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| FAQ Frequently Asked Questions | What types of assets are subject to probate? | The types of assets subject to probate depend on the value of the asset and how the owner held title. If the property’s title is held in the name of the decedent’s trust, then the probate court has no jurisdiction to handle that particular asset. Also, assets held in joint tenancy with another person are not subject to probate unless both joint tenants passed away.
The probate court handles the transfer of title to the surviving beneficiaries. If the owner of the asset transferred the title to the property to someone else, or to himself and another, or into a trust, then there is no need for the probate court to handle that asset. Additionally, any real property (houses, land, etc.) that is not transferred into a trust or into a joint tenancy, and is owned solely by the decedent at his or her death, that real property is subject to the probate court.
That rule extends to other assets such as bank accounts. Most other assets of minimal value do not go through probate. However, assets constituting personal property with a total value in excess of at $50,000.00 or real estate with a value in excess of $75,000.00 that are not transferred into a trust or owned jointly with another, will be subject to probate. Even assets to be distributed pursuant to instructions within a will can be subject to probate.
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| Please contact our office so that we may provide you with an affordable fee quote for your estate plan. We can prepare any additional real property deeds to supplement your Wills and/or Trusts package. |
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Areas Of Practice
CRAIG COLLINS Law Office Probate Legal Services
