Revocable Living Trusts in Kentucky
How revocable living trusts work under Kentucky law and the other ways to pass property without probate.
Short answer: Kentucky adopted the Uniform Trust Code (KRS Chapter 386B) effective July 15, 2014. A trust is created when the settlor has capacity, shows an intent to create it, names a definite beneficiary, gives the trustee duties, and is not both sole trustee and sole beneficiary. KRS 386B.4-020, 386B.6-020
| Revocable living trust | Kentucky adopted the Uniform Trust Code (KRS Chapter 386B) effective July 15, 2014. A trust is created when the settlor has capacity, shows an intent to create it, names a definite beneficiary, gives the trustee duties, and is not both sole trustee and sole beneficiary. For trusts created by instruments signed on or after July 15, 2014, a trust is revocable unless its terms expressly say it is irrevocable; the settlor can revoke or amend it by the method in the trust or, if that method is not exclusive, by a later will or any other clear and convincing method. Only property titled in the trust avoids probate, so assets must be retitled or assigned to the trustee. Source: KRS 386B.4-020, 386B.6-020 |
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| Ways to avoid probate | Non-probate options include: payable-on-death bank accounts and other written transfer-on-death or beneficiary provisions in accounts, securities agreements, insurance, retirement plans, trusts and deeds of gift, which are nontestamentary (KRS 391.300-391.360); a revocable living trust (KRS Chapter 386B); and, for small estates, the $30,000 spouse/children exemption with an order dispensing with administration (KRS 391.030, 395.455). A vehicle transfer-on-death beneficiary designation becomes available January 1, 2028 (KRS 186A.037). KRS 186A.037 is effective January 1, 2028 and lets an owner name one beneficiary on a Transportation Cabinet form. |
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FAQ
How do living trusts work in Kentucky?
Kentucky adopted the Uniform Trust Code (KRS Chapter 386B) effective July 15, 2014. A trust is created when the settlor has capacity, shows an intent to create it, names a definite beneficiary, gives the trustee duties, and is not both sole trustee and sole beneficiary. For trusts created by instruments signed on or after July 15, 2014, a trust is revocable unless its terms expressly say it is irrevocable; the settlor can revoke or amend it by the method in the trust or, if that method is not exclusive, by a later will or any other clear and convincing method. Only property titled in the trust avoids probate, so assets must be retitled or assigned to the trustee.
How can you avoid probate in Kentucky?
Non-probate options include: payable-on-death bank accounts and other written transfer-on-death or beneficiary provisions in accounts, securities agreements, insurance, retirement plans, trusts and deeds of gift, which are nontestamentary (KRS 391.300-391.360); a revocable living trust (KRS Chapter 386B); and, for small estates, the $30,000 spouse/children exemption with an order dispensing with administration (KRS 391.030, 395.455). A vehicle transfer-on-death beneficiary designation becomes available January 1, 2028 (KRS 186A.037).
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.