9,075
edits
Drew Jackson (talk | contribs) |
Drew Jackson (talk | contribs) |
||
Line 179: | Line 179: | ||
Not all wills need to be probated. If the estate involves less than $25,000, probate is not typically required. | Not all wills need to be probated. If the estate involves less than $25,000, probate is not typically required. | ||
It depends in part on the type of assets involved. Not all things owned by the will-maker form part of the estate. Certain types of assets “pass outside the | It depends in part on the type of assets involved. Not all things owned by the will-maker form part of the estate. Certain types of assets “pass outside the will”. For example, property owned jointly by the will-maker and someone else automatically becomes the exclusive property of the other joint owner. Examples include a joint bank account or a house owned in joint tenancy. As the executor, you will be able to transfer these assets to the joint owner without a grant of probate (note that you will need to provide the death certificate). | ||
Assets where the will-maker designated a beneficiary also pass outside the will. The beneficiary is entitled to receive the proceeds on the death of the owner. Examples include a life insurance policy or a retirement benefit plan where the will-maker designated a beneficiary. | Assets where the will-maker designated a beneficiary also pass outside the will. The beneficiary is entitled to receive the proceeds on the death of the owner. Examples include a life insurance policy or a retirement benefit plan where the will-maker designated a beneficiary. | ||
Many couples will hold all their assets through joint ownership or with beneficiary designations so when one of them dies, no probate is required. | Many couples will hold all their assets through joint ownership or with beneficiary designations so when one of them dies, no probate is required. | ||
=== What if the will-maker owned land? === | === What if the will-maker owned land? === |
edits