What is Probate? continued Part 2

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What is Probate?  Part 2

NOTE:  This is a continuation of the previous blog post “What is Probate?” Part 1, click here to visit the first part of this blog post.

Do all assets have to go through the probate process?

Not necessarily. The following are assets that are free of probate:

• Jointly owned real and personal property goes to the surviving owners.

• Insurance policies and annuities directly payable to a named beneficiary bypass probate.

• 401(k) accounts, IRAs and other such transfer automatically to beneficiaries.

• Bank accounts that are set as “payable-on-death” or in trust to a named beneficiary will also bypass probate.

• If a living trust holds legal title to some of your property, then that also passes directly to the beneficiaries.

Are there estates that are too small for probate?

Each state has certain simplified procedures for estates whose value goes below a certain limit. However, if there are creditor claims against the estate, it may make more sense to go through the whole probate process. Do consult with a lawyer to find out which one may be a better process for a small estate.

Who should I contact for proper management of the probate process?

If you feel that you may be in over your head handling the estate, you should then ask the help of an accountant, a lawyer, and the courts. This isn’t unusual, particularly in cases where the estate has a high level of complexity due to either its sheer size, or the number of claims against it. Factor in inheritance tax and other taxes that have to be paid, credit cards and other payables to be paid and cancelled, assets or properties that are somehow not included in the probate process, and the whole concept of probate administration may truly need professional help. This is where probate attorneys and accountants who specialize in probate processes come in.

What if the will itself is contested?

The basics for challenging a will are as follows:

• The will was not properly drawn up to legal requirements.

• The decedent lacked mental capacity at the time the will was drawn up.

• Force, fraud, or undue influence was involved.

• The will is a forgery.

In many cases, the will is contested to make sure that the personal representative is changed or replaced.

If you have any questions regarding the Estate Planning for yourself or your family members please give us a call or shoot us a message:

Phone number:  858-200-1900

Contact us form:  CLICK HERE

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Asset Protection Specialist attorneys share insight at Educational event in San Diego

Posted by & filed under Speaking Engagements.

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Here at the Strazzeri Mancini offices, we value our team members, family members, clients, and our clients’ family members. With our focus intently concentrated on the betterment of the client, one of the initiatives we put into play is a program we call: The FamilyCare Workshops.

Asset Protection Specialist insights

In this program, our expert attorneys spend some time with all our invities and discuss information pertinent to the current economy, the changes in the law, estate planning, real estate related issues, tax information, and asset protection.

 

Asset Protection Specilalist

 

We feel it is our duty and responsibility to educate and make our clients aware of the changes and things that are happening in our world that could effect their plans.  Our attorneys are usually the keynote speakers, but we also invite other experts around the country (and local experts) to speak on behalf of pertinent topics for our clients.

Here are some insights from the program that you will be able to watch in the video provided:

  • “It’s not how much you make, but its how much you keep…”
  • With asset protection “there’s only so much you can really do BUT most people do not do enough, they don’t do the basics…”
  • “There needs to be some type of balance to this because it should be discussed so that everybody can make their own choice about what they would like to do in this area, how much they would like to protect and risk on what they might have.”
  • Jurisdiction Shopping is a major component to Asset Protection.
  • Fraudulent Conveyance is an issue that many attorneys struggle with, and this kind of thing needs to be planned for in order to avoid this particular legality.  This type of Asset Protection planning has to be done before you think you will need it in that type of situation.
  • Asset Protection should NOT be an event…it’s a process.  The planning has to be done before things happen.

 

 

If you are searching for an Asset Protection Specialist and need further guidance on your particular situation, feel free to give us a call at 858-200-1900 or shoot us a direct message through our contact form HERE

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