The Law Firm Of Steven F. Bliss Esq.
Probate Attorney Temecula
Who Am I?
I have been in private practice as an Attorney since 1991. My law practice is concentrated in the areas of Wills, Living Trusts and Estate Planning; assisting clients in Probate and Trust Administration matters; assisting clients with Chapter 7 and 13 Bankruptcy cases; and assisting my clients with the formation and management of Partnerships, LLC’s and Corporations. Steve Bliss is an amazing Temecula Probate Attorney, below are a few questions answered about possessions and the probate process.
Do All Possessions Go Through Probate and therefore need a Probate Attorney?
Not whatever you own will instantly go through probate. The obvious possessions that will require to be probated are those with a title that remains in your name. These may include savings account, financial investments, house, other property, vehicles, and so on. If yours is the only name on the title and you are deceased, just the court of probate can take your name off the title and put another person’s name on.
Properties that generally do not go through probate are
1) jointly owned possessions that transfer to the surviving owner;
2) features that have a legitimate recipient classification;
3) properties that are in a trust. However, these properties do not always avoid probate.
1. Jointly Owned Assets Collectively owned assets that move to the surviving owner do not go through probate. (This sort of joint ownership is “joint ownership (or joint occupants) with the right of survivorship.”) However, if the surviving owner passes away without adding another owner, or if both owners pass away at the very same time, the asset should be probated before it can go to the successors.
You must know that transfer of this ownership happens right away upon the very first owner’s death. So, even if your will states you want someone else to receive your share (like your kids from a previous marriage) and you die initially, the property will still go to the making it through the owner who can then do whatever he/she desires with it– and your children would likely be disinherited.
Another type of joint ownership is tenants-in-common. With this sort of joint ownership, if you pass away first, your share will be distributed as directed in your will (or to your successors if there is no will); it will not go to the other owner unless your will says so. This lets you manage who gets your share; however, the property will need to go through probate.
2. Beneficiary Designations. Some properties need a Probate Attorney Temecula
including insurance policies, IRAs, retirement plans and some bank accounts– let you call a recipient. When you pass away, these properties will be paid directly to the person(s) you have named as a beneficiary without probate. Well, that is the method it is expected to work, however, it does not always take place that method.
If your beneficiary dies before you or at the same time as you, the profits will need to go through probate so they can be distributed with your other possessions.
If your beneficiary is paralyzed, the probate court will probably take control of the funds through a guardianship/conservatorship. This is because the institution will not intentionally pay to an inept person and will typically insist on court guidance.
If you note “my estate” as beneficiary, the court will have to determine who “my estate” is. The funds will go through probate and be distributed with your other assets.
If you name a minor as beneficiary, a probate court will most likely have to develop a guardianship for the child. Many institutions will not pay straight to a small or to another individual for the child’s advantage; they do not want the possible legal liabilities and will usually require proof of a court-supervised guardianship.
3. Trust Assets. And the Use of a Temecula Probate Attorney
Properties in trust, like a revocable living trust, prevent probate. Nevertheless, if you have a trust in your will (called a testamentary trust), your properties will not avoid probate. The will and your properties will have to go through probate before the trust can enter into impact. Any possessions you neglect of your living trust will most likely likewise need to go through probate.
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Make Sure to Visit Steve Bliss when in need of a probate attorney in Temecula!
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