Probate is identified as a legal process, in which a court looks after the distribution of a deceased person’s property for assuring the payment of all the debts, and transfers of all the assets to rightful parties. The process can be time-consuming if proper titling and beneficiary designations are not assigned. Hence, before a probate estate, determining the decedent’s property for seeing the requirement of probate is critical.
All the measures that are necessary to be taken in probating an estate rely upon the probate laws classified by Probate Attorney Long Beach like us. So, determining if the assets are subject to probate or not can save you both time and money. Here is a brief account of assets that can be either listed in probate or not.
All assets that are assigned in the name of descendant, are held together in common, Such items must be probated. Similarly, elements of personal property that don’t possess any title documents are also required to go through probate and must be filed with the court. These items can range from furniture and appliances to clothing, household goods, etc.
There are certain properties for which going through probate is not necessary. Such titles are transferred without probate, irrespective of what a will might list down. They are total three in number:
- Property held jointly, with survivorship rights
Properties such as real estate, motor vehicles, financial accounts come with a title document. These may be held jointly with survivorship rights.
- Trust property
Revocable or irrevocable properties owned by a living trust do not get probated. In case of a death, the trustee transfers them to parties designated as trust beneficiaries.
- Property with a designated beneficiary
Assets such as life insurance policies, financial accounts and other similar bank statements may be under the ownership of a beneficiary when a death takes place. If the owner dies, the funds get paid to the beneficiary.
The assistance of our Living Trust Attorney Long Beach can prove invaluable when beneficiaries find themselves trapped in legal complexities.
Contact our Probate Attorney Long Beach to know more.