Davis County Probate Lawyer

Helping Clients Understand the Probate Process

If you’re planning your estate, you’re likely thinking about how to help your family handle the legal details regarding your property when you’re no longer here. During this process, you might hear about the importance of avoiding probate. But maybe you’re curious about why that is and how you can do so.

At Able & Strong Law, Inc., we want our clients to understand the reasoning behind major legal decisions before agreeing to them, so we’re happy to explain what the probate process means for your loved ones. Call us to talk to a trusted probate lawyer in Davis County about wills, living trusts, probate court, and other estate planning details.

Schedule your initial consultation today or assistance with the probate process.

What Is Probate?

Probate is the process of distributing the decedent’s assets after their death. If they had a will, the probate court must validate it and approve of the person they chose as the executor. Once it’s clear the deceased person left a valid will, the executor will take over locating and assessing the value of the assets before paying taxes and debts owed by the decedent’s estate. The executor will then distribute remaining assets to family members as instructed by the will.

When a person dies without a will, the probate court appoints a personal representative to determine which relatives get which assets. In most cases, an immediate family member, such as the spouse or child, will be given the deceased person’s estate at the end of the probate proceedings. Of course, this can cause confusion and hurt if the deceased person promised to leave certain assets to specific relatives without documenting their intentions through a will. This is why it’s important to make an estate plan with the help of an attorney.

Even if the decedent left a will, their property will likely have to go through the probate process unless they carefully planned ways to avoid it. To avoid probate, you should talk to a lawyer to learn which estate planning tools will allow your beneficiaries access to your assets without this court-supervised proceeding.

Do All Assets Go Through Probate?

Understanding the Probate Process: Which Assets Are Affected?

At Able & Strong Law, we recognize that navigating the probate process can feel overwhelming. Probate is a common legal procedure that determines how a deceased person’s assets will be distributed. However, it’s essential to understand that not all assets must go through probate court before beneficiaries receive them. Knowing which assets are subject to probate can help you make informed decisions about estate planning and asset management.

Several types of assets typically require probate before they can be distributed to beneficiaries. These include:

Sole Ownership Property

Any asset that is solely in your name and lacks a designated beneficiary must go through probate. This category includes various types of property, such as:

• Real Estate: If you own a house or any other type of real estate solely in your name, it will require probate to transfer ownership to your beneficiaries after your death.
• Vehicles: Cars, boats, and other vehicles that you own outright will also need to go through the probate process.
• Bank Accounts: Any personal bank accounts that do not have a named beneficiary will be subject to probate.
• Personal Items: Valuable personal belongings, including jewelry and collectibles, will fall under probate if they are solely owned and not designated to anyone else.

Tenant in Common Property

If you co-own property with someone as tenants in common, your share of that property will go through probate upon your passing unless your will clearly outlines who should inherit your portion. This aspect is crucial for ensuring that your wishes regarding your share of the property are honored.

Smaller Estates

For estates valued at $100,000 or less, the probate process may be simplified through the use of a small estate affidavit. This legal tool allows for a more streamlined transfer of assets to beneficiaries without undergoing full probate proceedings.

Investments

Investment accounts where you are the sole owner will require probate to distribute those assets. This includes:

• Stocks: Shares of companies you own outright will be subject to the probate process.
• Bonds: Any government or corporate bonds that you hold individually must go through probate.
• Mutual Funds: Similar to stocks and bonds, mutual funds in your name will require the probate process to transfer ownership.

How to Avoid or Minimize Probate

While probate is often necessary, there are ways to avoid it or reduce the number of assets that pass through this legal process. Consider the following strategies:

Jointly Owned Property with Survivor’s Rights

If you jointly own property with another individual, that person will automatically become the sole owner upon your death. This arrangement allows the property to bypass probate, simplifying the transition of ownership.

Assets in a Living Trust

Establishing a living trust can be a powerful estate planning tool. By placing your assets in a trust, you ensure that they bypass the probate process entirely, allowing for a smoother and faster transfer to your beneficiaries.

Payable-on-Death (POD) and Transfer-on-Death (TOD) Accounts

Designating your bank accounts as Payable-on-Death (POD) and your securities as Transfer-on-Death (TOD) can also help you avoid probate. In these cases, the designated beneficiaries can claim the assets directly without the need for probate court intervention.

 Accounts with Named Beneficiaries

Another effective way to avoid probate is to designate beneficiaries on accounts such as:

• Life Insurance Policies: If you name a beneficiary on your life insurance policy, the proceeds will go directly to that individual without going through probate.
• Retirement Accounts: Accounts like IRAs and 401(k)s can have named beneficiaries, allowing for direct transfer upon your passing.

Understanding which assets are subject to probate and exploring ways to avoid or minimize this process can significantly impact your estate planning strategy. At Able & Strong Law, we are committed to helping you navigate the complexities of probate and ensure that your assets are handled according to your wishes. If you have questions about probate or want to discuss your estate planning options, contact us today for a consultation. Your peace of mind is our priority.

If you’re unsure how Utah’s probate laws affect your personal property, you should talk to an experienced attorney. Contact our Davis County law office today for advice.

How Can You Avoid Probate?

If the assets you own are the kind that typically must go through probate, you can change that by taking some steps during the estate planning process. Your attorney can guide you through them based on the assets you own.

A common way of avoiding probate is to transfer property to a living trust since all the assets in the trust can bypass probate. Another option is to ensure your property is jointly owned with a right of survivorship so it automatically passes to the other owner upon death.

With some assets, you can designate a beneficiary now so it’s clear which family member it passes to, meaning it skips the probate process. Examples include some retirement accounts, life insurance policies, and payable-on-death or transfer-on-death accounts.

Finally, keeping your estate small enough that it’s valued at $100,000 or less can let your assets bypass probate. You can do this by giving your assets to your loved ones now, which could also save you money on taxes. If you have questions about these or other ways to avoid probate, call our law office to talk to a knowledgeable attorney.

When Should You Call a Davis County Probate Lawyer?

Avoiding probate is a common goal for people planning their estate. After all, most probate proceedings take a year or more to complete and come with court fees, attorney fees, and other costs that ultimately reduce the amount of money your heirs get. So, if you want to avoid the time-consuming, costly probate process, you’re not alone. A skilled lawyer can instruct you on how to do so.

When you contact us for help planning your estate, we’ll ensure you know the details about wills, trusts, probate administration, personal representatives, and other estate planning basics.

If you’re ready to learn more about your options as you plan your estate, call us at 385-438-8801 for an initial consultation.