When someone dies, there has to be a method that allows any assets to transfer to their heirs. There are quite a few different ways that this can occur. In some cases, if two people own a property, it will pass by the operation of the law. An example of this would be a husband and a wife who owned their house with each other or who had a joint bank account. When the first of the two dies, then the asset will automatically become completely owned by the second spouse.
In other situations, the property will be passed as required by a beneficiary designation. This is usually what takes place with retirement accounts or life insurance. This is when the living beneficiary is paid a death benefit. Trusts work in much the same manner. However, if none of this takes place, the assets of the deceased will likely go into probate. At this point, probate administration services In Gilbert Arizona, will be necessary. Visit website to learn more.
Probate occurs when a person who owns property dies but has not designated a beneficiary. Regardless of what may have been heard, probate and hiring probate administration services In Gilbert Arizona, is not the end of the world, nor does it mean that a person will never receive the asset. While some people want to avoid probate, there are a number of situations where it is actually a good thing.
Probate is when the court supervises the distribution of the deceased person’s assets. This is not something that has to be a big deal and, if you have heard stories about the process, there are some cases when a trust cannot even help you avoid this process.
With probate administration services In Gilbert Arizona, those who should receive the assets will receive certainty that the assets are being distributed in the proper manner and receive clear property titles that other claimants will not come after. For more information about the probate process, contact The law firm of Janet R. Feeley L.L.C. Understanding the process can help everyone see the necessity of probate from time to time.
