Transcript
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
IS PROBATE ALWAYS REQUIRED?
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
ESTATE ADMINISTRATION
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Stating your final wishes in writing is part of the estate
planning process.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
At the same time, you should also address the estate
administration process that will come into play after you are
gone.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
PROBATE
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Certain types of asset transfers would be subject
to the probate process.
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This can be defined as the legal process of estate administration.
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During probate, a court supervises the administration
of an estate.
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DIRECTLY OWNED PROPERTY
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Property that was in your sole and direct personal possession
at the time of your passing would be probate property.
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This property could not be distributed to your heirs until the estate was closed by the
court.
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TRANSFERS OUTSIDE OF PROBATE
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Certain types of asset transfers would naturally take place outside of the process of
probate.
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Let's take a look at a few of them.
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ACCOUNT BENEFICIARIES
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If you have a payable on death account at a bank
or brokerage, your beneficiary would assume ownership of the
account after your passing.
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Probate would not be a factor.
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INSURANCE
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You probably have insurance on your life.
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The transfer of the proceeds to the beneficiaries would not
be subject to the probate process.
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JOINTLY HELD PROPERTY
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You may add a loved one to the title or deed of your property.
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In the legal world, this is the condition of joint tenancy.
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When property is held in joint tenancy, the surviving joint
tenant would inherit the entirety of the property after
the passing of one joint tenant.
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This transfer would take place outside of probate.
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LIVING TRUSTS
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A living trust can be a very effective estate planning tool.
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If you create a living trust, you name a trustee to
administer the trust after your passing.
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This trustee would distribute assets to the beneficiaries in accordance with your wishes.
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The probate court would not be involved.
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SCHEDULE A CONSULTATION
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In this presentation, we have provided some basic
information about probate.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
If you would like to learn more, contact us to set up a
no obligation consultation.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Or visit our website www.sinclairprosserlaw.com
Nicole Livingston Jon J. Gasior
Colleen Sinclair ProsserVictor A. Lembo
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