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Frequently Asked Questions About Probate Answered

Interestingly, most people don’t understand Probate much, except for their desire to avoid it. Probate cases often arise after the death of a loved one. While you may not like this seemingly complicated law faction, you will have to face these issues at some point. Thankfully, you can still avoid the complexities by hiring a probate lawyer. Below are the basics that answer commonly asked questions about probate.

What Should You Do After Your Loved One Passes Away?

If your parent, sibling, or spouse passes away, you shouldn’t necessarily go through the probate process, where the court supervises and determines the distribution of your loved one’s assets. If the deceased had an Estate plan, which includes trusts, life insurance policies, and 401(k)s beneficiary designations, you can avoid the probate process.

However, if your loved one dies without a written will, also called intestate, their properties and assets will be divided as per the intestacy state laws. States have different intestacy laws, making it vital to consult your estate planning attorney or probate lawyer.

Which Estates Need Probate and Which Don’t?

All non-probate assets are transferred to Beneficiaries or heirs without going through the probate process for determination. For these transfers, heirs should only present a copy of the death certificate to receive their inheritance. Common categories of non-probate properties include:

  • Trust property – Properties owned by a trust are subject to the terms of the agreement, which include who should manage the trust and who receives property benefits or the property. This is an excellent estate planning tool and very effective if the deceased had assigned property ownership to the trust.
  • Jointly owned property – If one of the owners of a co-owned property dies, the share of the deceased is automatically transferred to the remaining owner. This is common with cars, bank accounts, and real estate properties, especially among married people.
  • Life insurance – Most life insurance policies have beneficiaries who can receive the policy proceeds upon the death of the insured. The beneficiaries could be the spouse, kids, siblings, or funeral home planning for burial. If no beneficiary is named, the proceeds are cashed out to the deceased and subject to probate.
  • Accounts with death beneficiaries – Though not popular, some bank, brokerage, and retirement accounts allow account owners to name beneficiaries. If the owner of the account dies, the beneficiaries can access the funds by providing the owner’s death certificate.

Real estate with beneficiary deeds and vehicles with transfer upon death forms are also not subject to the probate process. Consulting a probate attorney can help you determine assets that are subject to probate.

How Long Does the Probate Process Last?

The length of the probate court process depends on several factors. This includes the size of assets and debts, whether there’s a will, availability of beneficiaries, and if there are disputes. Nonetheless, the probate process should typically last between nine and 12 months.

How Can You Avoid Probate?

Planning ahead can ease the probate process. The best way to avoid probate entirely is having a living trust. With the help of a trust and estate planning lawyer, you can create a funded trust to prevent beneficiaries from undergoing the probate process.

You should also name all the beneficiaries for your savings and retirement accounts and jointly holding property instead of independent ownership. The will should highlight your specific wishes about the distribution and settlement of your assets and properties.

If you are concerned that your loved one didn’t have an estate plan or want to prevent your spouse and children from being subjected to probate, you should consult probate and trust administration attorneys for legal advice.

The post Frequently Asked Questions About Probate Answered appeared first on Find US Lawyers.



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Frequently Asked Questions About Probate Answered

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