Difference between revisions of "Ten Steps to Being an Executor"

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Not all wills need to be probated. If the estate involves less than $25,000, probate is not typically required.  
Not all wills need to be probated. If the estate involves less than $25,000, probate is not typically required.  


It depends in part on the type of assets involved. Not all things owned by the will-maker form part of the estate. Certain types of assets “pass outside the will.For example, property owned jointly by the will-maker and someone else automatically becomes the exclusive property of the other joint owner. Examples include a joint bank account or a house owned in joint tenancy. As the executor, you will be able to transfer these assets to the joint owner without a grant of probate (note that you will need to provide the death certificate).  
It depends in part on the type of assets involved. Not all things owned by the will-maker form part of the estate. Certain types of assets “pass outside the will”. For example, property owned jointly by the will-maker and someone else automatically becomes the exclusive property of the other joint owner. Examples include a joint bank account or a house owned in joint tenancy. As the executor, you will be able to transfer these assets to the joint owner without a grant of probate (note that you will need to provide the death certificate).  


Assets where the will-maker designated a beneficiary also pass outside the will. The beneficiary is entitled to receive the proceeds on the death of the owner. Examples include a life insurance policy or a retirement benefit plan where the will-maker designated a beneficiary.  
Assets where the will-maker designated a beneficiary also pass outside the will. The beneficiary is entitled to receive the proceeds on the death of the owner. Examples include a life insurance policy or a retirement benefit plan where the will-maker designated a beneficiary.  


Many couples will hold all their assets through joint ownership or with beneficiary designations so when one of them dies, no probate is required.  
Many couples will hold all their assets through joint ownership or with beneficiary designations so when one of them dies, no probate is required.


=== What if the will-maker owned land? ===
=== What if the will-maker owned land? ===
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