Submitted by: Simon Volkov
Inheritance law governs matters pertaining to property owned by persons that have passed away. In 1969 the Uniform Probate Code was created to establish protocol for the way decedent property is transferred in the event they died before writing a Will. UPC also regulates estate settlement procedures.
Not all states have adopted UPC inheritance law. At present, only 18 states have adopted UPC in its entirety. The other 32 have partially adopted UPC. For this reason, it is advisable to retain services from a probate lawyer when entering into estate planning.
Although probate laws differ in each state, most use similar protocol for estate settlement. Every probated estate is reconciled by an estate executor. This person is appointed in the last will and testament or through court confirmation. Confirmation is required when a person dies without writing a Will.
Every estate has to go through the probate process unless estate planning methods are used to avoid probate. These can include transferring property to trusts; assigning beneficiaries to receive certain types of property; or gifting property while still alive to reduce estate value so that it qualifies for the small estate exemption.
Every state establishes exemption amounts which typically range between $25,000 and $75,000. As long as a legal Will is presented to probate court the estate can bypass probate by going through a confirmation process. This usually takes about 45 days, as opposed to probate that can extend for several months.
Reconciling probate estates can be simplified through adequate estate planning. Things that can prolong the process include not writing a Will or having heirs contest the Will. When a person dies without leaving directions about who receives their property upon death, the court distributes assets in accordance with state law.
In most cases, assets are transferred to a surviving spouse or direct lineage relatives. However, when a person writes a Will they can gift their property to whomever they desire.
There are quite a few methods for writing a Will. People who don’t own a lot of valuable property might be able to make use of do-it-yourself Will kits or online legal services such as LegalZoom.
People that own titled property, a business, investment accounts, or have minor children should retain a probate attorney or estate planner. Many people are unaware of the different methods to protect assets from creditors or lessen estate and inheritance tax liability.
Trusts are a good way to avoid probate and have quick estate reconciliation. Some of the more popular include: living trusts, revocable and irrevocable trusts, and irrevocable life insurance trusts. Setting up trusts requires hiring a lawyer to ensure the trust is properly funded and maintained.
People have tendency to delay writing a Will. Although few people enjoy the task, engaging in estate planning is the best gift you can leave your family. It simplifies the process of settling the estate and leaves no question about how your property is to be distributed.
Probate attorneys can simplify the process and provide guidance regarding the different options. They can help you write a Will or setup a trust to ensure relatives receive the gifts you want them to have while complying with inheritance law.
About the Author: If you’re confused about
inheritance law
, you’re not alone. Most people have many questions about estate planning. California probate liquidator, Simon Volkov helps clear the confusion by supplying helpful resources and information via his estate planning blog at
SimonVolkov.com
.
Source:
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