Mar 15, 2013 |

Will We Need a Formal Probate Administration of the Estate?

Mar 15, 2013 - Estate Planning, FAQ

If there is a Will or no estate plan document at all, it is likely that a probate administration will be required. Some types of property, however, pass without probate, including the following:

  • Assets held jointly, either as “tenancy by the entireties” between a husband and wife, or as “joint tenants with right of survivorship” between any two or more persons who are not married. (In the case of a husband and wife, it is often the case that probate is not required where all assets were owned jointly by the husband and wife);
  • Accounts that are payable on death (“POD Accounts”) to a named person;
  • Accounts that have one or more named beneficiaries, such as retirement accounts including IRA accounts, 401(k) accounts, and annuities;
  • Life insurance policies having a beneficiary designation.

Contact one of the knowledgeable attorneys at Drake, Hileman & Davis if you are uncertain whether or not probate is necessary or if you are confronted with issues regarding beneficiary designations, joint ownership, or payable on death accounts.

Click here to contact us regarding probate, estate or trust administration matters. Avoid expensive probate mistakes, delays and unnecessary litigation. Contact an estate administration lawyer at the Doylestown law firm of Drake, Hileman & Davis for helpful legal advice and satisfying results.

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