The Probate Process

Question 1

What are nonprobate assets?

Answer 1

1. Life insurance
2. trusts and assets held in them
3. joint bank accounts with payable upon death (POD) clause
4. 401ks
5. anything held in joint tenancy or tenancy in the entirety

Question 2

What are the steps of the probate process?

Answer 2

1. Look for decedent’s will
2. Decide whether probate is necessary
3. if probate is necessary, go to the court and file a petition for probate (need all surviving relatives of the decedent, a death certificate, and a copy of the will)
4. Court appoints a personal representative and give them the will or letters of administration to prove they have authority over the estate
5. Executor/administrator handles the estate - estate paid out in this order: statutory exemptions, creditors, taxes, will beneficiaries, intestate succession
6. final hearing at the court to discharge the personal representative and close the estate

Question 3

What is short form probate?

Answer 3

Short form probate provides some of the benefits of probate with little to no court supervision, but it doesn’t provide all of the creditor protections (except for real estate)

Question 4

Why do we have the probate process?

Answer 4

1. Conflict resolution
2. Prevents fraud
3. Clears title on property
4. Reduces the statute of limitations on creditors