Knowing the different probate scenarios
Although you might decide to consult with an estate lawyer, it's still beneficial to get a sense of the probate scenarios that might apply to Courtney's estate.
Scenario 1: No probate
It's possible to bypass probate entirely if the total value of assets in Courtney's estate falls below a very small minimum determined by the state, or if all of the assets are held in a form that does not require probate.
Scenario 2: Affidavit probate
For under a certain size (dependent by state), some states allow a beneficiary to prepare an affidavit form attesting they are legally allowed to inherit a particular asset. The beneficiary will present the affidavit to an institution (bank or broker) to take possession of the asset. Once all assets are claimed, the executor can close out probate.
Scenario 3: Summary probate
For small estates under a certain size (dependent by state), some states allow for a simplified probate proceeding that does not require court hearing. The executor can petition the court to use this process, and after a waiting period, attest that all debts have been paid and assets distributed.
Scenario 4: Full probate
Estates above a certain size (dependent by state) will be required to go through the full probate process, unless Courtney specifically arranged their assets in order to avoid it. Larger estates, estates with real estate properties in multiple states, and estates that include a business will most likely be required to go through the full probate process.
Scenario 1: No probate
It's possible to bypass probate entirely if the total value of assets in Courtney's estate falls below a very small minimum determined by the state, or if all of the assets are held in a form that does not require probate.
Scenario 2: Affidavit probate
For under a certain size (dependent by state), some states allow a beneficiary to prepare an affidavit form attesting they are legally allowed to inherit a particular asset. The beneficiary will present the affidavit to an institution (bank or broker) to take possession of the asset. Once all assets are claimed, the executor can close out probate.
Scenario 3: Summary probate
For small estates under a certain size (dependent by state), some states allow for a simplified probate proceeding that does not require court hearing. The executor can petition the court to use this process, and after a waiting period, attest that all debts have been paid and assets distributed.
Scenario 4: Full probate
Estates above a certain size (dependent by state) will be required to go through the full probate process, unless Courtney specifically arranged their assets in order to avoid it. Larger estates, estates with real estate properties in multiple states, and estates that include a business will most likely be required to go through the full probate process.