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Yes. Assets can be transferred by a person before they die. That is called estate planning and you should seek the advice of an attorney who specializes in that area of law. Once a person has died their estate must be probated if they owned probate assets such as bank accounts, investment accounts and real estate.
Wiki User
∙ 15y ago
Wiki User
∙ 13y agoYou make an appointment with an attorney with a good reputation who specializes in estate planning, tax law and probate who can review your situation and explain your options. Probate, as it relates to assets in an estate is a legal process that distributes your property upon your death according to the provisions in your will or according to the state laws of intestacy if you have no will.
The best way to protect your assets from probate is through estate planning. Effective estate planning removes property from your estate and you must obtain advice from an attorney who specializes in estate planning in order to do it effectively. Estate planning you can do for yourself can include naming beneficiaries on retirement accounts and insurance policies, naming individual as beneficiaries on financial accounts or adding a joint owner to your bank accounts to whom the accounts will pass automatically upon your death. For more complex estates your assets can be transferred to an irrevocable trust. However, trusts must be drafted by an attorney who specializes in trust and tax law.
Finally, be cautious of products, "secrets", seminars, free dinners with speakers, etc. that promise to save you probate fees, estate taxes, protect your assets from nursing home costs, improve your odds of getting financial aid for college, etc. Those estate planning packages are extremely expensive, may not be legally effective in your state and often require you to purchase services you do not need. You could end up in a situation that cannot be undone.
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Do you need to probate a will if there are assets?
That is the purpose of going into probate. It allows assets to be legally transferred.
If Dad had no assets Do you need probate?
Not if there are no assets at all. A will is simply a document that transfers a persons property to other persons after death. If there are no assets to be transferred, then there is nothing for the will to do.
Do assets with payable on death clause avoid probate?
Yes.Yes.Yes.Yes.
What is better a revocable trust or will?
If you have a lot of assets a trust may be a better choice. Dividing the assets after death will probably be easier, and you may be able to legally avoid some taxes. Basically with a trust you avoid the involvement of probate court. Even with a will, probate court is involved.
How is the probate estate maintained?
Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.
DO you probate a will if there are no assets?
No, it is not generally necessary.
How do you avoid paying debtors in probate?
You can't legally not pay the debtors if there are assets. It is one of the primary purposes of having probate, to clear up all debts. Only if the estate doesn't have the money to pay them can it be avoided.
Who owns funds transferred after death?
Funds cannot be transferred after the death of the individual to whom they belong. All assets and debts must be entered into probate procdure according to the laws of the state where the deceased was a resident. The exception is assets and property that is held as Joint Tenants With Right To Survivorship or as Tenancy By The Entirety when there is a surviving spouse.
Can you probate a will personally?
No. A Will only goes into probate once the principal (the one who created the Will) has passed away. The Executor or the person in-charge of the principal's assets, would be the one to present the Will to court for probate. Even if there is no Will, the deceased person's assets will still need to undergo probate for the state to determine where and to whom his assets will go to.
What happens during the probate process?
The probate process is the method by which your estate is processed through the courts to determine how it is dispersed. Even if you have a legal will, your estate will be probated. Probating an estate basically paying any debts you own, then transferring any assets to your beneficiaries. If you do not have a will, the courts in your area will use the law to determine who receives your assets. If you have a legal will, any assets (minus any debts) will be transferred to the people you have chosen as beneficiaries.
Are royalties probate property?
Yes, they are assets of the estate. As such they are subject to probate and appropriate taxes.
Can us savings bond be considered subject of probate?
Assets of any kind can be subject to probate.
