When a loved one passes away, it is necessary to attend to important legal and tax matters. What needs to be done depends on the amount of assets and income, and how their assets are held.
In general estates below $100,000 can be handled without a formal probate. You still have to follow the legal process to the letter, but it's much simpler than a formal probate.
Accounts with beneficiary designations or "pay on death" designations can be administered directly through the institution holding the account. However, these assets are still subject to the taxes and debts of the deceased person. (Life insurance owned by the deceased person is subject to their taxes, but not their debts.)
Assets placed in a trust can be administered according to the terms of the trust. All other assets, must go through probate. Probate is a court process that oversees the administration of a deceased person's legal affairs. It involves gathering, inventorying and appraising their assets, accounting to the beneficiaries, settling debts and then transferring property to the heirs.
No matter which process you find yourself in, we can help make the probate and trust administration process as painless as possible.