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Does All Property Have To Go Through Probate?
Real and personal property owned as a joint tenants passes to the surviving co-owners without going through probate.
Other types of benefits, such as life insurance or annuities payable directly to a named beneficiary bypass probate. Money from IRAs, Keoghs, and 401(k) accounts transfer automatically, outside probate, to the persons named as beneficiaries. Bank accounts that are set up as payable-on-death account (POD for short) or an "in trust for" account with a named beneficiary also pass to that beneficiary without probate.
If a Living Trust holds legal title to property, that also passes to the beneficiaries without probate. (The Trust is a legal entity which survives you after your death.)
If you or a loved one is in need of legal assistance, call the Pope Law
Firm toll free at 1-800-Law Only (1-800-529-6659) or
submit an online questionnaire. In many cases, a lawsuit must be filed before
an applicable expiration date, known as a statute of limitations. Please call
right away to ensure that you do not waive your right to possible compensation.
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