Prescott Tax and Paralegal, your estate planning experts in Prescott, answers the question: What property may need probate?

Thinking about your estate plan or lack thereof? There are ways to transfer property upon death that do not require probate. Prescott Tax and Paralegal shares with our Prescott clients what assets may need to go through probate.

A colleague asked if I would briefly discuss what assets require probate to transfer title. Briefly? I’ll try. In general, if property requires the signature of the owner to transfer title or access it, then it may require probate for transfer after death, unless a non-probate transfer device has been put in place before death.

The following table shows some typical assets, and one possible non-probate transfer option.  (I’m trying to be brief.)

Property	Signature Required	Non-probate transfer options	Small estate transfer options
Financial Account	Yes	Name a POD or TOD beneficiary	Affidavit of Collection if less than $50,000
Real Estate	Yes	Beneficiary Deed	Affidavit of Transfer of Real Property if less than $100,000
Motor Vehicle	Yes	Beneficiary Designation Form	Affidavit of collection if less than $50,000
Grandma’s Dishes	No	Give them to the person listed in the Will

Just because a person has a Last Will and Testament does not mean probate is required. If the only property is Grandma’s dishes, a probate court proceeding is generally not required.

Even when there is no Will, a probate proceeding may need to be opened if there is real estate which needs to be transferred. For those who think, “Ha, I’ve got a Trust!” Even a Trust may end up in probate court if there is a disagreement over distribution, if the Trustee acts improperly, or if assets were not placed into Trust ownership.

In a perfect world, no one would end up in probate court. Until then, probate provides the way to transfer property that requires a signature, when the owner dies before choosing a non-probate transfer.

If you are looking for help protecting your assets, choose the professionals at Prescott Tax and Paralegal. To obtain legal advice on the best solution for your situation, you should contact an attorney. To schedule a consultation, or if you are in need of an estate or trust plan in Prescott, contact the experts at Prescott Tax and Paralegal at 928-778-3113. For more information on services we offer, please visit http://www.PrescottTax.com.

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