When a loved one passes away and the person did not have a living trust, or left assets out of his or her trust, it is possible that the assets may need to go through probate before the heirs or beneficiaries under the person’s will can actually inherit the property.
In addition to assets held in the name of a living trust, probate is usually not necessary for assets that fall into the following categories:
- Real estate that owned in joint tenancy with the decedent
- Financial accounts that are jointly owned with the decedent
- Financial accounts that have beneficiaries/TODs/PODs designated
- Financial accounts that are held “In Trust For” another person
Additionally, full probate can usually be avoided for any assets that don’t meet the above criteria so long as the combined total gross value of those assets is less than $150,000. Please note that other court procedures may still be required.
If you think probate may be necessary, please give our office a call to schedule a free consultation with one of our attorneys. Our attorneys can assist you in smoothly and successfully navigating the probate process. Our goal is to make this difficult time as clear and easy for you as possible.