Is Probate Always Required?

ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF

IS PROBATE ALWAYS REQUIRED?


ESTATE ADMINISTRATION


Stating your final wishes in writing is part of the estate

planning process.


At the same time, you should also address the estate

administration process that will come into play after you are

gone.


PROBATE


Certain types of asset transfers would be subject

to the probate process.


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


During probate, a court supervises the administration

of an estate.


DIRECTLY OWNED PROPERTY


Property that was in your sole and direct personal possession

at the time of your passing would be probate property.


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

court.


TRANSFERS OUTSIDE OF PROBATE


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

probate.


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


ACCOUNT BENEFICIARIES


If you have a payable on death account at a bank

or brokerage, your beneficiary would assume ownership of the

account after your passing.


Probate would not be a factor.


INSURANCE


You probably have insurance on your life.


The transfer of the proceeds to the beneficiaries would not

be subject to the probate process.


JOINTLY HELD PROPERTY


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


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


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.


This transfer would take place outside of probate.


LIVING TRUSTS


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


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

administer the trust after your passing.


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


The probate court would not be involved.


SCHEDULE A CONSULTATION


In this presentation, we have provided some basic

information about probate.


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

no obligation consultation.


Or visit our website www.sinclairprosserlaw.com

Nicole Livingston Jon J. Gasior

Colleen Sinclair ProsserVictor A. Lembo

http://www.sinclairprosserlaw.com/

Is Probate Always Required?

Law

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