What is Probate?
Probate is the legal process for transferring property when an owner dies. This court-supervised procedure is used to validate a will and determine ownership of a deceased person's ("decedent's") estate.
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When a property owner dies, assets which do not pass directly to others through a community property agreement, right of survivorship, under some form of trusts, or as insurance proceeds are subject to formal probate proceedings. Certain "small estates," as defined by state law, may qualify for a simplified method of transferring property.
What is its Purpose?
Probate proceedings are intended to provide an orderly transfer of property while protecting those who might have an interest in the property, including beneficiaries, heirs, creditors, and taxing authorities. The process is necessary to:
Must an Estate be Probated?
For some estates, probate proceedings are not required. The need for probate depends on circumstances and is not determined just by an estate's size. Various factors, including the value and nature of assets and the relationship of the survivors to the deceased, will determine whether probate is appropriate.
If a person wishes to plan his or her estate in order to reduce the assets subject to probate or to completely avoid future probate, a number steps may be taken. These include giving away property, forming joint ownership's, and creating trusts. Property may, for example, be directly transferred to survivors if it is owned in joint tenancy. Under this arrangement, the surviving joint tenant or tenants acquire ownership without undergoing a probate process.
Of importance in Washington is the ability of a husband and wife to enter into a community property