Keeping on top of statutory updates is key to understanding the law. It is a constantly changing landscape. Not only is it an ever-evolving environment, but most people underestimate the impact statutory changes will have on their own lives. One area of the law, often overlooked, is Trust & Estate law. This part of the law is something many people do not think about until it is too late. It is important to stay up to date on the requirements to ensure you or your family’s wishes are carried out after death. One update of note to this area of law is the Kentucky Senate Bill 50.
Senate Bill 50 was signed by Governor Beshear into law on April 13th, 2026. The main purpose of the bill is to alter some conditions related to the “disposition of property.” This means, in simpler terms, that some of the laws surrounding wills, trusts, and estates have been changed. Senate Bill 50 is an extensive statutory update. However, detailed below are some of the more important changes to consider.
KRS 391.010 – Who gets What?
This statute applies only when a person dies “intestate,” meaning without a will or trust. When this happens, the statute governs which family members receive the property left behind by the decedent.
Senate Bill 50 bill adds a provision to the original statute, KRS 391.010, regarding the line of descendants for estate purposes. One provision alters the line of descendants and amount of estate to be received based on whether the descendants are direct (lineal descendants of the surviving spouse) or indirect (non-lineal descendants of the surviving spouse).
Additionally, KRS 391.010 is amended to remove great-grandparents from the presumed line of trust and are replaced with “stepchildren of the decedent.”
If no kindred are found under this provision, the whole of the trust shall be given to the state under KRS 393.020.
KRS 394.300 – Wills on Record
Some people will have their wills recorded with the court system. This helps protect the integrity of the document. This provision will require the county clerk to return any will accepted by the court, after recording said will, within 2 years. This provision also provides that, if the return of the will fails (due to changes in address or other extenuating circumstances), the will may be destroyed. Therefore, it is important to keep your information up to date with the court system if you would like a submitted will to be returned. For wills received between the years of 1978 and 2027, the county clerk will destroy or return all held wills.
KRS 395.250 – Inventories?
Personal representatives are those with the responsibility of gathering a decedents’ affairs after their death. Personal representatives have what is known as fiduciary duties: certain enumerated, and unenumerated, actions and responsibilities that they must take to preserve the decedent’s wishes and rights. One of these enumerated duties is the responsibility to file an inventory with the court.
An inventory is a document containing all assets, properties, or monies contained within the estate. It is basically an accounting of all the belongings and wealth of the decedent. The personal representative of an estate must file this inventory within 90 days of becoming the personal representative. Rest assured, however, that this will be a confidential document. Very few people will be authorized to have a copy of it. Additionally, it is the personal representative’s responsibility to file an amended inventory if any additional property is discovered that was not included with the original filing with the court.
KRS 395.255 – More Fiduciary Duties!
This provision gives the county clerk the responsibility to report to the judge, once a month, all fiduciaries who have failed to submit a settlement (discussed below) or an inventory (discussed above) with the court in the past month. This report will allow the judge to provide notice to the non-compliant fiduciaries of the penalty to file a timely inventory or settlement for an estate. This could increase the amount, and speed, of fines being filed against fiduciaries of estates and trusts, so it will be important to remain up to date with the court filings.
KRS 395.610 – Keeping the Court Updated
Filing an inventory is not the only requirement of personal representatives. They must also file what is known as a periodic settlement with the court. A periodic settlement is a summarized document of the steps the personal representatives and parties to the estate have taken towards a final settlement. These must be filed periodically – two years after appointment as a personal representative, and every year after – until a final settlement of the estate occurs.
This new provision includes the required contents of what must be in every periodic settlement, including complete accountings of distributions, fees, commissions, and taxes paid. The county clerk also records all confirmed and approved settlements for the court.
KRS 395.540 – Listen to the Court
This provision provides that, once a year, district judges will review the required surety bonds of each fiduciary. Fiduciaries are the people or entities with a legal or contractual duty to look after the finances and general wellbeing of the estate. A surety bond is a type of insurance that guarantees the owed amount will be paid and functions as a type of loan.
If the district judge finds the surety bonds missing, or insufficient, the judge will issue further notices or bonds. If the fiduciary fails to “give the required bond or surety within a reasonable time fixed by the court, the court shall remove the fiduciary.”
This further demonstrates a tightening of the requirements on fiduciaries, and the importance of heeding the statutory requirements. Having a personal representative removed from and replaced for an estate matter can greatly complicate and extend the matter in expenses, time, and stress.
KRS 395.990 – Bigger Consequences
As discussed above, those in charge of an estate must file an inventory promptly with the court. This provision simply raises the fine for that failure to file an inventory from $10 to $100.
New Section of KRS Chapter 394 is created – E-Wills
This new Section of KRS Chapter 394 seems to officially recognize electronic wills as a valid testamentary document, on par with written wills, if the requirements are met. This will allow e-signatures, electronic witnesses, and other convenient changes to constitute valid, enforceable wills.
Conclusion
At a total number of 121 pages, this is just a brief overview of the highlights of Senate Bill 50. However, this demonstrates the importance of keeping up to date with the law and relevant statutes. If you are dealing with a wills, trusts, or estates issue, please contact Strause Law Group, PLLC to discuss your situation and receive guidance on the ever-changing landscape of the legal system.
