Unlocking the Mystery: Understanding When Probate is Necessary
Assets solely owned by the deceased: When an individual holds assets exclusively in their name, such as real estate, bank accounts, or vehicles, probate is often required to transfer these assets to the beneficiaries specified in the will or, in the absence of a will, in accordance with intestacy laws. Absence of designated beneficiaries or joint ownership: Probate becomes necessary when assets do not have designated beneficiaries or are not jointly owned. Assets with designated beneficiaries, like life insurance policies or retirement accounts, typically bypass probate and directly go to the named beneficiaries. Controversies or disputes regarding the will: If there are disagreements or challenges concerning the validity of the will, probate provides a legal avenue to address these issues.