Scenarios Where Probate is Necessary
Going through probate is often an inconvenient process that could also bring a number of problems. It can take a long time to complete, and can introduce delays in beneficiaries actually receiving their assets. These can be frustrating ordeals, so if you want to avoid probate and its complications talk to a lawyer as soon as possible. They will examine your situation and suggest ways that you can skip probate. Here are some common scenarios where probate is not necessary.
You Have a Small Estate
If you have a smaller estate that is valued under a certain amount you will not need to go through probate. This amount is dictated by the state. A lawyer will be able to assess your estate value and determine if your estate does not need to go through probate. They will see how your assets will be evaluated and explain what to expect from the process.
The Decedent Did Not Leave A Will
If the deceased person does not leave a will, it will be up to the court to distribute the estate. The probate process is triggered, and since the deceased individual did not leave specific instructions for how they want their estate to be managed the state will make its own decisions. These decisions may not necessarily reflect what the deceased’s wishes are, but in many cases, the assets go to the surviving relatives, such as the spouse or parents.
Your Property Was Transferred
In cases where the property is transferred outside of court, probate can be skipped. For example, if you and another person own property together, after your passing the property you own will go to the surviving individual. They will not have to go through the hassle and delay of probate.
You Used a Revocable Living Trust
A revocable living trust is one way to protect your assets and skip the probate process, as a probate lawyer like one at Theus Law Offices can explain to you. If you set up this kind of trust, you can have control over it until your death. The trust then passes down to the heirs without going through probate.
Probate works differently from state to state, so if you want to know how the laws apply to you, having a consultation will help. For more information about how to skip the probate process or to learn more about estate planning, talk to an experienced probate lawyer now.