| Beneficiaries refer to people who receive personal | | | | complete. Much depends on estate value, types of |
| property, real estate or money from a benefactor. | | | | inheritance assets, and court caseload. In order to |
| When inheritance is involved, the benefactor refers to | | | | avoid probate, decedents can designate beneficiaries |
| a person who is deceased. Decedents can designate | | | | to receive proceeds in bank accounts, retirement and |
| beneficiaries within their last will or by assigning | | | | investment portfolios, and life insurance policies. |
| beneficiary rights within life insurance policies, bank | | | | Beneficiaries can be established for real estate through |
| accounts or property titles. | | | | Joint Tenants of Survivorship. |
| The most common beneficiaries include the surviving | | | | Motor vehicles, recreational vehicles, boats and trailers |
| spouse, children, relatives and friends. Decedents can | | | | can be jointly titled for beneficiary designation. Upon |
| also elect to bequeath inheritance property and | | | | death, the designated recipient must present the |
| monetary gifts to non-profit organizations, charities, | | | | original vehicle title, death certificate and copy of the |
| scientific research groups, or institutes of higher | | | | will or probate records and apply for a new title. The |
| education. | | | | recipient can designate a new beneficiary to receive |
| A last will and testament allows decedents to | | | | the property in the event of their death. |
| designate how their property and financial assets will | | | | Property exempt from probate may require filing |
| be distributed. When decedents die without executing | | | | certain documents in order to legally make claim. For |
| a last will, property is distributed according to probate | | | | example, while retirement accounts and financial |
| law. Regardless of whether decedents execute a Will | | | | portfolios avoid probate, the estate executor must |
| or not, the estate must be managed by a probate | | | | present date of death valuation forms to the county |
| personal representative. | | | | tax assessor's office. If the decedent owed taxes, the |
| The estate administrator is responsible for many duties | | | | estate is responsible for paying outstanding taxes |
| and must adhere to probate laws established in the | | | | before asset distribution can occur. Financial institutions |
| state where the decedent resided. Some states | | | | cannot distribute funds until the tax assessor signs off |
| require Administrator's to obtain a cash bond. Others | | | | on the forms. |
| require court confirmation, while some states allow | | | | While most of us don't relish the thought of who will |
| Administrator's to manage the estate without court | | | | receive our belongings when we die, it is important to |
| interference. | | | | engage in estate planning. At minimum, execute a valid |
| Estates must undergo the process of probate unless | | | | last will and update it when major changes occur, such |
| the decedent established a trust. Assets placed inside | | | | as buying or selling real estate. |
| a trust are no longer considered part of the estate and | | | | Estate planning can be accomplished by various |
| are exempt from probate. Everything owned by the | | | | means. Individuals with estates valued below $50,000 |
| decedent is held in probate to ensure proper protocol | | | | may only require a basic will, while those with larger |
| is followed. Probate grants heirs and beneficiaries the | | | | estates may require an estate planner or probate |
| option to contest the decedent's last will and gives | | | | lawyer. Keep the Will, along with life insurance policies |
| creditors the opportunity to make claims against the | | | | and property titles in a safe location and provide |
| estate. | | | | copies of the documents to the appointed probate |
| On average, probate takes three to nine months to | | | | executor. |