Bill > SB23

This bill enacts the Uniform Partition of Heirs Property Act, which provides a new legal framework for dealing with "heirs property," defined as real property held by multiple owners (cotenants) where at least one owner inherited it from a relative, there's no existing agreement on how to divide it, and a significant portion of ownership or cotenants are related. The Act establishes a court process for partitioning or selling such property, requiring notice to all parties, a determination of the property's fair market value through appraisal or agreement, and outlines procedures for cotenants to buy out others, for partition in kind (physically dividing the property), or for a partition by sale. It also creates an "heirs property research fund" to help residents with research costs related to identifying, evaluating, preserving, or partitioning heirs property, funded in part by a $1 increase in recording and indexing fees collected by county clerks, and makes conforming amendments to existing laws.

https://apps.legislature.ky.gov/record/26RS/sb23.html