Is Probate Necessary to Transfer Property at Death?
Yes, probate is necessary unless the decedent did not have any property to be transferred at death through probate. A person may take steps with the titles to their property or rules of various agreements to avoid probate while alive, such as the following (some of these techniques are described in other chapters of this booklet): · Giving away property, · Putting property in a living trust, · Setting up joint accounts with right of survivorship. · Creating pay-on-death (POD) or transfer-on death (TOD or beneficiary deeds) designations, and · Naming beneficiaries of life insurance or retirement accounts (IRAs). How Does Probate Work? The decedent’s property is held and managed by the Personal Representative during the administration of the estate. The Personal Representative makes distribution of the estate when the probate court approves the transactions made to pay claims and expenses and the proposed distribution schedule. The earliest that an estate may be closed and distribution m
Related Questions
- I am the personal representative of a deceased person, and I am required to transfer his property to his heirs as part of probate. Can I use a warranty deed to make this sort of land transfer?
- Since property is state-owned is another conveyance necessary to transfer the property?
- Are Death Taxes Necessary?
