wills 10

probate

* "to prove and have allowed by the court" * proving a will is valid and thereafter administering the estate in accordance with the terms of the will * the general administration of estates of dead persons, including those w/out wills, with court supervision

after determining if probate is needed, the next steps are:

* determine the necessary proceeding * which court has jurisdiction

statutory req. for small estate settlement may include:

* the value of estate is below an amount * a certain time limit has passed since decedent's death * no other probate proceeding is pending in another jurisdiction

types of probate:

*informal-uncontested *formal-contested; heir(s) oppose or contest probate of will, or appointment of PR, or both * anicillary-probates in another jurisdiction that are outside the state of the main probate proceeding

intake sheet will include:

1. who is client? who is executor? 2. determine heirs by compiling family tree 3. compile financial info. 4. prepare a fee agreement 5. get original documents 6. prepare letters testamentary for court 7. executor is chosen 8. start job-debts and assets

probate assets:

Check payable to decedent ● Real property titled solely in decedent's name ● Real property held as tenants in common with two or more owners ● Bank account solely in the decedent's name ● Vehicle titled solely in the decedent's name ● Life insurance payable to decedent's estate

other examples of non probate assets that pass by beneficiary designation

POD, TOD, retirement accounts

A female appointed by the court to administer the estate of an intestate decedent.

administratix

a female appointed by the court to administer the estate of an intestate decedent

administratix

A male appointed by the court to administer the estate of an intestate decedent.

administrator

a male appointed by the court to administer the estate of an intestate decedent.

administrator

a person appointed by the court to handle the affairs of a decedent in a foreign state.

ancillary administrator

is a probate proceeding in a state other than the venue of the main probate proceeding, which is conducted in the decedent's state of domicile.

ancillary probate

(of a will): A person entitled to receive property under a will or to whom the decedent's property is given or distributed.

beneficiary

Identifying the proper court in which to initiate a probate proceeding requires identifying:

both the state and county of domicile, or the state and county in which real property is located

the deceased person, referred to as having died testate or intestate

decedent

A person's principal place of abode; the place to which, whenever one is absent, one has the present intent of returning.

domicile

Generally speaking, the probate will be brought in the jurisdiction where the decedent was ____ at the time of death.

domiciled

A male nominated in a will of a decedent to carry out the terms of the will; a personal representative of the estate.

executor

a male nominated in the will of a decedent to carry out the terms of the will; a personal representative of an estate.

executor

A female nominated in a will to carry out the terms of the will; a personal representative of the estate.

executrix

a female nominated in the will of a decedent to carry out the terms of the will; a personal rep. of an estate

executrix

A person in a position of loyalty and trust, such as an executor, administrator, guardian, attorney-in-fact, or trustee; also a person to whom property or power is entrusted for the benefit of another.

fiduciary

They are uncontested probates that generally require minimal court supervision.

informal probates

attorneys often have clients fill out an ___ ___covering necessary and pertinent information prior to conducting a probate consultation

intake sheet

means one had no valid will at death

intestate

Assets that are titled in ____ name pass to the surviving owner or owners.

joint

Also called an inter vivos trust, which is Latin for "within one's life," is a trust that is created and becomes effective during the lifetime of the trustor(s) [also called settlor(s)].

living trust

If a decedent executed a valid revocable ___ ___ prior to death and transferred all of his or her assets into the trust, no probate proceeding will be required

living trust

is the deceased client's family required to use the same law firm?

no

Property that passes to a decedent's intended beneficiaries by operation of law, independent of the provisions of a will or a probate proceeding.

non probate assets

___ ___ ____ pass to the intended beneficiary by operation of law independent of the provisions of a will or a probate proceeding

non probate assets

If the firm has possession of the client's original will (stored in a fireproof vault), the client's next of kin must be ___ of that fact when the client dies.

notified

the executor or administrator of a deceased person

personal rep

The executor or administrator of a deceased person. Whether the estate representative is referred to as an "executor" or a "personal representative" is dictated by the laws and customs of the jurisdiction; however, for all intents and purposes, the terms may be used interchangeably.

personal rep.

The property of the decedent that must be distributed through a probate proceeding in a court of law.

probate assets

A provision in some states allowing for probate assets below a certain value to be transferred by a simple affidavit when a variety of other conditions are met.

small estate settlement

It is entirely up to the party seeking appointment as personal representative to select an attorney to provide guidance through the probate process.

t

Life insurance is one of the most common assets to pass by beneficiary designation.

t

The details of the probate process vary from state to state.

t

The distinction between informal and formal probate does not exist in the eastern states, where the process is simply known as "probate."

t

The only exception to the general rule that property that passes by beneficiary designation is a non-probate asset is when the beneficiary appointed is the decedent's estate.

t

When a client has passed away, the law firm will likely send a sympathy card and possibly flowers to the family of the deceased

t

a probate proceeding may be required whether or not a decedent had a will, depending on the circumstances.

t

clients should be encouraged to take the time needed before beginning the probate process

t

if a decedent has assets titled solely in his or her name at death, some sort of probate proceeding will be required in order to transfer the assets to the beneficiaries or heirs at law

t

if all of the decedent's assets are titled jointly or pass by beneficiary designation, no probate will be required, even if the decedent had a will. .

t

probate assests are those in the decedent's name only at the time of death

t

testate probates generally go more smoothly and quickly than intestate probates

t

the most common way non probate assets pass to the intended beneficiary by operation of law independent of the provisions of a will or a probate proceeding is by:

title beneficiary designation

why is it important for a law office to read obituaries?

to send condolences when a client passes away

the ___ of the estate and the circumstances will dictate whether the appropriate process will be small estate settlement, an informal probate, a formal probate, and/or an ancillary probate

value

A written document that leaves the estate of the individual who signed the will to the named persons or entities.

will

non probate assets

● Property titled in the name of a trust ● Joint bank account ● Life insurance payable to a beneficiary ● Real property titled as joint tenants with rights of survivorship ● Retirement account ● POD or TOD account