18 May What Is the Maximum Amount of Real Property that Can Be Administered without Probate?
What is the maximum amount of real property that can be administered without probate?
Whether or not you have a validly executed Will, your estate will go through Probate to the extent that you die owning assets in your name. “Probate” is the legal process through which a deceased person’s affairs are formally settled. First, an attorney must be retained to open up an estate w/ the court. A person is then appointed to administer the estate, who is often called a Personal Representative or Executor.
The Personal Representative works with the attorney and is responsible for overseeing the entire process, beginning with locating a validly executed will. The Personal Representative must then identify and gather all the deceased person’s assets, file an inventory with the court and notify the deceased’s creditors of the pending estate. It’s a lot of work. Next, assets are then pooled together and used to satisfy creditors’ claims. Finally, the balance of assets are ultimately distributed to the proper beneficiaries, who – as you now know from the crash course on wills – are determined by the will or may be decided for you by the state in which you reside. As you now know, ancillary probate means a “mini” probate in another state for the limited purpose of administering real property that the deceased owned there. More unnecessary administration expenses (including attorneys’ fees and costs). There is no maximum amount of assets that can be administered in probate. If not planned ahead, all the properties will be administered this way. More unnecessary administration expenses (including attorneys’ fees and costs).
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