When a person passes away without a will, probate court becomes necessary to transfer their assets. The probate process can be costly and time-consuming. However, there are legal methods of transferring property after death without probate court.
Why Sell Your Home to ASAP Cash Offer?
- You Pay Zero Fees
- We Close quickly 7-28 days.
- Guaranteed Offer, no waiting.
- No repairs required, sell “AS IS”
- No appraisals or delays.
Get An Offer On Your Home In 24 Hours!
Intestate Succession
If a person passes away without a will or trust, their assets are distributed through probate court under intestate succession. In the absence of a will, probate courts distribute a decedent’s assets to family members under strict state probate laws.
Individuals who would like to avoid probate court can make changes during life that allow them to avoid probate at death. A probate attorney can help accomplish this goal through probate planning. Lawyer talk is estate involvements. Any estate involve is probate which probate court is required. An attorney advertising probate court probate is probated probate planning. A confidential relationship is established when a probate attorney is hired.
Going Through Probate
Probate is the legal process of eventually distributing a decedent’s probate estate in accordance with their will, which can expedite the probate process. Probate court holds that any asset not mentioned in a will is considered part of the probate estate. Cash life insurance policies may not be probated if they are paid to a living beneficiary or an irrevocable trust.
Attorney client relationship with probate court:
Probate courts determine who can administer an estate and whether they must obtain probate before administering the estate. An attorney’s role in probate court is to represent and advise their clients and probate the will. Surviving spouse’s rights: If a spouse survives a deceased spouse, probate laws have different provisions for how assets are distributed. A law firm that handles probate issues can help a surviving spouse navigate probate laws and avoid probate court.
How probate works
If the probate estate of a person who dies without a will is larger than $100,000, probate can be expensive and time-consuming. The probate process generally includes court costs, attorney fees, executor commissions, outstanding debts of the deceased person, and taxes or other government charges levied on the estate. Upon probating an estate of this size, executors are often required to post a bond in order to protect creditors against any mishandling of funds during probate. Many people die with less than $100,000 in property that is subject to probate fees which means their estates do not incur probate costs upon death. People who die with more than $400,000 worth of probate property can avoid probate at death if their probate assets comprise less than half of their probate estate.
Ways to Avoid Probate
In order to avoid probate at death, it is important to make the necessary changes during life to transfer property without probate court. In addition, these post-death probate avoidance strategies should be coordinated with your total financial plan so that they do not create more problems than they solve. It is recommended that you consult an attorney and/or financial planner before transferring property to avoid probate. You can exempt property from probate by using a will, trust, power of attorney lifetime.
Other probate-avoidance methods include transferring property into a living trust, creating payable on death (POD) accounts, and naming a beneficiary for bank accounts.
Property held in joint tenancy with rights of survivorship automatically transfers to the surviving owner upon the death of one owner. By going through probate court, probate fees can be avoided but adverse tax consequences may apply. Sensitive or confidential information of a deceased person may be viewed by probate courts. The proper legal description of probate property can be required by probate courts.
Probate avoidance planning is not available in every state. It is recommended to consult with an attorney and/or financial planner before transferring property after death to avoid probate court proceedings. It is important for assets transferred outside of probate court to include a proper legal description so it is clear what property was originally included in the estate.
A simple method of avoiding probate at death without probate planning involves making sure that all assets are titled properly during life, including real estate, bank accounts, vehicles, etc. Titling assets improperly may leave them open to probate upon death if they are held under the decedent’s name alone or if there are no designated beneficiaries.
Call Now (818) 651-8166
Why Sell Your Home to ASAP Cash Offer?
- You Pay Zero Fees
- Close quickly 7-28 days.
- Guaranteed Offer, no waiting.
- No repairs required, sell “AS IS”
- No appraisals or delays.
What is the purpose of a quit claim deed?
A quitclaim deed, as its name suggests, is a document used to pass ownership of real estate from one party to another without any guarantees or warranties. The only thing the quitclaim deed guarantees is that the person signing it has the actual right to sell their interest in the property, even if they may not be aware of any outstanding legal obligations or debts. It can be used to transfer ownership from a living person to a deceased person’s estate, probate court, or heirs.
Quitclaim deed requirements by state
Quitclaims are used most often to transfer property at death. To be valid, quitclaims must meet all the legal requirements of the state where they are executed. Requirements vary depending on where the quitclaim is made and what type of document it is, but in general, a probate-avoidance quitclaim deed should include:
The name(s) of the person or persons executing the document;
The name(s) of the person or persons whose interest is being transferred;
A clear description of the real estate involved (be as specific as possible);
The signature of the person(s) transferring their interest;
The signatures of any witnesses; and,
An acknowledgment by a notary public.
Other probate-avoidance documents for probating an estate with property deeded in joint tenancy or with joint rights of survivorship include adding or changing beneficiaries on bank accounts, annuities, brokerage accounts, etc.
With most probate avoidance strategies, it is recommended to consult an attorney and/or financial planner before transferring property at death. It is important to include proper legal descriptions within probate avoidance documentation so that it is clear what property was originally included in the estate.
Can a quit claim deed be revoked?
Once it has been executed, a quitclaim deed cannot be revoked. However, if the person revoking the transfer of ownership is also one of two or more parties listed on the quitclaim deed itself, then there’s typically no problem signing another quitclaim deed transferring ownership back to themselves. What this essentially does is void out the first quitclaim. It is important that the person revoking the transfer of ownership do so before any other party listed on the quitclaim deed takes action to secure their interest in the property.
One can revoke a quitclaim deed in any way they so choose. Typically, the revocation will be written on the face of the deed either before or after where your signature is located. A line must be drawn through it and “revokes” typed at the end of it.
However, there are times when probate courts get involved. If probate courts are involved with ownership disputes over real property then state law dictates how revocations are handled regardless of what is stated in the document itself. The probate court’s judgment takes precedence over that of an individual regardless of whether their name is listed on a quitclaim deed or not.
To avoid these complications altogether, make sure to consult with an attorney before transferring ownership via a quitclaim deed or any other method.
I want to sell my house urgently
Instead of selling the house with a real estate broker or getting a real estate agent, you can try and sell it to us instead! The process of selling your inherited home can be difficult. There are many considerations to take into account and the right decisions need to be made at every step for things to go smoothly. If you would like more information about any specific aspect of what is required during the sell-a-home process after somebody dies, please do not hesitate to reach out, ASAP Cash Offer can most certainly help you! Just Fill up the form below, or call us at (818) 651-8166 and you will receive a cash offer for your home within 24 hours, with no hidden fees or closing costs, all in its fair market value. We want your experience going through this challenging time as smooth as possible.
