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Why Is a Will Probated?

By: Berber

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The probate process is the official mechanism our society uses to transfer a deceased person's property to living people.

Every county of the United States has a separate court (the probate court) that does nothing but handle probates. You'll find that the probate court is a separate area of the court house from the civil and criminal courts. That should tell you just how big of a deal probate is. When property is passing from a deceased individual to a living individual, it will have to go through the probate system unless it can be transferred using some probate avoidance trick.

The common "legal trick" people use to avoid probate is joint tenancy with rights of survivorship.

You probably shouldn't be using joint tenancy even between a husband and wife, and definitely never with anyone other than your spouse.When you use joint tenancy, you are creating a tax and an asset protection disaster.Oh, you might avoid probate, but you are going to pay dearly just to try and avoid probate.POD accounts, life insurance policies, IRAs, 401(k)s, other retirement accounts, benefit accounts, and a number of other common legal tools avoid probate in specific situations.

If you are going to have to have property probated, you'll certainly want to write a will which will direct the court and let them know what your personal desires are. The probate court will use your will, or if you don't leave a will, the probate court will use the statutory will that your state provides. I don't think you are going to love that will. Just prepare a simple will for yourself. To transfer the following types of property you need a signature. You need to sign to transfer ownership of bank accounts, safe deposit boxes, brokerage accounts, car titles, and of course real estate.

After you die, when your kids want to open your safety deposit box, who can sign? After you die, when the kids want to sell your house, who signs the deed? Assume your youngest daughter lives in the house after you die. Then the title company sees your name on the deed, they will ask for you to come and sign the deed. You're not going to be signing any deeds, because you're deceased. Your kid is going to argue that she has lived in the house and it's hers. She might even have the will which says you wanted her to have the house. But, the title insurance company isn't going to let her sign the deed. The buyer isn't ever going to let the title company accept your daughters signature.

Your daughter will have to get a probate order to sell the house she has been living in. Just having her say that the will is your real will won't satisfy the probate court. The probate court will make your daughter prove it. She is going to have to prove to the court that you have paid off all your creditors and don't owe anybody any money. This requires publication in papers to "smoke out" any creditors your daughter may not know about, and notice to the creditors she actually knows about.

When your daughter has proven everything to the court's satisfaction, she will be given a paper called a "letters testamentary," and the judge will authorize her to sign your name on the deed to make the transfer. Even though your signature isn't actually on the deed, the letters testamentary will be recorded with the title, by the title company, and the world will know that the probate process has been met and the buyer has good title.

Order my book, Guaranteed Millionaire, now! It explains the probate process in detail. Your order includes a FREE 90 minute audio CD bonus which retails for $20. Ask for the bonus, when you order!

Article Source: http://depositarticles.com/

For more information on how to probate a will please visit our website above and get a free 90 minute informational DVD.

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