Do All Estates Need A Probate?

Do All Estates Need A Probate?

If a descendant leaves a will directing to whom his property must be left or distributes it before his death, then the probate court will decide if it should be given proper effect. Nevertheless, if the descendant leaves no will behind, then the court will appoint a Personal Representative in order to distribute the property according to the laws of the Descent and Distribution. The laws are usually distributed based on hereditary succession. 

Additionally, this process includes collecting all of the descendants assets, liquidating liabilities, paying the taxes and distributing property to the heirs. The procedures concerning that of probate are governed by state laws. The laws associated with the probate, have often been a subject of major debate and reform ever since 1960. 

What Assets Must Go Through Probate? 

This process is basically necessary for the following properties: 

  1. Property that is solely in the name of the deceased person. For eg: real estate, car.
  2. A shared property – for eg: a property of the deceased person owned in the name of another person. 

These properties are also known as probate estates. Furthermore, if there are any assets that require court proceedings, then it is the responsibility of the executor in the court to open a case and reach its conclusion. Nevertheless, the person in charge can opt to hire a lawyer to help with the court proceedings and pay the fees from money in real estate. 

A common misconception is that if one has a will, then you don’t need to go through this process. Although, some states require this to be irrespective of whether you have a will or not, it is not necessary to get in touch with an attorney or a local probate court and find out the necessary legal requirements. In absence of a will, the state government and the state law will determine the way in which the property will be dispersed. 

What Are The Assets That Need Not Go Through Probate? 

Consequently, most of the assets in an estate don’t need to go through the probate process. For instance, if the owner has a wife or husband and has joint accounts, then going through the procedure is not necessary. In such a case, probate is not necessary. Furthermore, there are some more assets that don’t require such court proceedings. 

  • Retirement Accounts 
  • Life Insurance Proceeds
  • Living trust properties
  • U.S. saving bonds registered in payable-on-death form 
  • Pension distributions 
  • Wages, salary 

Additionally, most of the U.S. states offer simplified probate proceedings for small-valued estates. Furthermore, a simpler process known as the “summary probate”is often used by the executioner, if the total subject property is under a certain amount. This amount varies greatly from different state to state. Since, one can only count the assets that must go through the probate, a few of the very large estates can take high advantage of the small estate procedures. 

What Happens When There Is Joint Ownership In An Estate? 

When there are two or more people with rights of survivorship, the property then transfers on to the survivors of the descendants. This is an automatic process and the court or law won’t interfere in the matter. A title document must be there, sharing the rights of survivorship. In addition to real estate, joint bank accounts too come under survivorship rights. 

3 Types Of Assets That Must Go Through Probate 

  1. Individually Owned Assets 

Individual assets are those, which must go through probate at all costs. These assets have only one owner listed. Some individual assets are vehicles, investment accounts and bank accounts. Some items that don’t have a title document also become a part of the probate process. 

  1. Tenants-in-Common Assets 

Under this arrangement of property, each person has a certain interest in the property. The ownerships are either divided into 50-50 percent or even 80-20 percent. In case of joint tenancy, according to the rights of survivorship, the transfer will occur without the need for probate. 

  1. Assets With No Beneficiary or A Predeceased Beneficiary  

There are some assets which allow to name a beneficiary. Such examples of assets are life insurance policies. In a life insurance policy, when the owner passes away, the policy will not have to go through probate. But, in case if you haven’t named a beneficiary, then the court will take over the estate and the law will govern the probate estate.  

Conclusion 

A person is in control of what happens to his or her property when one passes away. Setting up proper financial houses will not only benefit the owner but the heir of the owner too.

Table of Contents

Disclaimer:

The information provided in this blog post is for general informational purposes only. All information on the site is provided in good faith. However, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on the site.

Under no circumstance shall we have any liability to you for any loss or damage of any kind incurred as a result of the use of the site or reliance on any information provided on the site. Your use of the site and your reliance on any information on the site is solely at your own risk.

This blog post does not constitute professional advice. The content is not meant to be a substitute for professional advice from a certified professional or specialist. Readers should consult professional help or seek expert advice before making any decisions based on the information provided in the blog.

aeecorp.net alianda.net giftsandflowersdelivery.com capnken.com chadgill.com mdkchild.com oconeefps.com vegchip.com localdentistnj.com pedare.org rushcover.com 10-10ths.com abvakabo.net personalattorneynewjersey.com graficas.us csteefel.com oqprogram.com hogchow.com nearmepersonalinjurylawyer.com exotechs.com slawson.net kengunn.com cosmeticdentistrybk.com dentistnearmetoday.com thescinc.com sensney.com porcelainveneersbrooklyn.com guyjamm.com actslab.com iklanpr.com dudedog.net jongery.com frogetha.com mayieka.com tahoerf.com namekeg.com skytudor.com digacomp.com elyrical.com abacobeachdivecenter.com zamichow.com fernworx.com rozei.org herzstein.org noniene.com webtvdoc.com arenauk.org omniali.net oolitic.net slimlife.org sentrabd.com gladych.com petrifiedtoad.com sourebh.com nslijhs.com tgspider.com lektura.org demycom.com ospreyam.com antacids.net mywebpad.com mvscrew.com lowellmovers.net gotshui.com locallawyerblog.com unimarts.com misrasi.com locallawyersnj.com alum-tek.com ubertor.net dental-aed.com medicalmalpracticeattorneybronx.com dentistnearmebronx.com defwords.com gocamden.com amprose.net mcamics.com webboss.org virdiusa.com medicalmalpracticelawyerbronx.com divinev.com lawyermarketingmiami.com nearmepersonalinjurylawyers.com medicalmallawyersbronx.com allaxion.com lphilton.com osaruman.com jaxguide.com thecall.net cssvoip.com bcsgifts.com plastron.net dentistnearmestatenisland.com popeafb.net bestbrooklynattorneys.com mrshines.com nearmeattorney.com dentistnearmequeens.com localseolawyers.com whysdmi.org lowratescarrental.com sjwalter.com dentalbrooklyn.net wofsmail.com spgurley.com omalawyers.com etalgom.com gmzbuyers.com cadsteam.com ewgapdx.com theellen.org jdevien.com booksavy.com dentalbrooklyn.info avitexas.com ebizthai.com localseodental.com castsoxs.com vr5xs6yh.com ridemoor.com brooklynadvanceddentalcare.com escorts-nyc.net personalinjuryattorneysnjs.com fastpawnonline.com toothimplantsbrooklyn.com rootcanalbrooklyn.com mearabia.com togtouch.com epcdaily.com timesfcu.com lawyersbk.com vaianisi.com cybewire.com giftsandflowersdirectory.com mooredns.com dentistnearmenewyork.com gp-beautysalon.com oxadrine.com boxsteps.com 3bliving.com psychdog.us foralbum.com eurofixpaintingandtile.com dentistrybk.com arielber.com akatonia.com ilcorail.com elitepersonalinjuryattorneys.com dentistnearmebrooklyn.com famsvane.com dentallabny.com nearmepersonalattorneys.com teethwhiteninginbrooklyn.com dentistnearmelongisland.com moversframingham.com mydentistbrooklyn.com colacake.com paradiselocksandkeys.com carsfile.com solapnet.com ausburyparkmovingcompanies.com dpfeeney.com nearmedentals.com homeinhb.com joeyspcs.com locallawyernyc.com icubeweb.com avifiles.com dentistbk.com regismfg.com bencamel.com playkiwi.com hosearch.com fondaciocanada.org click2classic.com nearmepersonalinjuryattorneys.com invisalignbrooklyn11229.com toothextractionbrooklyn.com locallawyersny.com siyangbi.com eriefsbo.com teserint.com gaiacred.com bigapplegoldbuyer.com homeimprovementgeneralcontractors.com tofuclan.com funeatin.com soldrite.com siyiyoga.com getmilko.com myhelong.com nearmepersonalinjuryattorney.com walibris.com etard.net arkrocks.com pansdora.com limmudtr.com lungsusa.org golisters.com newyorkaccidentslawyer.com greytblog.com ovolaw.com medicalmalpracticeattorneysbronx.com electionreceipt.com depsites.com opasm.org rcadss.com lamassio.com personalinjuryattorneysnys.com funemoney.com benramon.com izandoli.com leicsvle.com busiwebs.com coolnewt.com jrhome.org affirmers.org pvbgc.org localattorneynj.com sehah.org xtcplace.com djonfire.com epaops.org hometheatermiami.com peelseek.com jandavidson.net nappyboyent.net nygot.com ziggs.org uniquedayspa.net vistamro.com pdmanewengland.org ewanrose.com lawyersconsult.com grovepto.org disfilca.com artmystic.com ocany.org quarkpark.info paingold.com tactfoot.com marmasse.com iddmiami.com cdstrees.com lostel.com itxoft.com sparltech.com
On Key

Related Posts

Trusts and Wills
Federal Law

Understanding Trusts and Wills

Introduction to Trusts and Wills Trusts and wills are crucial components of estate planning, serving distinct but complementary roles in managing and distributing an individual’s

Read More »
Estate Planning

Estate Planning for Business Owners

Estate Planning for Business Owners: Securing‍ Your Legacy Beyond the Balance Sheet In the intricate tapestry of entrepreneurship, few ​threads are as delicate yet crucial

Read More »