The professionals at Folsom Probate Law would like to answer the very important question with regards to estate planning law and probate. Their Folsom probate attorney stated, “Whether probate is needed depends on what property the decedent owned and how it was held, and on the law of the state in which the decedent died and the requirements of any states where the decedent held property.”
Moreover, the probate procedure clarifies concerns in a will and deals with any difficulties in the circulation of funds of an estate.
Typically, it is required to go through probate or, in the case of smaller sized estates, a less conventional treatment under the necessary guidance of the probate court, before the deceased’s property can be lawfully distributed.
Probate Is Necessary Even with a Will
Even if there was a will, all of the property owned by the deceased at the time of death is part of the estate. It is subject to probate, including bank accounts, CD accounts, pension accounts, and the deceased’s personal property, like artwork, precious jewelry, and furnishings. Probate not just distributes property. However, it likewise results in a legal transfer of title to that property.
Common Reasons Probate Is Necessary
Probate is required to identify the beneficiaries and to distribute the decedent’s possessions and title to the property if there was no will.
A valid will exists. As talked about above, for the assets of an estate (omitting some smaller estates) to be appropriately dispersed to the named beneficiaries, a valid will must go through probate.
Probate is required when there are problems with an existing will. Some of these concerns might include: the submitted intention is not the final version to be considered; there are errors in the will, or it was fraudulently executed; the will was drafted at a time when the decedent was not of sound mind or any other obstacles to the integrity of the will.
Folsom Probate Law Map and Directions:
850 Iron Point Rd, Folsom, CA 95630, United States
In many cases, an institution or bank might waive the requirement that an estate be probated before cash in an account is released if the beneficiary is the primary heir-at-law (individual lawfully entitled to the real property of the deceased), all other possible heirs-at-law will have signed authorizations and waivers to pay the money to the beneficiary, and have accepted pay back the bank should any claims be made. But that’s the exception rather than the rule for nationally-operating organizations.
Probate is needed when an estate’s assets are entirely in the deceased’s name. Most of the time, if the deceased owned property that had no other names attached, an estate must go through probate to move the property into the name(s) of any beneficiaries.
When there are no recipients named, or they have predeceased the decedent, probate is necessary. This situation applies to any retirement or savings accounts such as IRA or 401(k) accounts or life insurance policies that would pay to beneficiaries; if beneficiaries are not named or are all predeceased, the reports will need to be probated to transfer funds or titles into recipients’ names.
Other Issues Arise When Dealing with Probate
Probate is required when a decedent owned property in joint tenancy (also called a Tenant-in-Common). In the case that a decedent owned property with others, probate must be utilized to remove the decedent’s name and move his/her share of the property into the names of the proper beneficiaries.
The probate process clarifies a will and secures an estate from difficulties to the specified beneficiaries of inheritance. Using probate for a will is an efficient, and sometimes essential procedure, some matters of a will can be handled without including a probate court. The strategies readily available depend on nature and shared ownership of the property in the estate.
It’s in your best interest to consult with an estate planning attorney that focuses on probate or estate planning lawyer to examine all of your alternatives readily available under the probate laws in your state.
The way to prevent probate is through the use of a living trust so remember to call Folsom Probate Law today.