What is Probate? – Connecticut Probate Attorney

[vc_infobox style=”style2″ title=”Our Definition of Probate” align=”text-center”][/vc_infobox]

Probate is the legal process of settling an estate at the time of ones’ death.

Shortly after death, the Last Will and Testament is submitted to the Probate Court for filing. If there are no assets, it is submitted for filing purposes only. If there are assets, it is submitted with other paperwork including some form of Application for Probate.

Unless waivers are filed, typically the Court will schedule a hearing to determine the validity of the Will and consider the appointment of the named Executor. All beneficiaries and close family members will be given notice, and have the opportunity to appear and contest the proposed course of action if they so choose.

Once the Executor is appointed, he/she will begin gathering assets, and notifying creditors of the death. The Executor will file an Inventory of solely owned assets with the Court, which is a public record. There will be work done after that, with reporting to the Court. Usually within 9 to 18 months, the Executor will be ready to close the estate and will file a proposed Accounting, identifying which assets will be transferred to which beneficiaries. Again, interested parties will be given notice and the Court must approve the Accounting prior to distribution.

[vc_infobox title=”Why Do I Need Probate?” align=”text-center”][/vc_infobox]

The purpose of probate is to act as a protection against fraud after someone’s death. Until the judge’s orders, the assets of the estate are frozen. Once the judge determines that the Will is valid, all creditors and beneficiaries are informed, the properties are identified and appraised, and all taxes and valid creditors are paid, the court issues a distributing order and closes the estate.

If there is no Will, or the Will cannot be found, the person appointed by the court (frequently, an adult child, a surviving spouse or attorney) is called a “Personal Representative” or an “Executor.” Once given legal authority by the Probate Judge, this person gathers and values the assets owned by the estate, pays the taxes and bills, and finally makes the distribution of the assets among the beneficiaries or heirs.

[vc_button_title rs_button=”Why Probate May Not Be For You” rs_button_link=”/disadvantages-of-probate” align=”center” bnt_border=”” bnt_background=”” bnt_background_hover=””]

[vc_infobox title_tag=”h3″ title=”Types of Probate Processes” sub_text=”Several distinctions that you should know” subtitle_case=”true”][/vc_infobox]

There are several types of probate processes. There is the tax purposes only estate, the small estate and the full estate.

[vc_RsServices service_style=”Style 7″ title=”Full Estate” title_color=”#2a3e93″ icon_color=”#b69d74″]This is used in any case which doesn’t fall within the parameters of the other.[/vc_RsServices][vc_RsServices service_style=”Style 7″ title=”Probate of Small Estate” title_color=”#2a3e93″ icon_color=”#b69d74″]This is for those situations where the assets of the decedent are under $40.000. This is frequently used in cases where there is a small bank account and a car; the decedent cannot have had any solely owned real estate.[/vc_RsServices][vc_RsServices service_style=”Style 7″ title=”Tax Purposes Only” title_color=”#2a3e93″ icon_color=”#b69d74″]This is for those cases where there are assets, but all of them will pass outside of the probate court system. This is typically used when someone has a Trust. Some probate filings are still required, but the system is only used to determine the amount of taxes due (if any)[/vc_RsServices]

[vc_infobox title_tag=”h3″ title=”What is Subject to Probate?” align=”text-center”][/vc_infobox]

Anything in your SOLE name will go through probate upon your death and will be distributed in accordance with the terms of your will. Examples of assets that will go through Probate in CT are:

Solely owned business
Solely owned bank accounts
Solely owned real estate
Solely owned Household goods and furniture
Solely owned Jewelry
Solely owned cars
Solely owned investment accounts
Any Jointly owned asset on the 2nd death (one co-
owner has predeceased the other}

[vc_infobox title_tag=”h3″ title=”What is NOT Subject to Probate?” align=”text-center”][/vc_infobox]

Anything in your SOLE name will go through probate upon your death and will be distributed in accordance with the terms of your will. Examples of assets that will go through Probate in CT are:

Solely owned business
Jointly owned real estate
Jointly owned bank accounts
Jointly owned investment accounts
Jointly owned cars
Life insurance with a named beneficiary
Bank accounts / investment accounts that have a
“Transfer on Death” designation
Retirement accounts with a named beneficiary
Cars that have a “Transfer on Death” designation
Any asset owned by a Revocable Living Trust

[vc_button_title rs_button=”Let’s Set Up Your Personalized Strategy!” rs_button_link=”/contact-us” align=”center” bnt_border=”” bnt_background=”” bnt_background_hover=””]