Does life insurance or retirement benefits need to go through probate?
No. The benefits can be paid directly to a named beneficiary. Money from IRAs, Keoghs, and 401(k) accounts transfer automatically to the persons named as beneficiaries. Bank accounts that are set up as pay-on-death accounts (PODs) or “in trust for” accounts (a “Totten Trust”) with a named beneficiary also pass to the beneficiary without probate. Need to order certified copies of death certificates (all states free link) 5. Do living trusts go through probate? No. When a living trust holds title to some of the decedent’s property, that property also passes to the beneficiaries without probate. 6. How much does probate cost? The cost of probate is set by state law. When all the costs are added up – these may include appraisal costs, executor’s fees, court filling fees and certified copies, costs for a type of insurance policy known as a “surety bond,” plus legal and accounting fees–probate can cost from 4% to 7% of the total estate value, sometimes more. If someone contests the Will, th
