If you have no prior experience going through probate, it can be a struggle based on the deceased’s estate and its details. This process typically involves countless tasks essential to administering assets, potentially taking months or even years to finish. Fortunately, probate might only be necessary for eligible estates. In some cases, the assets can skip it and undergo simplified alternatives.
Non-probate options to transfer an estate can vary based on the asset’s qualities. Before determining if probate is necessary, consider assessing if the following may apply:
- Beneficiary appointments — Some assets, such as life insurance policies, retirement accounts and annuities, involve legally enforceable paperwork that could include naming a beneficiary. This appointment may take effect immediately after the owner’s death, allowing the asset to forego probate.
- Jointly owned properties — Land and other property types can allow multiple people to become their owners. The surviving party automatically becomes the sole owner if the title indicates joint ownership.
- Any assets eligible for survivorship rights — This setup usually applies to married couples with assets considered community property. Sometimes, they have explicit terms enforcing the right to survivorship. If not, the surviving spouse still receives a part of it according to state law.
Additionally, estates can become too small to undergo probate. If its value does not exceed $166,250, the estate may opt for an informal probate alternative, which tends to be quicker and simpler.
Seeking help when in doubt
No matter how significant the estate is, you could still face different challenges, especially if there are complications because of the circumstances. Sometimes, you may discover assets the deceased forgot to mention during their life, or you might find documents with contradicting information. When in doubt, you should seek legal guidance before kicking off probate. It might not guarantee an easy outcome, but it can help you address issues as they arise.