to a vehicle upon
13the death of the preceding owner or joint owners;
14(b)     "Beneficiary designation form" means a form that contains the intention of
15a present owner or joint owners of a vehicle to transfer ownership of the
16vehicle to one (1) named beneficiary upon the death of the owner or last
17surviving joint owner of the vehicle;
18(c)     "Joint owner" means an individual who owns a vehicle with one (1) or
19more other individuals as joint tenants with rights of survivorship. "Joint
20owner" does not include an individual who owns a vehicle with one (1) or
21more other individuals as tenants in common;
22(d)     "Owner" means an individual who owns a vehicle; and
23(e)     "Vehicle" includes any motor vehicle, motorcycle, motor home, trailer, or
24other item for which a certificate of title is issued by the cabinet.
25 (2)     The cabinet shall provide a beneficiary designation form that allows the owner or
26joint owners of a vehicle to provide for the transfer of the vehicle's title to one (1)
27named beneficiary upon the death of the owner or upon the death of all joint
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1owners of the vehicle. The form shall include but not be limited to fields for the
2following information:
3(a)     The manufacturer, model, year, and vehicle identification number of the
4vehicle;
5(b)     The name of the owner or every joint owner of the vehicle;
6(c)     The words "transfer on death to," or the abbreviation "TOD," followed by
7the name of the beneficiary; and
8(d)     The signature of the owner of the vehicle or of each joint owner of the
9vehicle.
10 (3)     The cabinet shall make beneficiary forms available:
11(a)     In each county clerk's office; and
12(b)     On the cabinet's public website.
13 (4)     Upon the death of the owner, or the last surviving joint owner, of a vehicle for
14which a beneficiary designation form has been properly executed under
15subsection (2) of this section, the beneficiary shall present the form to the county
16clerk and request a new title of ownership of the vehicle in the beneficiary's
17name. The form shall be accompanied by:
18(a)     A death certificate of the owner or last surviving joint owner of the vehicle;
19(b)     Proof of payment of ad valorem taxes on the vehicle for the current year. If
20the taxes have not been paid, the beneficiary may elect to pay the taxes to
21facilitate the transfer; and
22(c)     The fee for the certificate of title transfer.
23 (5)     Upon presentation of a properly executed beneficiary designation form and
24accompanying documents as required under subsection (4) of this section, the
25county clerk, subject to any security interest in the vehicle, shall issue a new
26certificate of title to the beneficiary.
27 (6)     During the lifetime of the owner of the vehicle for which a beneficiary
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1designation form has been properly executed or before the death of the last
2surviving joint owner of the vehicle:
3(a)     The signature or consent of the beneficiary shall not be required for any
4transaction relating to the vehicle; and
5(b)     The owner or surviving joint owners of the vehicle may revoke the
6beneficiary designation form or change the beneficiary on the beneficiary
7designation form at any time by:
81.      Selling the vehicle with proper transfer and delivery of the certificate
9of title to another person; or
102.      Properly executing a subsequent beneficiary designation form that
11designates a new beneficiary.
12 (7)     Upon the death of the owner or the last surviving joint owner of a vehicle for
13which a beneficiary designation form has been properly executed, the interest of
14the beneficiary in the vehicle shall be subject to any contract of sale, assignment,
15or ownership or security interest to which the owner or joint owners of the vehicle
16were subject during their lifetime.
17 (8)     Except as provided in subsection (6)(b) of this section, the designation of a
18beneficiary in a beneficiary designation form shall not be changed or revoked by
19will or by other instrument.
20 (9)     The transfer on death of a vehicle under this section shall be a nontestamentary
21transfer.
22Section 24. KRS 395.455 is amended to read as follows:
23 (1)     Where the exemption of the surviving spouse alone, or together with preferred
24claims paid by a widow or by the widower where the wife's estate is legally liable
25for payment, equals or exceeds the amount of probatable assets, the court may order
26that administration of the estate be dispensed with and the[such] assets [be
27]transferred to the surviving spouse or to a person designated by the[such] surviving
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1spouse to receive all or part of the[such] assets. The court may [so ]order the
2transfer in both testate and intestate estates and without requiring the renunciation
3of a will or the giving of bond.
4 (2)     The court may order that the administration of the estate be dispensed with and
5the assets transferred to the surviving parents of a minor, in equal shares if both
6parents survive, or to a person designated by the surviving parents to receive all
7or part of the assets if the:
8(a)     Minor holds assets solely in:
91.      His or her name; or
102.      The name of a:
11a.      Guardian of the property; or
12b.      Custodian under the Uniform Transfers to Minors Act;
13(b)     Minor has no spouse, living descendants, or creditors; and
14(c)     Provisions of KRS 391.033 do not apply.
15The court may order the transfer without requiring the giving of bond.
16 (3)[(2)]        If the court is satisfied that no probatable estate will pass through the hands of
17the personal representative, it may order that no letters of administration be issued,
18and in the case of a testate estate, that the will be probated only.
19 (4)[(3)]        (a)     The court may order that the administration of the estate be dispensed
20with and the assets transferred to a person who has paid preferred claims,
21or is legally entitled to payment of preferred claims, in an amount equal to
22or exceeding the amount of probatable assets, if:
231.      A surviving spouse has waived his or her right to the exemption
24provided by law in favor of the person under paragraph (a) of this
25subsection; or
262.      There is no surviving spouse[Where a surviving spouse has waived his
27or her right to the exemption accorded by law in favor of a person who
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1has paid preferred claims in an amount equalling or exceeding the
2amount of probatable assets or who is legally entitled to such payment,
3or where there is no surviving spouse and such person has made such
4payment or is legally entitled thereto, the court may order that the
5administration of the estate be dispensed with and such assets
6transferred to such person].
7(b)     The court may [so ]order the transfer without requiring the giving of bond.
8 (5)[(4)]        For purposes[purpose] of this section, the exemption of the surviving spouse
9is the[such] exemption [as has been ]created by KRS 391.030, and preferred claims
10are those listed and paid in accordance with[in] KRS 396.095[ and in the order
11thereof].
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