KRS 395.470: Dispensing with administration by written agreement.

(1) Administration of the estate of a person dying testate or intestate may be dispensed

with by agreement if:

(a) There are no debts owing by the estate;

(b) All beneficiaries entitled to the personal estate have agreed in writing, under

penalty of perjury, that there shall be no further administration, and if

applicable, have designated a trustee with power to collect claims and

demands;

(c) Advertisement has occurred as required in subsection (7) of this section, as

evidenced by an acknowledgment under penalty of perjury;

(d) Provision has been made for the state inheritance tax and the federal estate

tax, if any; and

(e) There are no claims or demands due the estate, if no trustee has been

designated by agreement.

(2) (a) The written agreement required in s ubsection (1)(b) of this section shall be

acknowledged under penalty of perjury by the beneficiaries; and

(b) The agreements of all beneficiaries shall be filed in the District Court together

with the motion for an order dispensing with administration by agreement.

(3) An agreement prescribed in subsection (1)(b) of this section shall be effective if it is

executed by a person who had authority to contract on behalf of a beneficiary when

signed.

(4) A motion to dispense with administration by agreement may be filed at an y time

after:

(a) Probate of the will, if any;

(b) Appointment of a personal representative; and

(c) Advertisement for creditors as required under this section.

(5) If the court is satisfied by the agreements that the conditions prescribed in

subsection (1) of this section exist, the court shall enter an order dispensing with

any further administration by agreement.

(6) If the motion and the agreements of the beneficiaries designate a trustee to collect

claims or demands, the order shall confirm the designa tion, and the person

designated as the trustee shall have the same right to sue for and collect claims and

demands as an administrator appointed under this chapter.

(7) (a) Prior to moving to dispense with administration by agreement, the

beneficiaries shall advertise for creditors of the estate to appear and present

any claims to some person at the county seat. The person and place shall be

designated in the advertisement.

(b) The advertisement shall also give notice of when, where, and by whom the

order dispensing with administration by agreement will be applied for.

(c) The advertisement shall be posted at the courthouse door for six (6) weeks

and published pursuant to KRS Chapter 424.

(8) The court may order that the beneficiaries applying for the orde r dispensing with

administration by agreement, before the order is entered, execute a surety bond in

the amount of the personal estate for the benefit of any creditors who, within six (6)

months from the order dispensing with administration by agreement, appear and file

their claims with the court clerk. This surety bond shall be approved by the District

Court and shall run to the state for the benefit of those creditors and be conditioned

to be void if none of them files a claim with the clerk within six ( 6) months from

the date of the order dispensing with administration by agreement.