When do estates go into probate

That's good news, because property that doesn't have to go through probate can be transferred to the people who inherit it much more quickly. This property is commonly called the probate estate.

If there are assets that require probate court proceedings, it's the responsibility of the executor named in the will to open a case in probate court and shepherd it to its conclusion. If there's no will, or the will doesn't name an executor, the probate court will appoint someone to serve. Either way, the person in charge can hire a lawyer to help with the court proceeding , and pay the lawyer's fee from money in the estate. Typically, many of the assets in an estate don't need to go through probate.

If the deceased person was married and owned most everything jointly, or did some planning to avoid probate, a probate court proceeding may not be necessary.

In addition, most states offer simplified probate proceedings for estates of small value. The simpler process is commonly called " summary probate. Probate can be started immediately after death and takes a minimum of four months. If the estate includes property that takes a while to sell, or if there are complicated tax or other matters, probate can last much longer. A small estate proceeding cannot be filed until 30 days after death and is complete upon filing.

What are the costs involved? Under Oregon law, a personal representative is entitled to a fixed percentage of the value of the total estate. Extra costs may be approved by the court for the personal representative and a lawyer, if the estate is complicated. Other costs include court filing fees, legal notices published in the local newspaper and any other necessary expenses.

Lawyers generally charge an hourly rate for their services. Does probate mean more taxes? Probate does not affect taxes that must be paid. These amounts are based on the total assets that you own at the time of your death. There are federal estate taxes as well as taxes due to Oregon.

These amounts change frequently as Congress and our state legislature determine the amounts. Check with your attorney or advisor for details. Do I need a lawyer? Probate in Oregon involves a good deal of paperwork that must be filed in a timely manner.

To achieve the results you want, probate should be handled with an understanding of the legal principles involved. A probate lawyer can help you avoid the many possible tax traps and other problems that could arise.

Also, a lawyer can help you prepare and file the legal documents and prepare you for hearings in court. Legal Editor: Don Johnson, April This applies even if the surviving co-owner is not named as a beneficiary in the deceased's Will or entitled under the Rules of Intestacy. Probate will not be required if all the deceased's assets are held as joint tenants as everything will pass automatically to the surviving owner.

If assets are held as tenants in common, the deceased's share of the asset does not pass by survivorship but will pass to whoever is entitled to inherit under the Will or the Rules of Intestacy. As explained above, whether Probate is required depends on the assets owned by the deceased, not whether the deceased left a Will or not.

A common misconception is that making a Will means Probate will not be required, however this is not necessarily the case. If the deceased had high value assets or owned a property in their sole name then Probate will be needed to sell or transfer the property even if there is a Will.

Where a deceased person held assets in their sole name but the amounts are very small or all under the asset holder's thresholds, these are referred to as Small Estates and Probate may not be required. If you would like any help or advice as to whether Probate will be required for an Estate call our Probate Advisory team who will be happy to help you.

Who Applies for Probate? Sole and Joint Assets If assets are held in the deceased person's sole name, it is best to start by making a list of all the deceased's assets and their approximate values. There are two ways assets can be held jointly, either as joint tenants or as tenants in common.

Will or Intestacy As explained above, whether Probate is required depends on the assets owned by the deceased, not whether the deceased left a Will or not. Small Estates Where a deceased person held assets in their sole name but the amounts are very small or all under the asset holder's thresholds, these are referred to as Small Estates and Probate may not be required.

If someone has died and you need help with probate, contact us: Get a fixed fee quote. Get probate advice and support. After the Grant of Probate is issued, the Will becomes a public document. A straightforward estate with no property to sell and a single bank account may take as little as 3 months.

The majority of Estates take around 6 to 12 months. More articles Probate This year Who is entitled to read a will after death? How long after probate is granted does it take to receive inheritance? Do I need probate if I have power of attorney? How long does probate take if there is a will? When there is no Will, who is the personal representative? The difference between an executor and an administrator Legacies in wills and probate explained When does an executor have to pay beneficiaries?

What does the executor of a Will get paid? What does the probate registry do?