Probate is a legal process completed after an individual dies. Assets like bank accounts, real estate, investments, and more are evaluated and distributed either according to the deceased’s will or state law. When a person passes away, their surviving family may be concerned about where their belongings and finances will end up. All assets in a will go through probate, but what about other property? Estate law can be complex and overwhelming, particularly for a grieving relative. Acquire the skills of a Hartford County probate attorney for experienced legal advice and representation during the probate process.
What Assets Have to Go Through Probate?
In general, any asset owned by the deceased that does not already have a named beneficiary will go through probate court. This process is designed to allow the executor of the will or the relevant authority to access the departed’s assets, pay off their debts, and distribute their remaining assets.
Is it Beneficial to Avoid Probate?
Probate can be a long and complicated process. Many people wish to avoid it, but in certain circumstances, it is impossible to do so. Probate court can be expensive and tie up property and assets for several months or even years. There may be certain tax benefits to avoiding probate so individuals generally try to name beneficiaries before their death.
What Assets Do Not Require Probate?
Everything you own will not automatically be subjected to the probate process. There are a few assets that are generally not required to go through probate. The following typically avoid the process, though under certain rare circumstances, they may.
- Jointly owned assets: If the deceased owned an asset jointly it will not go through probate. Full ownership will transfer to the other individual upon the person’s death, given that there is a right of survivorship. This is often the case with married couples as they generally jointly own bank accounts, homes, and more.
- Certain beneficiaries: Certain assets inherently let you name a beneficiary. For example, when you set up a retirement account you generally must name the inheritor. Other examples of this can include insurance policies, IRAs, certain bank accounts, etc. Upon your death, the assets will be given to the named beneficiary without probate.
- Trust assets: Property that lives in a trust avoids probate. Individuals may include houses, retirement accounts, cars, and more in a living trust with named beneficiaries. These assets generally avoid probate.
It is wise for some individuals to set up their assets in a way that prevents them from going through probate court. Doing so can ensure that their heirs and beneficiaries can access their assets and property almost immediately and avoid being subjected to months of investigation and verification. If you want to set up a trust or gain more insight into probate law, contact one of our skilled attorneys to set up a consultation today.
