by
Carl Hampton
10/17/2006
What happens to someone's property when
the are deceased? Without a living trust or
a join tenancy it goes into probate. Probate
is the process where the court over sees the
distribution of the property and assets of
the deceased. Although the laws might have
some small variations in each state the
process is basically the same across the
U.S.
First there is the identification of the
assets and property, then the creditors and
taxes get paid. There will then be a
distribution of the fees to the attorneys,
accountants, and appraisers. Finally should
there be anything left over it is dispersed
among the heirs of the deceased. Some states
have an affidavit that allows smaller
estates to bypass the probate system
entirely. The real issue here is that each
state has a very different definition of
what they class as small. In New Jersey
small is $5,000, in Wyoming they consider
small to be less than $150,000. In
California if the estate is worth $100,000
or less it can qualify for the affidavit.
California also has a “community property
petition” that allows the estate to
transfer to the living spouse without going
through probate.
None of us really like to think about death
or dying but a little forward planning could
save our loved ones a lot of time and money.
You really should seek the advise of an
attorney to ensure you get your property and
assets into a plan that works for your
situation.
Have an opinion or a question you would like
me to answer, then write me!
http://www.CarlHampton.com
