What is a probate asset? Assets that are solely in the name of the decedent are generally probate assets. Assets that can transferred through pay-on-death provisions are not considered probate assets. For example, if an asset is owned in joint tenancy (but not if it is owned in tenancy in common) or there is a named beneficiary designated to receive [...] By Sandra McCarthy|April 16th, 2016|Probate Column 2, Probate FAQs|Comments Off on What is a probate asset? Read More
Can a minor receive property in probate? Usually property cannot be distributed to minor unless a guardian has been appointed for the minor’s estate. There are some exceptions, however, if the amount to be distributed is small, the decedent’s will names a custodian to receive the minor’s property or the minor has a court-appointed guardian. If there is no appointed guardian, and [...] By Sandra McCarthy|April 15th, 2016|Probate Column 2, Probate FAQs|Comments Off on Can a minor receive property in probate? Read More
When can a probate be closed? The probate estate may be closed any time after the expiration of the creditor’s claim period (four months from the date letters are issued) if all debts and taxes have been paid or sufficiently secured, and no problems prevent the estate from being closed. In order to close the estate, the personal representative must file [...] By Sandra McCarthy|April 15th, 2016|Probate Column 2, Probate FAQs|Comments Off on When can a probate be closed? Read More
Who can represent the estate in a probate proceeding? The estate representative (executor or administrator) represents the estate in a court proceeding. If there is a will which names an executor, that person is the estate representative. If there is no will (the decedent died intestate), the court will choose the estate representative who is called an “administrator.” If there is a will but [...] By Sandra McCarthy|April 15th, 2016|Probate Column 2, Probate FAQs|Comments Off on Who can represent the estate in a probate proceeding? Read More