PROBATE/ESTATE PROPERTY

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WELCOME TO
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PROBATE/ESTATE PROPERTY
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What is Probate?
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Probate is a legal process in which a will is
being validated, and determine the inheritors to
legally transfer the decedent's assets.
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When Is Probate Necessary?
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Probate is necessary when there is no will, to
determine the beneficiaries and to distribute the
decedents assets and title of the property.
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When a will exists it needs to be validated, that
the will is the final version, that there are no
mistakes or that it wasnt fraudulently executed.
Probate is a legal process that the decedents
assets are legally transferred to the inheritors.
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• Probate is necessary when an estate has issues to
  resolve such as
• The decedent has no named heirs.
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• The decedent has a joint property but no right of
  survivorship.

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Probate may not be necessary if
The voluntary administration proceeding can be
filed as an alternative to probate if the
decedent had less than 30,000 of personal
property either with or without a will.
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Individuals with a moderate to high net worth
take steps frequently to prepare an estate plan
that avoids probate, to simplify the distribution
of their assets to the heirs.
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If a person's estate consists only non-probate
assets, there is no need for the probate process.
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Non-probate assets include

• Assets held in trust
• Bank accounts with a named beneficiary
• Retirement accounts, like a 401k and IRA
• Life insurance policies with a named beneficiary
• Jointly held savings, checking, and brokerage
  accounts
• Jointly held real property

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What Is the Probate Process?
The executor must file the original will and a
certified copy of the death certificate with the
probate petition (Many state courts provide this
form) and other supporting documents in the court
of the county where the deceased person lived.
There is a filing fee based on the size of the
estate.
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In some cases the executor will need to post bond
before they can act on and oversee the probate
process to settle the estate. The Bond acts as an
insurance policy that will kick in to reimburse
the estate in case the executor makes a mistake
deliberately or not that financially damages the
estate and its beneficiaries.
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Inventorying the property. The executor must
collect the decedent's belongings and have them
appraised. Many states require from the executor
a written report listing everything the decedent
owned with each assets value to be shown in
court.
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THANK YOU