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Old Yesterday, 07:49 AM
 
Location: USA
262 posts, read 34,050 times
Reputation: 254

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I think it does vary by state. We are going through this now in a state that has a threshold on what has to go to probate and what doesn't even with a will. Small estates do not have to go through it in the state we are dealing with. Probate gives 4-6 months time for creditors to come forth and make a claim. It allows for the final bills to be paid and taxes to be filed. Expected all in all to take about a year.
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Old Yesterday, 07:50 AM
 
73,122 posts, read 72,932,364 times
Reputation: 50715
Quote:
Originally Posted by ansible90 View Post
Be sure all of your bank accounts and investment accounts have either a POD (payable on death) or TOD (transfer on death) beneficiary named. You can split it between multiple people (state what percentage to each) and you can specify contingent beneficiaries. For example, mine have 100% to my son, but if he is no longer living, the contingent beneficiaries are my 2 grandchildren at 50% each. These do NOT go through probate or your will.

If you have US savings bonds, you can also specify who gets the bonds after your death.

401k/403b or IRA - be sure you have beneficiaries named. Again, you can specify multiple people and you can name contingent beneficiaries.

Here in Vermont, I was able to name my son as a TOD for my car. Don't know what other states may have that.

For me, only my house will have to go through probate. But some states allow you set up a special kind of deed or trust (goes under various names) for your house. You need a lawyer to set that up.
if you have brokerage accounts at vanguard and they are joint accounts with beneficiaries listed you better go check ...they deleted beneficiaries from joint accounts .

now that they are in the trust business they are trying to prod people in to trusts whether you need one or not . be careful here
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Old Yesterday, 08:26 AM
 
Location: Rust'n in Tustin
2,426 posts, read 2,508,126 times
Reputation: 4604
Just put your son, daughter, grandkids, and mailman on the deed to your house now. What could go wrong?

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Old Yesterday, 08:41 AM
 
Location: Florida
4,480 posts, read 3,815,290 times
Reputation: 4310
Quote:
Originally Posted by TwoByFour View Post
The question is avoiding probate. You don't need any of ^^^^ to avoid probate in most states. In fact a will can lead to probate.

There have been very good answers here. We avoided probate with my mother by making me and my sister beneficiaries to some assets, adding us to her bank accounts, and setting us to be Joint tenants with rights of survivorship on our mother's condo. None of that required a lawyer.
Yes but sometimes I assume that others with broader questions may read the posts or that the person asking the question is not familure with the area and does not know what other factors may need to be covered.
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Old Yesterday, 08:52 AM
 
Location: WA
5,412 posts, read 21,527,254 times
Reputation: 5970
In some states like Texas only the smallest estates (<50K) can avoid probate... and most counties require a Bar approves attorney to file probate.
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Old Yesterday, 09:13 AM
 
Location: Sierra Nevada Land, CA
8,508 posts, read 9,276,205 times
Reputation: 13374
Quote:
Originally Posted by mathjak107 View Post
if i remember correctly you posted a lot of mis-information she supposedly said too about holographic wills . not a comfortable feeling from what you posted if it came from someone who does this stuff for a living ...just sayin . .
So what you are saying is NY estate law is different from a lot of other states?
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Old Yesterday, 10:16 AM
 
73,122 posts, read 72,932,364 times
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Every state can be different. Why is this a surprise
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Old Yesterday, 10:28 AM
 
229 posts, read 97,754 times
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I am the executor of my uncle's little estate here in SC (he died in Feb. of this year). Probate is not that big a deal. I believe the minimum time to close an estate is eight months, which is the length of time the Notice to Creditors runs in a local county paper. I believe you can only avoid the full formal probate process if your estate is worth less than $25k.
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Old Yesterday, 10:59 AM
 
Location: Rust'n in Tustin
2,426 posts, read 2,508,126 times
Reputation: 4604
Quote:
Originally Posted by HDWill1 View Post
I am the executor of my uncle's little estate here in SC (he died in Feb. of this year). Probate is not that big a deal. I believe the minimum time to close an estate is eight months, which is the length of time the Notice to Creditors runs in a local county paper. I believe you can only avoid the full formal probate process if your estate is worth less than $25k.
Oh my Christ, there is so much wrong with this post it's making my head spin.

Eight months is "no big deal"? Are you nuts? Most estates can avoid probate with a trust. It's just that simple. Put your home in a trust, put everything else in a pour over will.

Am I speaking Chinese?
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Old Yesterday, 11:04 AM
 
Location: SoCal
13,965 posts, read 6,677,472 times
Reputation: 10609
I go easy on calling God or Christ that often. I’m not even that religious but I think it’s unnecessary. Frankly it makes me cringe.
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