The District Court may direct that all or some part of the assets of a ward’s estate be deposited in a bank, trust company, or insured savings and loan company authorized to transact business in the Commonwealth or in a single-premium deferred annuity, subject to withdrawal by the guardian or conservator only upon authorization of the District Court.
Effective: July 13, 1990
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Terms Used In Kentucky Statutes 387.122

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.

History: Created 1990 Ky. Acts ch. 487, sec. 13, effective July 13, 1990.

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