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.
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:
- collect, or take possession of, the decedent's property;
- protect and preserve the decedent's estate;
- pay all debts, claims and taxes;
- determine who is entitled to the assets and distribute
the property accordingly.
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
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