Estate Planning Attorney And Probate
Estate Planning Attorney Joseph Hudack says that it’s crucial to understand whether a probate is required once someone passes away. It can take a long time for the probate process to be completed. The longer it takes to settle and distribute the assets, the more complicated or contentious the estate is. The higher the expense, the longer the time.
Probating an estate without a valid will is usually more expensive than probating one with one. However, each requires a significant amount of time and money. Furthermore, because a probate court’s proceedings are publicly recorded, avoiding probate would ensure that any settlements be done quietly.
Varied states have different laws about probate and whether it is required following a testator’s death. Some states have a minimum estate worth that necessitates probate. For example, in Texas, if the worth of the estate is less than $75,000, probate may be avoided, whereas, in California, the threshold is $160,000.00. If an estate is small enough to avoid probate, the assets of the estate can be claimed through other legal means, such as an affidavit. If a deceased person’s debts outweigh their assets, probate is not always necessary, and other options may be pursued.
Some assets can avoid probate because beneficiaries have been named as a result of contractual provisions. Probate will not be required for pension plans, life insurance profits, 401k plans, medical savings accounts, or individual retirement accounts (IRAs) with selected beneficiaries. Similarly, assets held jointly with a right of survivorship can avoid probate.
The use of a trust is another popular strategy to avoid probate.
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For more information go to Hudack Law Estate Planning Attorney and areas of service. We are proudly serving California and Arizona, please call our California line at (877) 314-4309 or our Arizona line at (602) 777-7882.