When someone dies, the deceased’s desires should determine the distribution of all their assets, or if no will were filed, state law would qualify whoever receives them. In numerous situations, a lengthy probate process will become necessary. There are situations, however, when formal probate isn’t required. On the other hand, an informal approach permits the estate to be handled promptly.

Before the heir or executor of the estate opts to avoid probate, they must first understand the circumstances that necessitate the legal procedure and what assets may be required to be included. That will assist them in taking the proper measures to distribute the decedent’s inheritance. When probate is needed, heirs and beneficiaries are not forced to wait for the process before receiving their inheritance. They might be able to secure an estate loan instead.

Common Assets Subject to Probate

If the estate is appropriately set up, it might not have to go through probate, no matter the assets owned. In most circumstances, this would entail establishing a trust that would own all assets rather than the individual. Furthermore, assets having a direct recipient may not be subject to probate. For example, a life insurance policy with a named beneficiary would pass immediately to that individual without the requirement for probate.

Certain assets are frequently probated. If the deceased individual were the sole proprietor of a piece of property, like a car or home, that item would have to go through probate. The sole name on the title would be theirs.

Property owned as tenants in common with another individual will be part of probate. For example, suppose the deceased co-owned a rental property alongside a partner. The property’s share will be probated to decide who will own it for years.

Items that do not come bearing a title might need probate if they are of enough value. Appliances, furniture, household stuff, and personal items are all included. Often, the total value of these items will not require probate, but if more assets need to be added, they will be included in the inventory for probated items.

Uncommon Assets Likely to Be Submitted to Probate

There are often exceptions to every rule, and probate is no exception. Some uncommon assets may need to be included in the probate estate. In these cases, you must decide what to do regarding the assets.

A great example is a direct transfer of an asset in which the beneficiary is deceased. For example, a person names a brother as the beneficiary of a bank account due upon death. That sibling dies, and the account owner failed to update the designated beneficiary before their death. Because the individual named as beneficiary is no longer alive, the bank account must be probated.

Assets That Do Not Need To Be Probated

Many assets do not necessitate probate, as they can be transferred directly to a beneficiary. It signifies that someone is named as the beneficiary of that asset on the appropriate documentation. Some instances are as follows:

• Retirement accounts with a named beneficiary
• Pension plans
• Life insurance
• US savings bonds that are payable on death
• Co-owned US savings bonds
• Bank accounts with pay-on-death forms
• POD securities
• A living trust’s assets
• Wages or commissions owed to the deceased

Another area of complication is real estate probate. Real estate and other property can also be exempt from probate if specific circumstances are met. Real estate that belongs to the deceased individual may be passed to the person specified in the transfer-on-death deed in various states. Property held on lease with a right of survivorship immediately passes to the second name in the title. Some states permit property ownership as tenants by all means with a spouse. If both persons owned the property, it would pass to the spouse.

If you complete the necessary paperwork, you can transfer boats and cars upon death in different states. Other states permit vehicles to be given to immediate family members. Certain state regulations allow household goods to do the same.

The living trust is one of the assets listed that can nearly eliminate the requirement for probate. If the individual places all of their assets within a trust, the assets are transferred to the trust’s beneficiary upon the individual’s death. Most people who establish a trust will put most of their assets in the trust, but others may place certain sorts of property in the trust, such as real estate.

How Much Does an Estate Have to Be Worth To Go To Probate?

Probate is the legal procedure of distributing property from someone to their heirs under the supervision of the court. In Nevada, assets valued at over $20,000 must go through probate. Many other factors can influence how much an estate must be valued to pass through probate.

For instance, if the deceased individual had a trust but the will did not indicate who should administer it, or if there is any question in a will about who ought to get what assets, the estate may need to go through probate.

The general public in Nevada often views probate as irritating and frequently considers it costly and time-consuming. However, it can be prevented in most circumstances if the estate’s assets are transferred to a legitimate trust after death.

How A Probate Attorney Can Help You

A probate lawyer can assist you with a variety of estate-related tasks.

• Estate planning. Your Las Vegas probate attorney can assist you in developing an estate plan that will allow you to retain control of everything you own in the worst-case scenario of death or incapacity.
• Estate administration. They can help with the probate process. That includes naming executors and living trustees of any trusts established during your lifetime.
• Intestate succession. If there is no will, a probate lawyer is responsible for winding up an intestate estate, like paying creditors and allocating remaining assets based on state law (also known as “intestate succession”).

You must explore your options if you’d like to avoid probate. Probate is a time-consuming and costly process that necessitates a significant amount of effort on your behalf. By handling all the details, a skilled probate lawyer in Las Vegas can help save you both money and time.

If you have any questions or want more information, call our law firm to schedule an appointment or consultation at (702) 388-9800.

The post How Much Does An Estate Have To Be Worth To Go To Probate appeared first on Probate Attorney Las Vegas.