When I pass away, does all of my property have to be probated? By: Daniel A. Gwinn, Esq.
This week’s question: DOES ALL OF MY PROPERTY GO THROUGH PROBATE?
QUESTION: When I pass away, does all of my property have to be probated?
ANSWER: Probate is the process of administering a decedent’s estate. It refers to the procedure by which a decedent’s will is admitted to the court for purposes of estate administration. Probate is essentially re-titling assets from the decedent to his/her heirs.
Some property does not have to be probated. For example, property payable to named beneficiaries such as pension plans, 401(k) plans, or life insurance rarely have to be probated. Assets that are held jointly with rights of survivorship pass directly to the surviving joint tenants. Another commonly used method to avoid probating particular assets is to place assets into a revocable living trust. An attorney can help you set up a trust and can talk with you about your assets and what options are best for you.
The lawyers at GWINN TAURIAINEN PLLC are experienced attorneys and are happy to answer your questions. Give us a call for a free initial telephone consultation about your legal needs. For consideration of your questions in our web column, please submit your inquiry on the “Contact Us” page of our website at www.gwinntauriainenlaw.com.
ASK THE LAWYER
By: Daniel A. Gwinn, Esq.
Attorney and Counselor at Law
GWINN TAURIAINEN PLLC
901 Wilshire Drive, Suite 550
Troy, MI 48084
(248) 247-3300
(248) 247-3310 facsimile
[email protected]
www.gwinntauriainenlaw.com
