The process of probate is something that you should fully understand when you are engaged in your inheritance planning efforts. This process can enter the picture when assets are changing hands after someone dies. The probate court steps in to provide supervision when certain circumstances exist. For example, when someone passes away without any estate planning documents at all, the condition of intestacy is the result. Someone has to handle the business of the estate, so the probate court is responsible for intestacy case. A personal representative would be appointed by the court, and this individual would become the estate administrator. Final debts would be paid, and remaining assets would be distributed according to the intestacy succession rules of the state of Connecticut. If you were to maintain direct personal possession of your property throughout your life and direct its distribution through the terms of a will, you can nominate an executor in the document. After your pass
Is There An Estate Tax in Connecticut from Barry D Horowitz You pay taxes all of your life. Your estate is comprised of assets that you have left after paying all of these taxes. Most people would like to think that they have paid their share during their lives. Learn more about Estate Tax in Connecticut in this presentation.
The probate court would not be involved in the transfer. This can sound like a turnkey arrangement, but you have to understand the fact that the person that you add to your title as a joint tenant would own half of the property immediately. As a result, the joint tenant would have to sign off on the sale if you wanted to liquidate the property. Plus, the property could be attached if the joint tenant was to run into legal or financial difficulties. Topics covered in this report include: Payable on Death Accounts Life Insurance Proceeds Property Held in Joint Tenancy Revocable Living Trusts Click here to read the whole article or download the PDF.