Sep 222015
 

It is important to understand that not all assets go through probate. Generally, jointly owned assets, assets that have a beneficiary designation, and assets placed in a trust do not go through probate. In the next three blogs, I will give a basic overview on each of the three assets that do not generally go through probate. Jointly Owned Assets: Assets titled solely in the decedents name will go through probate; those assets include, but are not limited to, bank accounts, real estate, vehicles, etc. Part of the probate process is taking the decedent’s name off the title and putting More…

Sep 082015
 

What happens if you own real estate in a state in which you do not live? If you own a second home, rental property, or any other real property out of state (even time shares), it is very likely that you will be involved in a probate proceeding in each such state.  This process is called ancillary probate. Ancillary probate costs your estate more money and impedes the probate process. Additionally, an ancillary probate administration may thwart some of your currently established estate planning goals. There are ways, however, to organize your estate, including your out of state properties, to More…