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Is Probate Always Necessary?

When an estate passes through probate, the court supervises its administration. Learn more about probate in campbell california in this presentation.

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Is Probate Always Necessary?

  1. 1. IS PROBATE ALWAYS NECESSARY?
  2. 2. COURT SUPERVISION
  3. 3. Probate is a legal process
  4. 4. When an estate passes through probate, the court supervises its administration
  5. 5. After you pass away, certain types of property transfers are subject to this process
  6. 6. The process can be time-consuming and expensive, so there are negatives that go along with it
  7. 7. NOT ALWAYS REQUIRED
  8. 8. Probate is not always required
  9. 9. There are various different ways that property can be transferred outside of the probate process
  10. 10. LIFE INSURANCE
  11. 11. 1 "y in 43 When you take out a life insurance policy, you name a beneficiary *4 . M . ... t|j A , //
  12. 12. After you pass away, the company will pass the proceeds on to the beneficiary
  13. 13. This transfer is not subject to probate
  14. 14. PAYABLE ON DEATH ACCOUNTS
  15. 15. Banks and brokerages offer payable on death accounts
  16. 16. With this type of account, you name a beneficiary
  17. 17. After you die, the beneficiary assumes ownership of the assets in the account
  18. 18. The probate court is not involved
  19. 19. JOINT TENANCY
  20. 20. You could also avoid probate through joint tenancy
  21. 21. Ajoint tenant is a co-owner of PROPERTY
  22. 22. If you added someone to the title of your home, he or she would be a joint tenant
  23. 23. After your passing, the joint tenant would inherit the entirety of the home outside of probate.
  24. 24. However, it is important to note that the joint asset is also available to the creditors of the joint tenant while you are both alive.
  25. 25. REVOCABLE LIVING TRUSTS
  26. 26. A revocable living trust can be very effective if you want to avoid probate
  27. 27. You continue to control the assets in the trust while you are living
  28. 28. After you die, the trustee that you choose distributes assets to the beneficiaries
  29. 29. Probate is not a factor
  30. 30. Learn More About Probate
  31. 31. ,~_. » . K» Y '>' ‘l- ‘ . /l‘$‘‘§-"I. / " J’ ' E’ % ' ' ‘LA: - { ‘ ‘ “§fJ > I i . V 2 t. -Ojflg‘ mg " ’ , . If you would like to learn more about probate and probate avoidance strategies, contact us to schedule a free consultation
  32. 32. Click to Visit: www. attorneyoffice. con}_

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