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Difference between revisions of "Ten Steps to Being an Executor"
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Ten Steps to Being an Executor (view source)
Revision as of 05:59, 21 March 2019
, 05:59, 21 March 2019no edit summary
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=== Probate isn’t required for assets passing outside of the will === | === Probate isn’t required for assets passing outside of the will === | ||
Probate is only required for estate assets. Not all things owned by the will-maker form part of the estate. Certain types of assets “pass outside the will.” This means you can transfer these assets to someone without a grant of probate (though you’ll still need a copy of the death certificate). | Probate is only required for '''estate''' assets. Not all things owned by the will-maker form part of the estate. Certain types of assets “pass outside the will.” This means you can transfer these assets to someone without a grant of probate (though you’ll still need a copy of the death certificate). | ||
Usually, '''property owned jointly''' by the will-maker and a joint owner automatically becomes the exclusive property of the joint owner. Common examples include a joint bank account or a house owned in '''joint tenancy'''. Joint tenancy is a way that property can be owned where each owner has the same interest in and an equal right to use the property — not to be confused with holding a property as tenants in common. | Usually, '''property owned jointly''' by the will-maker and a joint owner automatically becomes the exclusive property of the joint owner. Common examples include a joint bank account or a house owned in '''joint tenancy'''. Joint tenancy is a way that property can be owned where each owner has the same interest in and an equal right to use the property — not to be confused with holding a property as tenants in common. | ||