When is Probate Required?
No, probate is not always required when a person passes away.
People who do no own extensive property and possessions when they pass away are exempt.
Other people avoid probate by establishing Living Trust or Family Trust for the specific purposes of avoiding that process.
But for those who own a more substantial amount of property and possessions and have not set up a trust, probate is required.
How much property and possessions are necessary before probate is required? Two rules govern this question:
- If a person owns any real estate when he or she passes away, probate will normally be required; and
- If a person does not own any real estate, but owns other possessions and accounts with a total value in excess of $100,000, then probate is still required.
So, in the final analysis, unless a person owns no real estate and owns other possessions with a value of less than $100,000, probate is the normal requirement.
But, again, for people for whom probate would normally be required, the creation of a Living Trust or Family Trust is a very effective way to avoid forcing one’s heirs to go through the probate process.
Author: Barry Peters. For additional easy-to-understand information on Wills, Trusts, and Probate, call attorney Barry Peters’ offices at (208) 939-2600 for your expedited appointment for a FREE OFFICE CONSULTATION or visit his Q & A pages at BarryPeters-Law.com/answers-to-questions. As always, your total satisfaction is guaranteed by Barry Peters, Attorney at Law, where all clients receive individual attention to the details of their unique circumstances.