Q&A

>Audrey Torres Question By: Audrey Torres  Posted in: Financial Services

What is Probate and Probate Inheritance?

Probate is the legal process that may be required after someone dies to authenticate their last will and testament if one has been made. The process includes locating a person’s assets and determining the value of said assets, paying any outstanding debts, bills or taxes, and distributing the remainder of the estate to family members or other rightful beneficiaries.

Probate inheritance refers to any inheritance an individual might be granted during the probate process.

The Probate Process

The basic process for an executor is:

  1. Gather the full details of the estate’s assets and debts

  2. Apply for Grant of Probate

  3. Complete an inheritance tax return and pay any tax due

  4. You receive a Grant of Probate

  5. Repay any of the deceased’s outstanding debts

  6. Distribute the rest of the estate according to the instructions left in the Will.

Necessary of the Probate

The process is greatly simplified, or potentially even totally avoided, when you have a solid Estate Plan in place. It’s easiest to think about probate as a supervised process that ensures the proper Beneficiaries receive the appropriate titles and assets from your estate. In cases where no Will or Trust is present, it is the court’s job to appoint someone to represent your estate.

 

Everything you own will go through probate court.

The following will always go through the process, regardless of what your Estate Planning states.

  1. Any inheritance where the Beneficiary predeceases the giver

  2. Non-titled property

  3. Partner-owned investment property

  4. Sole ownership property

 

Avoiding Probate

There are several strategic ways you can minimize the stress and pressure of probate for your loved ones, including:

  1. Establish a Living Trust

  2. Give assets to loved ones while you’re still alive.

  3. Keep your estate small.

  4. Title accounts POD or TOD.

  5. Title property jointly

 

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Aria RiveraAnswer By: Aria Rivera