Clients ask, “How do you know if it’s necessary to open an estate?” The main consideration is whether there are assets titled solely in the deceased’s name. If so, an estate likely needs to be opened.
What Is Probate?
Probate is the legal process that occurs after someone passes away, during which their estate is administered, and their assets are distributed. The process ensures that the deceased’s debts are paid and any remaining assets are passed on to the appropriate beneficiaries, either according to the terms of a will or, if there is no will, according to state law.
Examples of Assets Requiring Probate
- A vehicle titled only in the deceased’s name
- A bank account solely in the deceased’s name
When assets are only in the deceased’s name, the estate must be opened to transfer ownership to the rightful heirs or beneficiaries. This process allows the assets to be legally distributed.
If you’re unsure whether it’s necessary to open an estate, it’s important to consult with a probate attorney who can assess your specific situation.
