PROBATE

In probate court, assets such as bank accounts, real estate, and financial investments are distributed when a decedent dies.Probate is the general administration of a deceased person's will or the estate of a deceased person who does not have a will.

Executors or administrators are commonly named in a will or, in the absence of a will, to complete the probate process then collect the deceased's assets to pay their remaining debts and distribute them to the beneficiaries.

Type of Probates

Independent Administration

It is the most effective type of probate. The administrator acts without a court supervisor. It is easiest with a will. However, it can still be accomplished with no will if all the beneficiaries consent.

Dependent Administration

It is more expensive and time-consuming. The administrator acts with court supervision.

Determination of Heirship

To determine heirship is a proceeding in which a court determines who the deceased’s heirs are, and which heirs get which shares of the property.

Small Estate Affidavit

Appropriate where there are less than $50,000 in assets (excluding the house) and no will.

Muniment of Title

Allows transfer of house title when there is a will and no other major assets. Although it is expedient and cheaper, it is not usually appropriate for anything other than the house.

Transfer on Death Deed (TODD)
Simple way to transfer real estate to someone else after you die. With a properly recorded Transfer on Death Deed, no probate is needed to transfer the real property.