As a probate lawyer Memphis, TN clients trust can explain, the probate process is a court-mandated process used to distribute estate assets not protected by a living trust, but many assets will still not be assigned to probate. This is contingent on what the court deems as a worthy asset and can vary from state to state. Probate is the known legal process that court systems use and is the management of a deceased individual’s assets.
All debtors included in this process are paid off before the ending balance is distributed out to living heirs. A probate lawyer Memphis, TN residents recommend knows that the probate process is similar but does vary from state to state. However, there are many similarities amongst jurisdictions.
For example, if an individual dies and has not left a will behind, the entirety of their estate automatically goes through the probate process. This does not include assets that can be transferred to a named beneficiary like a retirement account, assets that are present in a trust account that has named beneficiaries for said assets, or a jointly-owned account. In the event that a joint account is present, the second owner of the account will have full ownership of it.
Assets Subject to Probate
A probate lawyer Memphis, TN locals turn to knows that probate must occur for assets that are property owned and owned only in the name of the deceased individual. If the percentage of ownership of the deceased is in an investment, it is subject for probate. Likewise, if a car or house are in ownership of only the deceased’s name, it is subject to probate.
If a will does not name a beneficiary, the court will most likely appoint a surviving family member to manage the estate that is left behind. The appointed individual then obtains the authority to retain a percentage of the estate’s monetary value as payment for their work.
Not every asset is required to pass through the probate process. Any property that is stated in the living trust by name or coordinates, retirement accounts that name a beneficiary, any life insurance proceeds, any property that is in joint custody with a surviving individual, and any household goods or co-owned vehicles.
Contact a Probate Lawyer Memphis, TN Families Depend on Today
You may want to consider contacting a probate lawyer in Memphis, TN to help you to better understand the probate process. He or she can walk you through each step of the way before you make a decision regarding your estate plan, including drafting a will and whether or not a living trust is an option.
The initial consultation with an estate planning attorney is usually free and can be an immense help to those stuck on a decision. The probate lawyer Memphis, TN provides can give you specific information regarding your current state’s laws and explain to you how to avoid the probate process.