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
“Your” Money Matters By Carl Hampton
From the Author of “
From
Credit Despair To Credit Millionaire”
