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Probate
is a process where the courts are involved in overseeing the administration
of a deceased person's estate (i.e., paying debts and distributing
property).
Probate
is necessary when assets are held in the individual name of a
deceased person in order to legally transfer an asset to a survivor.
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There
are several types of probate proceedings:
1. Disposition without Administration:
Few estates qualify for this type of proceeding. The estate cannot
exceed the value of funeral expenses and cannot involve real estate.
2. Summary Administration: This is an abbreviated
probate proceeding. No Personal representative is appointed in
this type of proceeding. Further, the value of the deceased person's
estate (not including the homestead of the deceased) cannot exceed
$75,000.
3. Formal Administration: This is the most common
type of proceeding. It affords notice to all creditors, distribution
of all estate assets, and appointment of a Personal Representative
in cases where a representative of the estate is necessary to
manage distribution of assets and pay the decedent's creditors
claims.
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WHEN
PROBATE IS NOT REQUIRED |
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Probate
IS NOT REQUIRED when…. Assets are held in
joint names, in a bank account designated "Paid on Death",
or in Stocks, Bonds, IRA's, Life Insurance that have a designated
named beneficiary.
A home of a husband and wife held as tenancy by
the entireties or as "Husband and Wife" does
not require probate. However, a death certificate and
Affidavit of No-Tax (for estates under the federal tax exemption
amount of $2,000,000 in 2006) must be recorded in the County
property records where the home was located in order to publish
notification of the death.
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