Probate Law Final
To: Stacy Hopkins
From: Suzanne M. Briscoe
Re: Final Assessment Probate 65B
Date: June 12, 2013
1. What does the term “probate estate” refer to?
The term “Probate Estate” quite simply, refers to all the assets and property owned at the time of the defendant’s death that require some form of probate proceeding before the title and assets may be transferred to the proper heirs.
2. If property (either community or separate) goes outright to a surviving spouse or domestic partner how can that person go about collecting it without probate?
A person may transfer community property or separate property by using a Spousal or Domestic Partner Property order with the court to transfer title to the surviving spouse or domestic partner.
3. What are three ways probate can be avoided?
Three ways to avoid probate are:
1) Place all your assets into a living (inter vivos) trust
2) Place money into a trustee bank account that has a named beneficiary, on a “Pay-On-Death Account” or a “Totten Trust Account”
3) Have property held as community property or separate property, with right of survivorship that passes outright to the a surviving spouse or to the domestic partner upon descendants death
4. Why would a couple want to hold property as “community property with the right of survivorship” as opposed just “community property”?
Property that is owned by a married couple or domestic partners that is clearly identified, on the title document, as “community property with the right of survivorship” allows the surviving spouse or partner to inherit the decedent’s half interest automatically without probate. If property is held as community property, one-half of the property goes to the surviving spouse but requires transfer through the court thus making leaving property as “community property with the right of survivorship” a faster way to clear transfer of the property.
5. Whenever
From: Suzanne M. Briscoe
Re: Final Assessment Probate 65B
Date: June 12, 2013
1. What does the term “probate estate” refer to?
The term “Probate Estate” quite simply, refers to all the assets and property owned at the time of the defendant’s death that require some form of probate proceeding before the title and assets may be transferred to the proper heirs.
2. If property (either community or separate) goes outright to a surviving spouse or domestic partner how can that person go about collecting it without probate?
A person may transfer community property or separate property by using a Spousal or Domestic Partner Property order with the court to transfer title to the surviving spouse or domestic partner.
3. What are three ways probate can be avoided?
Three ways to avoid probate are:
1) Place all your assets into a living (inter vivos) trust
2) Place money into a trustee bank account that has a named beneficiary, on a “Pay-On-Death Account” or a “Totten Trust Account”
3) Have property held as community property or separate property, with right of survivorship that passes outright to the a surviving spouse or to the domestic partner upon descendants death
4. Why would a couple want to hold property as “community property with the right of survivorship” as opposed just “community property”?
Property that is owned by a married couple or domestic partners that is clearly identified, on the title document, as “community property with the right of survivorship” allows the surviving spouse or partner to inherit the decedent’s half interest automatically without probate. If property is held as community property, one-half of the property goes to the surviving spouse but requires transfer through the court thus making leaving property as “community property with the right of survivorship” a faster way to clear transfer of the property.
5. Whenever