Is Probate Always Required

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

IS PROBATE ALWAYS REQUIRED?



ESTATE ADMINISTRATION

The probate process will be a factor if you pass away while you are in direct personal possession

of property.



During probate the Surrogate's Court supervises the administration

of the estate.



TRANSFERS OUTSIDE OF PROBATE



There are certain types of asset transfers that would take place outside of the probate process.



We will look at some of them in this presentation.



JOINT TENANCY



If you own property, you can add a co-owner.



This is the condition of joint tenancy.



After you die, the joint tenant would assume ownership of the entirety of

the property.



This transfer would not be subject to the probate process.



LIFE INSURANCE PROCEEDS



When you take out an insurance policy on your life, you name a

beneficiary.



After your passing, the insurance company would deliver the proceeds to the beneficiary.



This transfer would take place outside of probate.



PAYABLE ON DEATH ACCOUNTS



Banks and brokerages offer payable on death accounts.



With this type of account, you name a beneficiary.



After you die, the beneficiary would assume ownership of assets that

remain in the account.



The court would not be involved.



REVOCABLE LIVING TRUSTS



Revocable living trusts are very popular among people who

want to avoid probate.



You maintain control of the assets in the trust while you are living.



After your death, the trustee can distribute assets to the beneficiaries

free of the probate process.



Your agent will be empowered to handle your financial affairs in the

event of your incapacitation.



LEARN MORE ABOUT PROBATE



If you would like to obtain more information about probate and probate avoidance strategies,

contact our firm to set up a free consultation.



LEARN MORE ABOUT PROBATE IN ROCHESTER NEW YORK



Click to visit mrobinsonlaw.com.Or call us at (585) 374-5210 to

schedule a consultation.

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