Probate Lawyer Cherry Hill, NJ
When people hear the word probate, they may respond with a confused expression and have no idea what this entails. Probate is a common legal procedure. Probate oversees a person’s assets passing to beneficiaries or heirs. Not every will goes through probate. The majority of people have humble to moderate sized estates, in which probate is just a formality. On the contrast, those with particularly large estates may have their assets go through probate. All in all, you can think of probate as a judge providing permission for the decedent’s assets to be passed on. This is true whether there is a last will or not.
What if someone did not leave behind a will?
If a decedent had written a will, then it is required that the provisions listed are carried out through Probate. Probate can also happen when a person passes without a will and has assets to be distributed. If the deceased left behind property, money, and belongings without a will, then these assets will pass based on the law of intestacy. In cases where the decedent had listed a beneficiary on a retirement account, then it shall be distributed to this person accordingly. But, if the beneficiary listed passed away before the account owner, probate law necessitates that this account goes passes under Will’s terms. So it is important to regularly review beneficiary designations.
Is it possible to skip or avoid probate?
Many people do not like the idea of their estate and assets potentially going through probate court, and being impacted by intestacy laws after passing away. If the decedent did not arrange for these assets to go somewhere, then the law steps in. Those who want to help prevent their surviving loved ones from an extensive probate process should consult with a Probate Lawyer. Learn how to protect your legacy.
Ways to keep your assets from going through probate can include:
- Establishing a revocable living trust. The creator places her assets into a trust which the creator uses until death. After death, these assets are then passed on to trust beneficiaries and probate is not needed.
- Life insurance policies and retirement accounts can pass without interference from probate. Who you list as beneficiary for these accounts, shall receive the death benefit straightaway.
- Having joint tenants for real estate, so the property legally as two owners. After the first owner passes on, the second automatically becomes the owner in his or her place.
As a family member, will I be involved in the probate process?
There may be instances where family members have contact with the probate court about their loved one’s remaining assets. During probate, it is not uncommon for family members to talk with a lawyer. It is best to find a Probate Lawye4r familiar with this proceeding for advice, guidance, insight, and support. It can be an emotionally-charged time, so relatives of the deceased may seek legal support from a probate lawyer Cherry Hill, NJ relies on at Klenk Law along the way.