On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | April 16, 2023 | Estate Administration & Probate
Probate Administration (usually just referred to as “probate”) is the legal process for transferring the assets of a deceased person to the beneficiaries under their Last Will and Testament, or if none exists, then to their heirs as determined by statute. Probate typically requires some kind of court supervision in the distribution of assets, either through ongoing administration or through the issuance of an order of distribution.
Probate is time-consuming, public, and costly. This added time and expense can be detrimental to beneficiaries who might need those assets as soon as possible. The goal of avoiding probate is a priority for most people when establishing their estate plans.
At times, probate can be useful. For example, where there are disputes regarding creditors of the estate or among the heirs or beneficiaries, probate can be the proper forum for resolution. However, when an expedited and economical process of settling the estate is desired, there are ways to avoid probate.
One method is to hold assets so that they are not subject to the probate process. Property held jointly with a right of survivorship goes immediately to the survivor upon the death of the first. Similarly, assets with a designated pay-on-death or transfer-on-death beneficiary, are transferred to the designated beneficiary, as a matter of law, automatically upon death of the asset holder, and therefore are not subject to probate. Assets properly held in a trust are distributed as per the terms of the trust without the need for the probate court’s supervision.
There are many options available for people who contemplating how they wish their estate to be handled once they die. An estate planning lawyer can provide guidance and counsel to ensure that a client’s final wishes are respected.
