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What Assets Don't Go Through Probate? 💡 Are you wondering what assets avoid probate in Chattanooga? Understanding this can save you time and hassle, especially if you're dealing with an estate. Here are some common assets that typically don't go through probate: 🔹 Jointly Owned Property: Properties owned jointly with the right of survivorship automatically pass to the surviving owner. 🔹 Life Insurance Policies: These policies pay out directly to the named beneficiaries. 🔹 Retirement Accounts: Accounts like IRAs and 401(k)s with designated beneficiaries bypass probate. 🔹 Payable on Death Accounts: Bank accounts with POD designations go straight to the named beneficiaries. 🔹 Living Trusts: Assets held in a living trust avoid probate and are distributed according to the trust's terms. Selling a house during probate in Chattanooga can be challenging. 🏡 At Cash Out On My Home, we make it easy to sell a house during probate in Chattanooga. We specialize in probate real estate in Chattanooga, ensuring a smooth Chattanooga probate process. We are cash home buyers in Chattanooga who buy houses as-is, so you don't need to worry about repairs or renovations. If you’re considering how to sell a probate property in Chattanooga, visit www.cashoutonmyhome.com or call (866-341-1663) to learn more about avoiding probate in Chattanooga and start your probate house sale in Chattanooga today. With our expertise in Chattanooga estate planning, we can help you navigate the complexities of selling a probate property. #SellHouseDuringProbate #AvoidProbateChattanooga #ChattanoogaProbateProcess #ProbateRealEstateChattanooga #CashHomeBuyersChattanooga #ProbateHouseSaleChattanooga #SellProbatePropertyChattanooga

PROBATE Role of Executor If you are asked to be an executor in a Will or discover you are appointed as one, there are prescribed duties to be undertaken. Depending on the Will itself, it can be straightforward or in a complex Will, quite an undertaking and time-consuming. The solicitor acting for the deceased will render advice and guidance.   Put simply, the main function is to gather all the deceased’s assets and pay off their debts and then distribute the balance in accordance with the Will. This is called the ‘administration of the estate.’ Normally, Wills will have more than one executor, so the functions to some extent are shared. While in some cases the beneficiaries will be easily identified, there will be cases where a beneficiary may be harder to find but nonetheless, all beneficiaries must be located.   If, for whatever reasons, you do not wish to be an executor, discuss this with the solicitor. In this circumstance, the other executor or executors will perform the role and you can renounce your position as executor.   The first step is to obtain a Grant of Probate and the solicitor will seek to extract this acting in consort with the Executors. This document is very important as it empowers banks, brokers etc to hand over assets to the Executor's solicitor and authorises a sale of the deceased's property by the Executors. They would refuse to do so unless there is a Grant of Probate. The solicitor will open an Executor's bank account to lodge any funds from the deceased’s assets.   To obtain the Grant of Probate, the executors must complete a tax form that sets out all the assets and liabilities of the deceased person. Once all the required information is required for the Grant of Probate, it is submitted to the Probate Office. There is no set time for the processing of the grants, it can vary depending on the workload in the office and the complexity of the application, but an estimate would be six to eight weeks, but this can be expedited if a sale of the deceased's property has been agreed. Some of the matters that an executor may have to deal with are: ·       Jointly owned assets like a family home or business. These revert to sole ownership of the surviving joint tenant on the death of the other joint tenant.  ·       Pension and insurance ·       Assets owned outside Ireland. ·       The Revenue Commissioners ·       Insuring assets until they are sold or vested in the beneficiaries. ·       Challenges to the Will (this might result in applying to the court for resolution) ·       Objections to you being an executor. ·       Keeping a record of all dealings of executors. ·     Documenting and lodging all funds realised to the executor's account and paying the funeral and testamentary expenses such as funeral etc. before paying the net proceeds over to the nominated beneficiaries. If in any doubt about your role as an executor, ask your solicitor for advice.

At Hopler, Wilms, and Hanna, we understand that navigating probate or planning your estate can be overwhelming. Whether you’re probating a will, managing an estate, or looking to avoid probate, we’re here to guide you every step of the way. 🤝 ➡️ Guidance Through Probate When a loved one passes away, the last thing you want to worry about is legal proceedings. We help manage probate court complexities, from filing the death certificate to obtaining letters testamentary. 📝 Our goal is to make the probate process smooth and stress-free, allowing you to focus on what truly matters. 💖 ➡️ Estate Planning to Avoid Probate To avoid probate for your own estate, we offer comprehensive planning services. We secure your assets through living trusts, joint tenancy, and named beneficiaries on bank accounts. 🏡💼 This preparation reduces probate costs, making property transfer seamless and efficient. 🔑 ➡️ Managing Intestate Estates If a loved one passes without a will, we assist in navigating North Carolina’s probate laws to ensure fair estate distribution among heirs. We handle all probate proceedings, ensuring assets are accounted for and properly distributed. 📜 ➡️ Personalized Support and Legal Guidance We provide personalized support tailored to your unique situation, offering practical solutions for real estate, life insurance, and more. We help you understand every step of the process and address any legal challenges. 🌟 ➡️ Contact Us Today Don’t let estate planning or probate overwhelm you. Reach out to Hopler, Wilms, and Hanna for compassionate, knowledgeable guidance. 🏛️ We’re committed to helping you protect your assets and ensure your loved ones are taken care of. Let us be your trusted partner in navigating probate and planning your estate. 📞 https://lnkd.in/ga4hWWJP #ProbatingAWill #EstateSettlement #EstateAdministration #ProbateNC

Probate delays… Recently I created a poll aimed at probate lawyers, asking what issues they and their clients face when dealing with an estate that includes a property to be sold. I asked this in the light of media reports of long delays in obtaining probate causing tax penalties. IHT would normally be paid from the proceeds of sale of a property but the property cannot be sold without probate which means that delays in obtaining probate leaves families unable to sell the property within the six month deadline for payment of the tax. Although there was no feedback from probate lawyers, people who had been involved in the process mentioned following problems. Difficulties in obtaining information from financial institutions Dealing with utilities, car insurance and sorting out tax The effort involved in getting a property cleared and ready for sale, particularly if the property was located a distance away from where the individual dealing with the sale lives. In my experience, there are generally two approaches towards the practical aspects of putting a property on the market for sale when the occupant has died or had to move to live with family members or gone into care. One is to clear the property completely perhaps using the services of a house clearance company. The second is to simply leave the property as it is, perhaps even with some personal possessions half packed into boxes. In either scenario, when the property is marketed for sale, the images will be a dead giveaway for the circumstances behind the sale. Potential buyers will either be put off completely or they will put in a low offer. It isn’t simply about getting the maximum price for your property in this situation, but rather speed of sale could be more important. Staging the property for sale can really assist in what is already a very difficult situation. Which do you think would be more important to you – price or speed of sale?

When a person passes away, if they left a will, the will’s executors have a responsibility to ensure that every request in the will is carried out. This means they’ll have to spend some time settling all debts and setting all affairs in order. This process is known as probate. How long probate can take all depends on the size and value of the estate, the amount of debts the deceased needs to settle, and the inheritance tax situation. In this post, we explore the probate process, how long it often takes and responsibilities of those involved: https://ow.ly/37rc50Scti8 #HomeInsurance #ProbateInsurance #Probate

What is Intestate Property? (Landlord’s Guide) In this article When someone passes away without leaving a will, the estate must go through the probate process to determine heirs, settle outstanding debts, and distribute any remaining assets. The laws on how intestate properties are handled vary by state. As a landlord, it’s important to make sure estate planning is a part of your financial and legal strategy. It may prevent your heirs from experiencing legal difficulties, and it may also give you peace of mind knowing that your assets will be distributed according to your wishes. What Is Intestate Property? Intestate property refers to the property of someone who dies without a valid will. Intestate is sometimes also referred to as intestacy. For example, if someone says “he died in intestacy,” it means the person died without leaving a valid will to determine who receives the estate’s assets. When someone dies in intestacy, the assets and debts are referred to as an intestate estate. Common assets may include: Bank accounts Business interests  Debts and liabilities Investment accounts Life insurance Personal property  Real estate Retirement accounts Vehicles When someone dies intestate, the deceased person’s estate goes through intestate succession. This is a process that is used to pay off the estate’s debts and determine its heirs. Key terms to understand Here are three common legal terms that will help you understand intestate property: Decedent: A deceased person whose estate is being administered in probate proceedings. Heir: Someone who is legally entitled to an estate’s assets after someone passes away. Heirs are usually relatives. Estate: Everything that was owned by a deceased person. It also includes the decedent’s debts and other legal obligations. The estate is a legal entity that must go through the probate process to determine the heirs, pay off debts, and distribute the assets. How intestacy occurs Intestacy occurs when someone dies without a valid will or other legal documents that state who should receive that person’s assets. Intestacy may also occur if a will only covers part of an estate. For an estate to be intestate, the value of the property must be more than the outstanding debts. How Intestate Succession Works Intestate succession is when a probate court determines the beneficiaries of an intestate estate. The property is distributed to heirs based on state law, which varies by state. With intestate succession, a court-appointed administrator will first make a list of the deceased person’s assets and debts. The administrator then uses the estate’s assets to pay off any debts, such as credit card and mortgage debt. A probate court, through its appointed administrator, will then determine the intestate estate’s heirs, who are usually family members. With intestate succession, the decedent’s surviving spouse may inherit half of the intestate estate if there are other heirs. If there are any...

This article provides a detailed overview of the sequential steps involved in estate settlement, focusing on preemptive actions to avoid probate delays. It offers valuable insights into special considerations for estates containing artwork, vacation properties, or family-owned businesses.

Estate planning isn't just for the wealthy—everyone needs it! Ensure your wishes are honored and reduce burdens on loved ones with wills, trusts, and powers of attorney. #EstatePlanning #LouisianaLaw

If you're looking to avoid probate, it's important that you plan accordingly. Estate planning can help you structure your estate so that there is no need for your estate to go through probate after your death. Here's what you need to know: https://hubs.ly/Q02mfW7f0

Problems I am seeing that could have easily been solved at a lesser cost: 1. The Deceased made no Will, so the person that applies must be able to get a Probate Bond. This ensures that the creditors and the heirs (by Ohio Statute) will be protected from possible harm. The Statute requires the Bond be 2 X the Personal Property AND if there is real estate, then it is also going to be included if it is sold through the estate, which is highly recommended. 2. a spouse that is NOT your children's parent brings on many new issues including that the spouse has Spousal Rights under the code. This may require a spouse to move. 3. One of your multiple children is caring for you, and has been for awhile. They have already lost income and now they are not empowered to handle your Estate with out cost and it will take more time. 4. You had "collections" of things you deemed valuable but your child does not see it that way; get appraisals, and better yet start to declutter. A Will means Probate. There are ways to take assets out of Probate but you must put the correct paperwork in place. Don't leave your loved ones with your problems upon your death, and more importantly, begin the discussion and empower them to help you as you get older and need assistance. When a person dies and you take the assets through Probate, you need to understand the Estate needs a Tax ID No. and its own account. So many DIY and attorneys who fled the litigation world need to understand what they are getting into. With a review and a plan to work off of, Probate is not scarry. Good Documents make it better and less costly. But no matter what there is work to be done. #estateplanning #forwardminded #strategic Denise Arison - Wichert Insurance - Probate Bonds