Can We Avoid Probate if We Own No Real Estate?
Full Question:
Answer:
The answer will depend on the total value of your assets and whether the accounts designate a beneficiary so that it transfers on death. Please see the small estate summaries at the link provided below. When a person dies, their assets are distributed in the probate process. If a person dies without a valid will, an administrator is named to handle the distribution of the estate after a petition to probate the estate is filed with the court in the county where the deceased resided. The court will issue letters testamentary of letters of administration, giving the administrator authority to collect the assets and pay the debts of the decedent. The executor will be responsible for sending notices to creditors, collecting the property of the deceased, filing inventories of the estate, and distributing the estate assets in accordance with the will.
In cases where the decedent didn't own property valued at more than a certain amount, which varies by state, the estate may go through a small estate administration process, rather than the formal probate process. The amount varies by state to collect property by affidavit. Certain assets are not included as part of a person's estate and may pass outside of probate, such as trust assets, insurance policies, and transfer on death accounts, such as bank accounts naming a beneficiary, or property owned by joint tenants which passes under a right of survivorship when one tenant dies.
