The probate process can be overwhelming and confusing for those that are faced with having to deal with it. Sometimes, probate isn’t needed during the overall process of distributing an estate and closing. Below, you’ll find the most common reasons why it might be needed.
Reasons for Probate | Estate Planning in Cary
When a person dies, his assets are distributed to his creditors and beneficiaries. The court supervises this probate process in order to ensure that the bills of the deceased person, also known as the decedent, are paid and that the remainder of his assets go to his heirs. The laws of probate are governed by the state in which the person lived when he died.
There are several instances in which an estate will need to be probated, including the following:
Was there not a named beneficiary for a specific account, such as a 401(k) or life insurance policy? In this case, it should be probated so it can be put into the names of the heirs.
Did the deceased have a will? If not, their assets will be named to the heirs at law, which are determined by the state in which the deceased lived. If they did have a will, the assets will be probated to ensure they go to the proper heirs.
Does the deceased own or co-own property or assets? If so, during probate the decedent’s name will be removed from the title and it will be put into the name of the heir, unless the decedent’s share is named to go to the joint owner.
Each state has its own guidelines for the probate process, including what documents are required, what they should contain, and when they have to be filed. To inquire about this, contact our lawyer. We can help with estate planning in Cary.
To learn more, be sure to visit our next blog. There you’ll find more information about the probate process.
If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our lawyer is here to help you get your estate planning in Cary in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Call now to talk with our lawyer.
Visit with other blogs in this series to learn more:
The Probate Process, Part One
The Probate Process, Part Two
The Probate Process, Part Three
The Probate Process, Part Four