24 Mar What is Probate Law?
Every week, Deborah Elliott-Shultz talks about a topic that has to deal with buying or selling real estate. Once you have real estate what should you do to protect yourself and your family should you become incapacitated or pass away? That is why Probate Law is so important in real estate.
While we don’t want to think about it happening to us or our loved ones, it is something that is important to consider. Many people think a Last Will and Testament is all that is needed when a person passes away, however, there are some other legal documents that might fit your needs better.
Today, Deborah is joined by Jessica Showers with Hammond Law Group to discuss probate, last will and testament, and living trusts; Probate Law!
What is Probate Law?
What is a Will? What does it do? What doesn’t it do? A Last Will and Testament is commonly referred to as a Will. It is a document that indicates where you want your assets (personal property, bank accounts, etc.) to go after you pass away, who gets those assets, specifies the percentages of how your assets are distributed, and also determines when your assets are distributed. A Will also indicates who will be your personal representative (also known as executor) in court, the person or persons who will step into your shoes in order to retitle your assets out of your name and into to the name of the people named in your will, as well as who will pay your bills, final expenses, and final taxes.
401K and life insurance, IRA, other retirement accounts have a beneficiary identification. These do not have to be mentioned in the Will because it is already defined in the document. And while it doesn’t have to be designated in the will, the beneficiary has to match the will. This will help mitigate any ugliness or friction. It’s important to remember that beneficiary designations trump anything written out in the Will.
The Will governs all of our assets and makes probate a requirement when assets are real property (real estate) or any asset that’s at $66,000+. Any real estate holdings and bank accounts will have to go through probate court to retitle. The probate judge is the only one who has the legal authority to transfer title of ownership for property.
Revocable Living Trust, mortgages, the process of probate. These are all topics Deborah and Jennifer discuss today as well as some upcoming workshops to help you find out which documents make the best sense for you and your family.
You can find out more information about Estate Planning and upcoming workshops at ColoradoEstatePlan.com or reach the Hammond Law Group at (719) 520-1471.
Don’t hesitate to contact Deborah Elliott-Shultz at (719) 641-1357 to have your real estate questions answered and to find out how to make your real estate experience more affordable with a flat listing fee of $3500 with Mia Bella Properties.