How Do I Transfer Property from a Deceased to a Beneficiary?
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Answer:
The answer will depend on whether the assets are transfer on death assets, or joint assets with a right of survivorship. For example, assets held in trust, or as joint tenats with right of survivorship, typically pass outside the probate process. Such assets go to the named beneficiary outside the probate process. Real estate held by spouses as joint tenants with right of survivorship passes automatically to the survinig tenant outside the probate process. That means it will not be included as part of the estate that either passes under a will or according to state intestacy laws (applicable when there is no will). If the account is held as tenants in common, it's possible that the deceased owner's share could pass to heirs.
When a person dies, their assets are distributed in the probate process. If a person dies with a valid will, an executor is named to handle the distribution of the estate. The court will issue testamentary letters to the executor, giving the authority to handle the affairs of the deceased. To dispose of the real property interests of the decedent, the executor executes an executor's deed or fiduciary deed. For example, if a person who is a joint tenant dies, the executor of the estate can execute a fiduciary deed transferring their interest to the remaining joint tenants, or other person entitled to receive the interest under the will.
In Pennsylvania, where the value of the estate does not exceed $25,000, a small estate may be administered in a summary procedure. Upon petition of any party in interest, in its discretion, with or without appraisement, and with such notice as the court shall direct, and whether or not letters have been issued or a will probated, may direct distribution of the property to the parties entitled to it.