Confused About Probate Court
Cincinnati, OH
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Posted 20 days ago in Probate
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My attorney told me that my all of my assets will go through probate court when I die, even my payable on death beneficiary bank accounts which are over $25,000 each. These are designated to relatives and charities. I was told they won't technically go through probate court, but must "pass through" regardless because they are over $25,000 each. Is this true? If my payable on death bank accounts were under $25,000, would they still go through the same probate system? Does the dollar amount determine this? Thanks so much.
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Answers (3)Andrew Daniel Myers
This attorney is licensed in Massachusetts and 1 other state.
Posted 20 days ago.
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Yes Probate is confusing many attorneys are even confused about it.
Place the bank accounts into a trust and then you will avoid probate all together. This answer is provided for informational purposes only. Legal advice can only be given in an office appointment by an attorney licensed in your jurisdiction with experience in the area in which your concern lies. Elizabeth Smith Schmitz
This attorney is licensed in Ohio.
Posted 19 days ago.
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I think you need to find an exeperienced estate planning attorney.
No matter what the size payable on death property does not go through probate. James P. Frederick
This attorney is licensed in Michigan.
Posted 16 days ago.
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I would second Ms. Schmitz's advice. As long as there are beneficiary designations, then probate would not be required for such assets. You need to make sure that ALL of your assets would avoid probate, however.
Depending on the size and nature of your estate, you may be able to easily avoid probate, either with or without the use of a Trust. It sounds to me like your present attorney either does not understand estate planning, or was simply trying to scare you into paying him for more services, whether you need them or not. You should strongly consider executing a Durable Power of Attorney form, so that probate will not be required, in the event that you become incapacitated. It is fine to avoid probate once you are dead. It is more important to make sure you are taken care of during your lifetime. James Frederick
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