The probate office handles a variety of civil proceedings with a primary focus on overseeing the settlement of decedent estates. Other proceedings that are handled here include recording documents pertaining to legal name changes, marriage certificates, adoptions, guardianship, and conservatorship.
Working with the probate office for estate settlement proceedings can be made simpler by entering into estate planning methods. With adequate planning, many assets can avoid probate or at least reduce the overall value to minimize inheritance and estate taxes.
The best approach to estate planning is working with a probate attorney or estate planning service. Prior to setting up consultations it can be beneficial to become educated about available methods and how they work.
Many people perceive probate as a very difficult process that takes months to complete. While this can be true in some cases, the process isn’t complicated unless a person dies without writing a Will or when family disputes over property occur.
Every person over the age of 18 ought to think about writing a last will and testament. Wills supply information that is beneficial for the estate agent and lets them know exactly how to settle the estate and distribute inheritance property.
While Wills provide directives, they are only one element of estate planning. Individuals need to engage in other methods to establish beneficiaries to inherit personal property and financial assets.
One way to keep assets out of probate is to establish assignment of beneficiary forms. These types of forms can be used for funds held in checking and savings accounts, retirement accounts, financial investment accounts, and property and cash stored in bank safety deposit boxes.
Assigning beneficiaries to acquire funds held in bank accounts is a simple procedure that is often overlooked by account holders. The only requirement is to provide banks with the names and contact information for each beneficiary, along with the amount of money they will receive.
Money that is invested in retirement accounts and financial portfolios can be bequeathed to beneficiaries in a similar fashion. With these kinds of accounts, beneficiaries can elect to cash out the account or transfer money into a new account. When financial investments are cashed out, beneficiaries may have to pay inheritance tax. If funds are transferred into a new account, inheritance taxes can be deferred.
People that own titled property can gift it to beneficiaries by establishing joint titles. This method should be discussed with legal counsel, as the process varies by state. However, when titled property is protected through estate planning methods it can also avoid the probate process.
Opening a probate estate involves filing the decedent’s Will and death certificate through the probate office. The average duration to settle probated estates is 3 to 6 months. Much depends on the number of cases on court dockets, along with the value of the estate and types of assets involved.
Oftentimes, small estates that are valued below $50,000 are exempt from probate as long as a last Will is provided to the probate office. Exempt estates must undergo a waiting period before assets can be distributed to heirs and beneficiaries.