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How The Probate Laws Work
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How The Probate Laws Work What happens to someones property when they are deceased? Without a living trust or a join tenancy it goes into probate. Probate is the process where the court over sees the distribution of the property and assets of the deceased. Although the laws might have some small variations in each state the process is basically the same across the U.S. First there is the identification of the assets and property, then the creditors and taxes get paid. There will then be a distribution of the fees to the attorneys, accountants, and appraisers. Finally should there be anything left over it is dispersed among the heirs of the deceased. Some states have an affidavit that allows smaller estates to bypass the probate system entirely. The real issue here is that each state has a very different definition of what they class as small. In New Jersey small is $5,000, in Wyoming they consider small to be less than $150,000. In California if the estate is worth $100,000 or less it can qualify for the affidavit. California also has a "community property petition" that allows the estate to transfer to the living spouse without going through probate. None of us really like to think about death or dying but a little forward planning could save our loved ones a lot of time and money. You really should seek the advise of an attorney to ensure you get your property and assets into a plan that works for your situation. Have an opinion or a question you would like me to answer, then write me! |
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