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Father passed away, no will, lots of property, bank account. Does this have to be probated?
Anonymous2 views5 answers
He told us everything is for us but it is not written. Is it required that this be probated and is probate done in the state he died in? How can we avoid probate?
Joseph Jonathan BrophyEthics / Professional Responsibility LawyerWhite Plains, NY ·
Sometimes careful estate planning can avoid probate. That might involve putting property in trust or in joint ownership with right of survival, or designating beneficiaries of certain types of assets. Uness your father did these things, the estate will need to be probated, most likely in the state where he resided. If real property was located in other states, ancillary administration may be required in each state where real property was located. Even if the estate was planned to avoid probate, if it is large, there may be estate taxes, and those must be paid, usually within nine months after death.. If your father had income producing assets, a fiduciary income tax return may need to be filed. Failure to file returns and pay taxes owed by an estate can result in substantial interest and penalties. You need to organize your father's documents, prepare a summary of assets with estimated values, then sit down with a good probate lawyer.
Michael Raymond DaymudeLitigation LawyerSherman Oaks, CA ·
First, let me say how sorry I am for your loss. Unfortunately, you have not provided enough information to answer your questions except in a very general fashion.
Some property, such as bank accounts, may have a designated beneficiary. Other property, such as real property, would need to clear title through probate unless your father held title as joint tenants with another person.
Generally, probate would be commenced in the state of your father's residence with ancillary proceedings in other states with property which needed to have title cleared.
Was your father married? Who is “us”? You and your siblings? What state was your father’s residence? Did your father, perhaps, have a living trust? These are only some of the questions then need to be answered before anyone can advise you what you need to do next.
I would be happy to discuss these issues and answer your questions during a confidential telephone conference. You may call me at (818) 971-9409.
Eric Jerome GoldTrusts AttorneyCalabasas, CACA licensed ·
Your question begs for additional details, including where your father resided at the time of death, marital status, the form of title to real property, etc. Those issues aside, if a person dies without a will and their estate has a gross value greater than $150,000, the estate must go through probate. Gross value of the estate, as it relates to real property, is the fair market value of the real property. There is no offset for encumbrances. If the real property is in California, you have a greater than 99% chance that the real property value alone puts the estate into probate. You should immediately consult with a probate attorney to get a probate petition filed and possible ancillary probates if any property is in other states.