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What is Probate?
The word probate spawns much negativity in society. Just the word probate may put a scare into you because of what you may have heard. Know that not all property needs to go through probate.
- What have you heard about probate?
- Does probate take all the assets that others are entitled to receive?
- Is probate expensive?
- Does probate take a long time to complete?
Do not always believe what you hear and take your probate information directly from your estate attorney. These laws are complex and vary from state to state.
What about Smaller Estates?
Each state set their specific limits on small estates, meaning if an estate’s worth is below a set amount of money, that estate does not have to go through probate. All states recognize that the probate system is complex and can become complicated. The purpose of probate is to verify the legality of your Will. For instance,
- California’s limit for considering a small estate is $150,000 and under to avoid probate.
- The state of Nebraska sets the boundary of a small estate at $50,000.
- Washington State is $100,000 or under for a small estate to avoid probate.
Generally, you appoint someone to take care of your assets and debts collected from your estate after you die. This person is known as an executor. If items on your estate are not designated for anyone, or you do not have a cosigner, they go into the probate court system.
The Executor’s Responsibility
Your executor gets a copy of your death certificate to prove your death. The executor presents your will to the judge with all your assets and an appraisal of assets listed in your will.
The executor pays all your debts, taxes, and end-of-life expenses. It is the executor who notifies your beneficiaries and distributes your assets according to your will. There are many options in which an executor can bypass probate with their attorney’s help.
Beneficiaries of a small estate in the state of Washington can claim their assets by a simple sworn statement. This process is quick and easy for beneficiaries when the property does not have to go through probate.
Small Estates Do Not Have to Go Through Probate, But Should They?
The estate attorney can help you identify specific exemptions to probate. This professional enables you to understand Washington’s law and how to calculate your assets. Many questions need answering about estates before and after you die. It is wise to get these questions answered by a seasoned and skilled probate attorney. Some frequently asked questions are as follows.
- Does your state recognize joint ownership of a property held by married couples or in partnership relationships?
- Can the survivor in a relationship take ownership of the deceased half?
- If you name a beneficiary on any asset and you die, can the beneficiary take immediate ownership? Some examples are as follows.
- Checking and savings accounts
- Investment accounts
- Retirement accounts
- Life insurance policies
- All types of vehicles
- Real estate
- Electronics
- Artwork
- Clothing and shoes
- Hobby collections
You may not know one factor about probate cases is that only your assets titled in your name without any beneficiary listed go to probate. Examples are,
- A home held as community property
- A life insurance policy
Ask your probate attorney about trusts and if this is the way you need to plan to avoid a long, expensive, and time-consuming probate court situation. Your attorney may recommend a few different trusts, such as,
- Charitable Trust
- Irrevocable Trust
- Revocable Trust
Your Probate Attorney Makes Sure Your Will is Properly Written
You will need to name an executor in your will. Keep the executor of your will updated on changes in your will and allow the executor your attorney’s contact information. The responsibilities of the executor are easier when they have an estate attorney working with them.
This person’s responsibility is estate administration, which includes,
- Filing the will with the probate court
- Notify all beneficiaries
- List and locate all assets
- Open a new bank account for the estate that captures dividends or payments during probate.
- File and pay taxes for the year that the person died
- Notify all creditors of the death and probate process
- Pay debts out of the estate account
- Distribute all assets to beneficiaries as directed in the will
- The executor can request the probate court to close the estate
When Should a Small Estate Go to Probate?
There are instances when a small estate should perhaps go to probate, such as if your family has concerns about creditors or beneficiaries who are disputing claims and arguing about the terms of a will. These instances can turn into a lengthy court battle. The only way to ensure that this does not happen is to hire an attorney to protect your rights.
Get End-of-Life Issues in Place Early
There are no guarantees in life, so getting all of your matters organized and in place is advisable. You need to know if your assets and property can avoid probate, so give us a free, no-obligation call today, and we can help you with getting all of your assets in order through a free case review and help you become knowledgeable about probate laws in Washington.
Going through the grief process due to death is difficult for family and friends, and probate court can drain your financial assets, causing your loved one’s undue stress. Call us today to help you draft an estate plan. This plan can transfer all your assets without any excess problems and unnecessary stress for your family. With your attorney’s help, a probate process is far less stressful. We help you determine if your estate qualifies as a small estate, according to Washington state laws.
