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IS PROBATE ALWAYS REQUIRED?

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ESTATE ADMINISTRATION

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Stating your final wishes in writing is part of the estate

planning process.

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At the same time, you should also address the estate

administration process that will come into play after you are

gone.

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PROBATE

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Certain types of asset transfers would be subject

to the probate process.

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This can be defined as the legal process of estate administration.

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During probate, a court supervises the administration

of an estate.

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DIRECTLY OWNED PROPERTY

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Property that was in your sole and direct personal possession

at the time of your passing would be probate property.

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This property could not be distributed to your heirs until the estate was closed by the

court.

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TRANSFERS OUTSIDE OF PROBATE

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Certain types of asset transfers would naturally take place outside of the process of

probate.

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Let's take a look at a few of them.

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ACCOUNT BENEFICIARIES

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If you have a payable on death account at a bank

or brokerage, your beneficiary would assume ownership of the

account after your passing.

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Probate would not be a factor.

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INSURANCE

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You probably have insurance on your life.

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The transfer of the proceeds to the beneficiaries would not

be subject to the probate process.

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JOINTLY HELD PROPERTY

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You may add a loved one to the title or deed of your property.

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In the legal world, this is the condition of joint tenancy.

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When property is held in joint tenancy, the surviving joint

tenant would inherit the entirety of the property after

the passing of one joint tenant.

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This transfer would take place outside of probate.

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LIVING TRUSTS

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A living trust can be a very effective estate planning tool.

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If you create a living trust, you name a trustee to

administer the trust after your passing.

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This trustee would distribute assets to the beneficiaries in accordance with your wishes.

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The probate court would not be involved.

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SCHEDULE A CONSULTATION

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In this presentation, we have provided some basic

information about probate.

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If you would like to learn more, contact us to set up a

no obligation consultation.

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Or visit our website www.sinclairprosserlaw.com

Nicole Livingston Jon J. Gasior

Colleen Sinclair ProsserVictor A. Lembo