Home | Legal | Legal Advice

Why Probate a Will?

By: Berber

Read More About Legal Advice

Our society uses probate as the "official" way of transferring a dead person's property to a living person.

Every county of the United States has a separate court (the probate court) that does nothing but handle probates. The criminal and civil offices in the courthouse are usually separated physically from the probate court offices. If each courthouse has a separate area for probate, probate has got to be a huge part of the system's burden. Property that passes after a death, which requires a signature in order to be transferred, must go through probate, unless some sort of a legal trick is used to avoid probate.

People usually use joint tenancy with rights of survivorship at the "legal trick" to get around the probate problem.

You shouldn't ever use joint tenancy with rights of survivorship as a way of owning property with anyone, probably not even your spouse.When you use joint tenancy, you are creating a tax and an asset protection disaster.Yes, joint tenancy might avoid probate, but the cost of avoiding probate is too high.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 property has to go through probate, you want to have a will to direct the court to fulfill your wishes. If you don't write your own will, you'll get the state's will. Trust me, you'll love your state's will - NOT! Please at least prepare a simple will for yourself. Only property that has to have your signature to transfer will have to be probated after you die. To transfer ownership, bank accounts, safe deposit boxes, brokerage accounts, car titles, and of course real estate all require a signature.

Who has the right to sign to get in your safety deposit box once you have died? If the kids want to sell your house, who signs the deed after you die? That's when she is going to have a problem. Assuming she doesn't live in the house, but sells the house immediately after you die. Of course you are dead and not signing a lot of deeds. Your daughter can make the argument that she got the house after you died. She could even cough up your will that gives the house to her. However, she isn't going to be able to have her signature accepted by the title company. The buyer can't accept her signature on the deed.

During the probate proceeding she is going to have to prove that the will she has is in fact your last will and testament. Even if she assures the probate court that it is your will, the court isn't going to believe her. Proof will be demanded by the probate court. 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. Notice must be given to all of your creditors and publication made in the papers to find any unknown creditors.

After she has proven everything the court requires, the court will issue an order called a "letters testamentary" authorizing your daughter to sign your name to transfer the deed. 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.

Please Rate this Article

 

Not yet Rated

Click the XML Icon Above to Receive Legal Advice Articles Via RSS!
Additional Articles From - Home | Legal | Legal Advice
Sign Up for a free account.
Our other websites
All about SEO
Beauty Tips Forum
Submit Articles
Member Login
Link Us
Submission Guidelines
Ezine Notifications
Article RSS Feeds
Sitemap
New Stuff
About Us
Developer
Good shopping portal
Link to Us
Contact Us
Privacy Policy
Terms of Service

counter easy hit

Powered by Article Dashboard