It’s no secret that losing a loved one is hard. At Elder Law Group PLLC, we understand that our clients are going through a difficult time. We provide personalized and compassionate legal representation as we help you to navigate through the estate administration process. With this process, probate may or not be required. We can discuss with you the situations where it may apply.
What is Probate?
Probate is the process of gathering assets, paying creditors, and lastly, distributing property to beneficiaries. When there is a Will, it is put into probate by the court, and the executor (also known as personal representative) is appointed to distribute the assets according to the Will. When there is no Will in place, the state uses its intestacy laws to limit the inheritance given to a spouse or surviving children. By having a Will in place, you can ensure that your assets are distributed the way that you want them to be. Without a Will, your wishes are unknown, and the state controls your finances.
There are instances when probate wouldn’t apply, including when:
- Estates with assets less than $100,000 with no real estate to be settled (or those with a transfer upon death deed associated with it).
- Jointly-held bank accounts with the right of survivorship or Payable on death/Transfer on Death
- Assets subject to a Community Property agreement
- Assets that were titled in a trust such as a revocable living trust.
Our experienced elder law attorneys can help you decide which trust suits your financial situation the best. We understand all Medicaid rules that may apply to special needs or supplemental needs trusts. A well-planned Asset Protection Estate Plan™ helps to simplify or eliminate the need for probate.
Call to Schedule a Free Consultation With an Elder Law Attorney Today
If you’re interested in learning more about probate and estate administration, call our law office to schedule a consultation with an elder law attorney today. Elder Law Group PLLC, of Washington, serves the Spokane and Kennewick areas. Our team of dedicated legal professionals has the experience and skill needed to help you find the best way to protect your assets. Schedule this consultation by calling 509-468-0551.