Wills do not need to go through probate unless you wish to move ownership of possessions owned by the testator, or the individual who composed the will, to her living recipients. Lots of states offer legal alternatives for doing this through streamlined procedures for limited estates. Generally, probate is required for big, complex estates with several properties to settle the testator’s affairs in an organized, legal way. When asking the professionals at Folsom Probate Law, their excellent Folsom Probate Attorney told us, “There are methods to avoid probate even in these circumstances.”
When there is no seriousness to transferring title of properties left by the testator or the person who wrote the will, some families do not bother to go through the process. There is no charge for this. For example, in Florida, if the family continues to make tax payments on property owned by the testator and does not try to offer it, for the most part, the asset can remain in the testator’s name indefinitely. However, check with an attorney in the state where the testator passed away to be sure this holds there since state laws differ.
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Even big estates can bypass the probate process through the use of revocable living trusts. A testator transfers properties to the trust during his lifetime and is typically the trustee, keeping control over his assets, but technically the trust owns them. When the trustee passes away, there is no requirement for probate since the owner of the properties– the trust– remains “alive.” This is only a practical alternative when all features are moved to the trust. Probate would still be needed to transfer ownership of any that are ignored or left out.
Probate And Little Estates
Numerous states provide streamlined versions of the probate process for small estates. The criteria for simplified probate in many states is the value of the estate, usually minus the value of any genuine estate.
Some wills consist of possessions that are exempt from probate. These include life insurance policies and pension with named recipients that pass straight to that beneficiary at death, so probate is not required to move the possession. Property frequently does not require probate, either. For example, a lot of deeds that are held jointly in between 2 people include arrangements for the deceased’s share to pass automatically to the survivor. Nevertheless, the property would still need probate ultimately when the 2nd owner dies.