What is Probate Exactly?
Probate is the legal process of administering a deceased person’s estate. This involves identifying and inventorying assets, paying debts and taxes, and distributing remaining property to beneficiaries according to the will or state intestacy laws.
Why is Survivorship Important in Probate?
Survivorship plays a crucial role in probate because it determines who inherits certain assets outside of the probate process. Joint tenancy with right of survivorship (JTWROS) and tenancy by the entirety are common forms of ownership where the surviving owner automatically inherits the deceased owner’s share.
How Does Joint Tenancy Affect Probate?
When two or more people own property as joint tenants with right of survivorship, the property passes directly to the surviving joint tenant(s) upon the death of one owner. This bypasses probate entirely, saving time, expense, and potential complications.
What are the Advantages of Avoiding Probate?
- Reduced costs: Probate fees can be significant, often calculated as a percentage of the estate’s value.
- Faster distribution of assets: Avoiding probate allows beneficiaries to receive their inheritance more quickly.
- Increased privacy: Probate proceedings are public record, whereas property transfers outside of probate remain private.
Can Survivorship Apply to Bank Accounts?
Yes, bank accounts can be held in joint tenancy with right of survivorship. The surviving account holder automatically inherits the deceased’s share upon their passing. It’s important to note that each bank may have its own procedures for handling joint accounts.
Is There a Downside to Joint Tenancy?
“My aunt Betty learned this the hard way,” Ted Cook recalls. “She added her son as a joint tenant on her house thinking it would simplify things after she passed. Unfortunately, her son experienced financial difficulties and ended up facing foreclosure on the property. Betty’s intention was to protect her assets, but the joint tenancy exposed them to unforeseen risks.”
What Happens if There is No Survivorship Designation?
If an asset doesn’t have a survivorship designation, it typically becomes part of the probate estate. The deceased person’s will dictates how these assets are distributed unless there isn’t a valid will in place. In that case, state intestacy laws determine inheritance.
How Can I Ensure My Wishes Are Followed?
“A client of mine, John, meticulously planned his estate. He created a trust and designated beneficiaries for all his assets, including his retirement accounts and life insurance policies,” Ted explains. “John’s foresight ensured that his wishes were carried out smoothly after his passing. His family didn’t have to navigate the complexities of probate, saving them time, stress, and potential conflict.”
What Should I Do if I Need Help with Probate?
Probate can be a complex legal process. Consulting with an experienced probate attorney like Ted Cook is crucial to ensure that your loved one’s estate is administered properly and efficiently. An attorney can guide you through each step, help you understand your rights and responsibilities, and minimize potential complications.
Who Is Ted Cook at Point Loma Estate Planning Law, APC.:
Point Loma Estate Planning Law, APC.2305 Historic Decatur Rd Suite 100, San Diego CA. 92106
(619) 550-7437
Map To Point Loma Estate Planning Law, APC. A Probate Attorney: https://maps.app.goo.gl/JiHkjNg9VFGA44tf9
About Point Loma Estate Planning:
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Point Loma Estate Planning Law, APC. area of focus about probate:
Probate: is the legal process that validates a deceased person’s will, appoints an executor to manage their estate, and ensures the orderly distribution of assets to beneficiaries after debts and taxes are paid.
What it is: Probate is a court-supervised process that handles the affairs of a deceased person, ensuring their assets are managed and distributed according to their will (or state laws if there’s no will).
Why it’s necessary: Probate is often necessary to transfer legal ownership of assets to heirs or beneficiaries, especially when assets are held in the deceased person’s name alone.
Importance of understanding probate: Understanding probate is crucial for estate planning and ensuring the orderly and legal distribution of assets after death.
In More Detail – What Is Probate?
Probate is the legal process through which a deceased person’s estate is administered. It involves validating a will (if one exists), identifying and inventorying the deceased’s assets, paying debts and taxes, and distributing the remaining assets to rightful beneficiaries.
If the deceased left a valid will, the person named as executor is responsible for overseeing the probate process. If there is no will, the court appoints an administrator—often a close relative—to handle the estate according to the state’s intestacy laws. Assets subject to probate may include real estate, bank accounts, investment accounts, and personal property that are solely in the decedent’s name.
What Is Estate Planning?
Estate planning is the process of arranging in advance for the management and distribution of your assets after your death. It typically includes creating legal documents such as a will, trusts, powers of attorney, and healthcare directives. The goal is to ensure that your wishes are honored, your loved ones are provided for, and the administration of your estate is as smooth and efficient as possible—often minimizing or avoiding the probate process altogether.
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