Estate Administration: Is the Probate Court Always Involved?

There is a legal process called probate that plays a very big role in the estate planning field. You may assume that assets can be distributed immediately after you die if you create a will, but this is really not the case. The estate must be probated before the heirs can receive their inheritances when a will is utilized to transfer assets. Probate is in place to provide oversight, but it is time-consuming, and it can be expensive. As a result, it does not always benefit the heirs to the estate. Property that is considered to be probate property would be subject to the process. However, there are some types of transfers that are not subject to the probate process. We will look at some of them in this blog post. Payable on Death Accounts A payable on death account is an account that has a beneficiary. These accounts are offered at banks and many brokerages. Sometimes this type of account is called a transfer on death account. The beneficiary cannot access the resources in the account


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