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PROBATE/ESTATE PROPERTY

Probate is a legal process in which a will is being validated, and determine the inheritors to legally transfer the decedent's assets. https://www.unitedhousingsolutions.net/

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PROBATE/ESTATE PROPERTY

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  1. WELCOME TO

  2. PROBATE/ESTATE PROPERTY

  3. What is Probate?

  4. Probate is a legal process in which a will is being validated, and determine the inheritors to legally transfer the decedent's assets.

  5. When Is Probate Necessary? www.unitedhousingsolutions.net

  6. Probate is necessary when there is no will, to determine the beneficiaries and to distribute the decedent’s assets and title of the property.

  7. When a will exists it needs to be validated, that the will is the final version, that there are no mistakes or that it wasn’t fraudulently executed. Probate is a legal process that the decedent’s assets are legally transferred to the inheritors. www.unitedhousingsolutions.net

  8. Probate is necessary when an estate has issues to resolve such as; • The decedent has no named heirs. • The decedent has a joint property but no right of survivorship.

  9. 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.

  10. 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.

  11. If a person's estate consists only non-probate assets, there is no need for the probate process.

  12. 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 www.unitedhousingsolutions.net

  13. 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.

  14. 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. www.unitedhousingsolutions.net

  15. 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 asset’s value to be shown in court.

  16. THANK YOU

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