When planning your estate it is necessary to work with a qualified Folsom Probate Attorney and at Folsom Probate Law, they can help you to understand the difference between probate and non-probate possessions. Probate is the procedure through which a court figures out how to distribute your property after you pass away. Some properties are distributed to beneficiaries by the court (probate properties) and some assets bypass the court process and go straight to your recipients (non-probate properties).
The probate procedure includes submitting a will and selecting an administrator or administrator, gathering assets, paying bills, filing taxes, distributing property to successors, and submitting a final account. This can be an expensive and lengthy process, which is why some individuals attempt to avoid probate by having only non-probate properties.Fair Oaks Probate Law
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Probate properties are any properties that are owned exclusively by the decedent. This can include the following:
Real property that is titled exclusively in the decedent’s name or held as an occupant in common
Personal property, such as precious jewelry, furniture, and automobiles
Checking account that is entirely in the decedent’s name
An interest in a partnership, corporation, or restricted liability business
Any life insurance policy or brokerage account that lists either the decedent or the estate as the recipient
Non-probate possessions can include the following:
Property that is held in joint tenancy or as occupants by the entirety
Bank or brokerage accounts held in joint tenancy or with payable on death (POD) or move on death (TOD) beneficiaries
Property held in a trust
Life insurance or brokerage accounts that list someone other than the decedent as the beneficiary
When planning your estate, you need to consider whether the property is probate property or non-probate property. Your will does not control the circulation of non-probate property. Inspect the ownership of your property and your accounts to ensure the collectively owned property will be dispersed the method you want it to. It is also crucial to evaluate your recipient classifications.
Contact your lawyer to identify whether your property is being distributed the way that you desire it to.