I have never been one of those people who runs with the wrong crowd, but about six months ago, I knew that I was in trouble. I was with someone when she did something against the law, and it made me a suspected accomplice. I knew that I needed help to prove my innocence regarding the involvement, so I started going through and talking with different criminal attorneys. I was able to find a great lawyer that really understood my position, and he did everything possible to prove my innocence. This blog is all about proving your innocence in court, so that you can move on with your life.
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When a person passes away, their estate must be probated. Only very small estates are sometimes exempt from probate. Some assets are included in probate, and some are not. Read on and find out how the estate is divided into those categories.
When Probate Oversees Assets
Estate assets that must pass through probate cause an inconvenience for the survivors. The probate process can be slow-moving and that adds an extra burden on loved ones. In many cases, the items listed under probate are frozen until probate is over. That can take months to happen, though.
Probate Assets in General
Only items owned solely by the deceased are to be probated. For instance, if the deceased owned a home with another person, that asset is exempt from probate. Homes, vehicles, land, animals, and more can be owed jointly. Certain assets are not included in probate:
Assets That Can Be Exempt
While the below assets may not normally be exempt from probate, speak to an estate lawyer about making some simple moves that could stop them from being included in probate.
Trusts
A trust contains assets and beneficiaries like a last will and testament does. However, any asset listed in a trust is exempt from probate. Any item of property can fund a trust and it won't be subject to probate laws. As a bonus, a trust is private and more flexible than a will when it comes to how assets can be distributed.
Deeds
Special deeds can take real estate away from probate and put it in the hands of the family and beneficiaries. Known as "right of survivorship" deeds and by other names, this deed must be performed when the homeowner is alive and of sound mind. Talk to your lawyer about how to add names to the deed so that it passes to those named.
Payable-on-Death and Transfer-on-Death Designations
This simple document is filed with a brokerage house or bank and allows the seamless transfer of funds in an account from the deceased to any named beneficiary. If no action is taken, the bank will freeze the account until probate orders it opened to the executor only.
To learn more about any of the above estate planning methods to avoid probate, speak to an estate planning attorney.
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