Hello World! Welcome Friends! Probate is sometimes a lengthy and a confusing process. Family members or others that have an interest in the estate of a deceased loved one may not know how to proceed through the process of probate, or even how to get started in the process. Fortunately, an estate planning attorney provides peace of mind, and can help you through the process of creating a solid plan to make sure that there are no misunderstandings about how you wanted your estate distributed upon your death.
There are times when there is no estate plan left after a loved one passes away. This situation often requires highly qualified and experienced probate lawyers that have the expertise to help in the probate process. One common question surrounds what parts of a person’s estate are subject to probate.
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The Probate Process
Probate is the process of determining who receives an individual’s assets after their death. When a person dies and the deceased individual did not have a will and did not set up a living trust, the probate court then often determines who receives the deceased individual’s assets.
The process of going through probate can take some time and can result in frustration when a loved one is not familiar with the probate process. An experienced attorney can help provide the guidance and legal representation needed throughout the probate process. This attorney should be local to the area the probate is happening. Different states may have different rules and a legal representative experienced in Michigan probate laws will be much more helpful when operating a case inside said state.
There are formal and informal categories in the probate process, which basically means the probate for large estates and probate for smaller estates. This is one area where the laws may differ between the various states. Your probate attorney knows the specific criteria that determine whether a person’s estate falls under the category of a large or small estate. Experienced attorneys also know the forms that must be prepared and the role of the court in the probate process.
The probate courts are typically divided into various judicial districts, each of which hears probate cases and makes decisions related to distribution of assets to the heirs. They also settle disputes, interpret documents and answer any questions that may arise when the probate attorney presents them to the court. Probate courts have jurisdiction regarding the administration of an estate of a decedent. State laws typically have a jurisdictional statement in their statutes that provides the court with jurisdiction “of all real and personal property of the decedent” that is located within the state.
The process starts with the filing of a petition, which an attorney with expertise in probate law can do for you. The probate process ends with the settlement of any disputes, the payment of all debts and taxes, and the distribution of assets by the probate court.
What Assets are Subject to Probate?
This area is likely one of the most confusing aspects of the probate process for the loved ones and heirs of a deceased individual. This is particularly true when there is no will or living trust, and the court is left to determine the distribution of assets. Some parts of the estate that are subject to probate are assets in the sole name of the deceased, which typically include:
- Real estate
- Vehicles
- Bank accounts and investment accounts
- Stocks and bonds
- Tangible possessions such as jewelry and household furnishings and collections such as art or antiques
Another asset which may be included in probate is called tenants in common property. It involves the decedent’s share of interest in property that is co-owned with someone else. Examples of this include real estate owned by individuals that were not legally married at the time of one party’s death, bank accounts, stocks and bonds, and certain other assets that are considered as tenants in common property. Probates of high value assets can often be expensive, with lawyer fees taking a considerable amount away from the deceased’ estate. Regardless of the type of property held, it is possible to avoid probate with Florida Lady Bird Deeds (or deeds applicable in more relevant locations), the use of deeds transfers ownership of a property to a beneficiary party, after which it can be divided accordingly without the need for the probate process to be brought in.
Assets Not Subject to Probate
Some loved ones may assume that all assets are subject to probate. This is not true.
Some assets that are not subject to probate include property with a named beneficiary attached, such as life insurance policies, bank accounts that have a payable upon death designation, and property that is held in a living trust. Examples of other assets that are not subject to probate include savings bonds, real estate and vehicles, which include recreational vehicles, and any wages or commissions that were due to the deceased individual at the time that they passed away.
Some household goods may go directly to family members under state law and are therefore not subject to probate.
Can a Probate Attorney Help with Disputes?
An experienced probate attorney provides the peace of mind that is needed even when there are disputes over a will or trust. Sometimes, family members do not approve of the way that a personal representative or trustee is handling the trust or last will and testament of their deceased loved one.
These types of situations often end up in probate court. There is likely some relief that an attorney with the courtroom and trial experience for these situations is on the surviving family member’s side to see the case through to a successful resolution.
Contact a skilled, experienced estate planning lawyer to help you with your estate planning needs or to help with the probate process of the estate of your deceased loved one.
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