When a loved one dies, the probate process can be overwhelming. It’s hard to know where to start and what to do next. The estate planning attorneys at Cary Estate Planning put together a guide that will walk you through the entire process, step by step. We’ll explain everything you need to know in order to make this difficult time a little bit easier.
Are All Wills Subject To Probate?
No, not all wills are subject to probate. If the total value of the estate is less than the state’s threshold amount, the will may not be subject to probate law. The estate’s threshold amount may vary from state to state but is typically around $10,000. The decedent’s assets may also be exempt from probate if they are jointly owned or have a named beneficiary.
What assets are subject to probate?
Generally, any asset that is solely in the decedent’s name at the time of death will be subject to probate. This includes real estate property, personal property, bank accounts, stocks and bonds, and life insurance policies. Any debts owed by the decedent at the time of death will also be paid out of the estate through probate.
What assets are exempt from probate?
Generally, any asset that is owned jointly with another person or has a named beneficiary will be exempt from probate. This includes assets such as real estate property, bank accounts, and stocks and bonds.
How does probate work?
The probate process begins when the executor files a petition with the court to open probate proceedings. The court will review the petition and supporting documents to ensure that everything is in order. Once probate is opened, the executor will begin gathering and valuing the decedent’s assets. This includes contacting banks and other financial institutions, as well as appraising real estate property and personal belongings. Once all assets have been accounted for, the executor will pay off any outstanding debts and taxes owed by the estate. Finally, the remaining assets will be distributed to the beneficiaries named in the will.
How you can avoid probate.
There are a few ways to avoid probate. One way is to make sure that all of your assets are jointly owned by another person. This will automatically transfer ownership of the asset to the other person upon your death. Another way to avoid probate is to name a beneficiary for each of your assets. This will also automatically transfer ownership of the asset to the beneficiary upon your death. Finally, you can create a trust fund that will hold all of your assets and distribute them according to the terms of the trust fund upon your death.
If you have questions about whether or not your estate will be subject to probate, it’s best to consult with an attorney who can review your individual situation and advise you accordingly. Probate can be a complex and time-consuming process, so it’s important to have a clear understanding of what you’re getting into before moving forward.