There are more questions that I can answer in a guide. Remember that these guides are education and should not be relied on as legal advice in a specific situation.
1
Does Social Security Pay for Funerals?
Not enough. A surviving spouse or child may apply for a death benefit of $255.
2
Are There Simple Procedures if the Estate is Small?
Yes, if the probate estate is insolvent or has net assets of less than $50,000. There are three procedures: summary settlement and summary assignment and transfer by affidavit. In summary settlement and summary assignment, a court distributes the assets without appointment of a personal representative.
A transfer by affidavit does not require involvement of a court. A personal representative or a family member can obtain title to probate assets by giving the holders a Transfer by Affidavit form. This works for real estate, personal property and money in bank accounts or other financial accounts. The person who files a transfer by affidavit is legally responsible for distributing the property to the rightful heirs.
There are also summary procedures for transfers of joint accounts and real estate owned with a right of surviorship (joint tenancies, marital survivorship property, Transfer on Death Deed.)
3
Do I Need to Go to Court for Larger Estates?
The good news is that you only need to go to court for four reasons.
(1) You cannot find the will.
(2) The other heirs and interested persons will not consent to admit the will or object to the personal representative.
(3) The Estate must file suit or the Estate is named as a defendant in a suit.
(4) There is a dispute about the management of the estate or the distribution of assets that cannot be resolved by the personal representative and the heirs.
The better news is that the personal representative follows the procedures for informal probate after the court resolves the problem(s).
The bad news is that court supervision is required for probate estates with more than $75,000 in assets. The Personal Representative works with the County Registrar in Probate using a procedure known as informal probate. There is an application to file and deadlines to follow to submit accounts for review by the heirs and the Registrar in Probate.
4
What is Involved in Probating Larger Estates?
Both formal and informal probate begin after the Probate Commissioner or Circuit Court issues domiciliary letters appointing the personal representative(s).
The personal representative must submit a beginning inventory identifying the approximate value of assets owned by the estate and a final accounting showing the initial inventory, additional inventory discovered, all income and expenses, and all distributions. There is a probate fee of $2 per $1,000 of assets. The Estate must be formally closed after receiving confirmation that estate taxes have been paid or no estate taxes are due on the decedent’s Gross Estate.
In most estates that are complicated, the problems arise in valuing all kinds of financial assets, business interests or other properties as of the date of death, liquidating assets so that heirs may receive cash instead of other kinds of assets, managing assets while waiting for them to sell, and completing taxes.
5
What if We Can’t Find the Will or We Don’t Have a Key to the Safety Deposit Box Where We Think the Will is Kept?
If problems arise before domiciliary letters are issued or after the estate is closed, an attorney may advise filing a petition for special administration. In these cases, a court appoints someone to perform a specific task and provides letters of special administration giving them the necessary legal authority. For example, a special administrator may be appointed to enter a home to look for a will. Or a special administrator may be appointed to open a safety deposit box.
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