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Old 06-08-2007, 05:30 PM
 
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A friend of ours has a house in probate, what exactly does this mean. I know the reason why its in probate but what implication does this have on them?
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Old 06-08-2007, 06:09 PM
 
Location: Old Town Alexandria
14,468 posts, read 15,768,827 times
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Quote:
Originally Posted by wdwmom2 View Post
A friend of ours has a house in probate, what exactly does this mean. I know the reason why its in probate but what implication does this have on them?

If the homeowner did not write a will(intestate)- and there are children- this is bad. probate/surrogates court goes through the assets of the deceased, takes administrative, state taxes and fees out- and then if anything remains, will distribute to the children/immediate next of kin.

Probate can be avoided when a parent creates a revocable living trust- this way the family is protected.

I dont know your friends actual situation, but chances are they will end up getting little- Probate is a negative; read Suze Ormon: Money Matters.

sunny
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Old 06-09-2007, 01:30 PM
 
Location: NW Las Vegas - Lone Mountain
15,757 posts, read 20,720,558 times
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Quote:
Originally Posted by wdwmom2 View Post
A friend of ours has a house in probate, what exactly does this mean. I know the reason why its in probate but what implication does this have on them?

Probate is merely the process by which the estate of one deceased is distributed. Revocable living trusts are a good idea but they certainly will not always avoid probate. If my mother were to pass for instance she has a complex estate that will require probate. My brother, who is an attorney, will be the executor of the estate and will hire a NY law firm to probate my mothers will.

Nothing evil about probate. It can be abused but that is rare. For small estates such as the primary residence and not much else it can be avoided by the living trust route..or even by joint tenancy. The only disadvantage to such an approach is if a couple gets offed together.

Much of the noise about probate is generated by lawyers who like the $500 to $1000 they get for preparing a living trust.
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Old 06-09-2007, 01:41 PM
 
Location: Old Town Alexandria
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No that isnt true. I was executor of my fathers estate. In NY probate court is backlogged- and a nightmare that should be avoided at all costs. Of course every case is different, but I felt better knowing I wasnt paying for the exorbitant taxes


sunny
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Old 06-09-2007, 02:02 PM
 
Location: NW Las Vegas - Lone Mountain
15,757 posts, read 20,720,558 times
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Sorry - I beg to differ. A complex estate must probate. There is no way around it. You get millions in investments and money borrowed and taxes owed. You get real estate that has been depreciated, You don't deal with all this without probate.

In a simple estate of spouse and surviving spouse you don't really need anything but a will to cover simultaneous death. Just pass the house on joint tenancy and other things by beneficiary. That is it.

A little more complex estate you use a living trust.

On a complex estate you need to probate the will.

It is bad to die intestate if you have a substantial estate. But that is the only really bad thing. And that turns out to be very bad if the inheritors don't get along.

I have no idea what exorbitant taxes you are talking about...but that is a matter that needs to be taken care of before death and has little to do with probate. It is simply tax law.

Probate is not a quick process anywhere. A year or two to five or ten depending on the estate.
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Old 06-12-2007, 12:31 PM
 
Location: Burlington County NJ
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Probate is merely the legal process of determining the validity of a will, paying the debts of the estate and determining who is to receive the remainder of the estate. It is much easier if there is a will in the first place, that means the person died testate. If the person died intestate, without a will (easy to remember - intestate = in trouble), then you see the problem. Each state is different and of course, some are more efficient than other states. It all depends on the relationship of your friend to the decedent and the validity of the will, if a will did in fact exist. If a will didn't exist, it would be the legal relationship of your friend and legal relationships of the other potential heirs. Basically, what is their relation to the decedent and was there a valid will?

Last edited by jersey2nm; 06-12-2007 at 12:36 PM.. Reason: clarification
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Old 07-16-2007, 11:33 PM
 
Location: Hernando County, FL
8,489 posts, read 11,189,242 times
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Quote:
Originally Posted by olecapt View Post
Sorry - I beg to differ. A complex estate must probate. There is no way around it. You get millions in investments and money borrowed and taxes owed. You get real estate that has been depreciated, You don't deal with all this without probate.

In a simple estate of spouse and surviving spouse you don't really need anything but a will to cover simultaneous death. Just pass the house on joint tenancy and other things by beneficiary. That is it.

A little more complex estate you use a living trust.

On a complex estate you need to probate the will.

It is bad to die intestate if you have a substantial estate. But that is the only really bad thing. And that turns out to be very bad if the inheritors don't get along.

I have no idea what exorbitant taxes you are talking about...but that is a matter that needs to be taken care of before death and has little to do with probate. It is simply tax law.

Probate is not a quick process anywhere. A year or two to five or ten depending on the estate.

Actually I have had some quick probates (3 months or so) and my longest was only a year. I have heard of much longer ones but as you stated it is all dependent upon the complexities of the estate.
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Old 02-05-2008, 05:03 AM
 
1 posts, read 39,381 times
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I'm new and can't find where to post a question so apologies.....
My parents passed and basically just left a house in NYC via a will. Does anyone know:
1-Is the probate tax based on the value of the house AT THE TIME OF THE PROBATE HEARING? If not when?
2-Anyone know what the rate of tax is?
Thanks :-)
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Old 04-09-2009, 07:13 AM
 
1 posts, read 37,187 times
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I have another question.
In this estate, everything but the house has POD designation. According to the will ,the
house has been left to the daughter. I understand that the house will still go to probate.
I have heard about Inheritance Affidavit Should this be pursued?
Thanks
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Old 07-12-2009, 05:53 PM
 
1 posts, read 25,009 times
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if someone dies with a will, and every bank account has all children as POD...except ONE...and it is about $10,000...do they still need probate?

will it be hard?

what exactly needs done, and before signing anything should they seek a lawyer together?
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