123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Legal >> View Article

When Probate Is Not Required?

Profile Picture
By Author: Smith Clea
Total Articles: 52
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Probate is the legal process of administering the estate of a deceased person. It involves verifying the authenticity of the last will and testament of the deceased, paying off any debts and taxes, and distributing the remaining assets to the beneficiaries.

However, not all estates require probate. In some cases, it can be avoided altogether, saving time and money for the beneficiaries.

Here are some situations where probate is not required:

Small estates: In some states, if the total value of the deceased person's assets is below a certain amount, probate is not necessary. The threshold varies by state, but it is usually around $50,000 to $150,000.

Jointly owned property: If the deceased owned property with another person as joint tenants with the right of survivorship, the surviving joint tenant automatically becomes the sole owner of the property upon the death of the other. No probate is required in this case.

Transfer on death (TOD) accounts: Some types of financial accounts, such as bank accounts and brokerage accounts, can be designated as TOD accounts. Upon the death of the account ...
... holder, the assets in the account pass directly to the designated beneficiary, bypassing probate.

Life insurance policies: Life insurance policies typically name a beneficiary who will receive the death benefit upon the death of the policyholder. The death benefit is paid directly to the beneficiary and is not subject to probate.

Trusts: If the deceased person had set up a trust, the assets in the trust are transferred to the beneficiaries according to the terms of the trust. Probate is not necessary in this case.

Community property with right of survivorship: In some states, spouses can own property as community property with the right of survivorship. Upon the death of one spouse, the surviving spouse automatically becomes the sole owner of the property, without the need for probate.

Payable on death (POD) accounts: Similar to TOD accounts, POD accounts are financial accounts that are designated to pass directly to a named beneficiary upon the death of the account holder. The beneficiary can claim the assets without going through the probate process.

Retirement accounts: Retirement accounts, such as IRAs and 401(k)s, typically name a beneficiary who will receive the assets upon the death of the account holder. The assets are transferred directly to the beneficiary, avoiding probate.

No assets: If the deceased person did not have any assets or only had assets that pass outside of probate, such as those listed above, probate may not be required.

Affidavit procedure: In some states, a simplified probate procedure called an "affidavit procedure" or "summary administration" may be available if the estate meets certain criteria, such as having a small value or being uncontested. This procedure allows for the transfer of assets without going through the full probate process.

It is important to note that while probate can be avoided in these situations, it may still be necessary to address other legal matters, such as settling debts and taxes and transferring ownership of certain assets.

Consulting with a qualified attorney can help ensure that all necessary steps are taken to properly administer the estate and avoid potential legal problems down the road.

Conclusion

Probate is not always necessary, and there are several ways to avoid it. However, it is important to understand the specific probate laws and regulations in your state to determine whether probate is required in your situation. If you are unsure, it is always a good idea to consult with a qualified attorney.

More About the Author

Clea Smith is a USA-based author on Legal issues related to estate planning, will & trust, business law, and elder law. Clea Smith does her best writing on these topics that help users to find the best solutions to their FAQ on estate planning, probate, living trust vs will and more about legal family issues. Author Clea Smith can be reached through rochesterlawcenter.com

Total Views: 148Word Count: 568See All articles From Author

Add Comment

Legal Articles

1. Protecting Fathers' Rights In A Divorce Case: Why You Need Professional Legal Support
Author: Stange Law Firm, PC

2. Brentwood Law Firms: Your Partners In Legal Success
Author: Rainer Hughes

3. A Comprehensive Guide To New Jersey Personal Injury Cases
Author: ArnulfoJarvis

4. Empowering Victims Of Motor Vehicle Accidents In New Jersey
Author: ArnulfoJarvis

5. Challenges And Solutions: Divorce Proceedings In Dubai
Author: Diana Hamade

6. Understand The Iatf 16949:2016 Standard For The Automotive Sector
Author: URS Certification

7. Cyber Crime Lawyer In Laxmi Nagar, Delhi: Advocate Deepak
Author: Advocate Deepak

8. The Importance Of Cyber Crime Lawyer In Dwarka, Delhi: Advocate Deepak
Author: Advocate Deepak

9. Unraveling The Truth: The Role Of Cyber Crime Lawyers In Safeguarding Pari Chowk, Noida
Author: Advocate Deepak

10. Can Deaf People Drive?
Author: Robert Harisson

11. Cyber Crime Lawyer In South Extension Delhi Advocate Deepak: Safeguarding Your Digital World
Author: Advocate Deepak

12. Cyber Crime Lawyer In Nirman Vihar, Delhi: Advocate Deepak
Author: Advocate Deepak

13. Reliable Legal Support Services In Austin, Texas
Author: ramcivilprocessservices

14. Cyber Crime Lawyer In Faridabad: Advocate Deepak
Author: Advocate Deepak

15. Your Guide To Finding The Best Dui Lawyer In Brampton
Author: krish

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: