Probate is the process in which a decedent’s assets are distributed to his/her beneficiaries and outstanding debts are settled. Probate may be required when a person passes away, depending on the type of assets in the decedent’s estate. Our attorney’s can guide you through the probate process, and assist in the settlement of the estate.

Our attorney’s will be able to determine which assets must be administered through probate. There are certain assets that will automatically pass to individuals by law, which are referred to as “non-probate” assets. For example, if a husband and wife own a joint account at the time one of them passes away, the living spouse will automatically receive any money in the joint account. The other major categories of non-probate assets are life insurance and retirement accounts, in which a specific individual is named as the beneficiary, and real property owned in joint tenancy.

All other assets are called “probate assets.” For example, household and personal items, bank accounts, stocks, automobiles, and real estate are probate assets. Generally, probate assets are any item or account that is solely in the decedent’s name or doesn’t have a title. Probate assets do not pass automatically and normally must be disposed of under the probate system.

Additionally, there are two types of probate: formal probate and informal probate. There are several factors in determining which type of probate should be used for an estate, such as whether the decedent dies testate or intestate (with or without a will), the size of the estate, whether a personal representative has been named, and whether an individual or beneficiary contests a will.

The attorneys at Rosnik & Associates are available to evaluate your individual circumstances and guide you through the probate system.