• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The Potter Law Firm

North Carolina and Kentucky Estate Planning Attorneys

phone iconNC (704) 944-3245
KY (606) 324-5516
Attend A Free Seminar - KY Attend A Free Webinar - NC/SC THIS IS AN ADVERTISEMENT

  • Home
  • About Us
    • About Our Firm
    • Attorney and Staff Profiles
  • Practice Areas
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • Pet Planning
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Nursing Home Planning
    • Veterans Benefits
  • Communities We Serve
    • Kentucky
      • Boyd County
        • Ashland
        • Florence
      • Kenton County
        • Covington
        • Fort Mitchell
        • Independence
    • North Carolina
      • Mecklenburg County
        • Charlotte
        • Davidson
        • Huntersville
  • Resources
    • Definitions
    • DocuBank
    • Elder Law
      • Elder Law Links
      • Elder Law Reports
      • Local Elder Law Resources
        • Ashland Elder Resources
        • Covington Senior Resources
        • Huntersville Elder Law Resources
        • Independence Senior Resources
    • Elder Law Reports
    • Emergency Legal Documents
    • Free Estate Planning Seminars
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • IRA & Retirement Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Pet Planning
      • Trust Administration & Probate
    • Is Your Estate Plan Outdated?
    • Kentucky Probate Resources
      • Ashland, Kentucky Probate Resources
    • Newsletters
    • North Carolina Probate Resources
      • Huntersville, NC Probate Resources
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Elder Law Reports
      • Estate Planning for Niches
      • Trust Administration
  • Contact Us
  • BLOG
Home » Probate » Will My Estate Definitely Pass Through Probate?

Will My Estate Definitely Pass Through Probate?

May 27, 2016 by John Potter

probate

You may assume that you should use a last will to state your final wishes for your asset. It can seem like the simplest estate planning document so it is natural to think that assets would be distributed right after your death if you use a will.

While this may seem logical, things actually take place slowly when you use a will as a vehicle of asset transfer.

The executor or personal representative would be required to admit the will to probate after you pass away, and the inheritors would not receive anything while the process was underway.

Final debts would be paid during probate, so the executor would be required to contact creditors, and they would be given a certain amount of time to come forward. Property liquidation can also be required, and this can also be time-consuming.

In most areas, probate will take somewhere in the vicinity of eight or nine months to a year in simple, straightforward cases.

Transfers Outside of Probate

Probate enters the picture when you are in direct personal possession of property when you die. As we mentioned previously, it would be a factor if you use a will to transfer your personal property, and it would come into play if you died while in possession of personal property with no estate planning documents at all.

However, there are some types of asset transfers that take place outside of the probate process. Let’s look at a few them.

Life Insurance Proceeds

When you take out a life insurance policy on your own life, you name a beneficiary. After you die, the company that you purchased the policy from would pay the beneficiary directly. This transaction would not be subject to the process of probate.

Payable on Death Accounts

You can open up a payable on death account at a brokerage or bank. These accounts are sometimes called transfer on death accounts.

To a large extent, the purpose of this type of account is self-explanatory. Upon the death of the account holder, the assets that remain in the account are payable to the beneficiary that was named on the account.

This type of transfer would take place outside of probate.

Joint Tenancy

If you own property, you can add a joint tenant to the title or deed. This would be a co-owner of the property. After you die, the surviving joint tenant would inherit the entire property, and the probate process would not be a factor.

But there can be significant drawbacks to this type of ownership depending on your circumstances.

Trusts

Property that is held in a trust such as a revocable living trust can be transferred outside of probate. With a revocable living trust, the person creating the trust maintains control of the assets while he or she is living. The trust maker or grantor can act as the trustee and the beneficiary initially, and the grantor can revoke or rescind the trust at any time.

The grantor would name a successor trustee in the trust declaration. After the death of the grantor, the successor trustee would be able to distribute assets to the successor beneficiaries outside of the process of probate.

A living trust can provide a number of different advantages. One of them is the ability to include a spendthrift provision. After you pass away, the trust would become irrevocable, and there would be a level of asset protection for the beneficiaries.

Plus, you can instruct the successor trustee not to distribute all the property in the trust in lump sums. You could allow for measured distributions over an extended period of time.

It is also possible to account for latter life incapacity if you decide to use a living trust. Many elders become unable to handle their own financial affairs at some point in time so you can empower the successor trustee to administer the trust if you ever become incapacitated.

There are other types of trusts that can facilitate probate avoidance while simultaneously satisfying other objectives.

Attend a Free Seminar

We do everything we can to pass along useful information on our website, but there is really no substitute for a real-life interaction with a licensed estate planning attorney.

During the coming months, we will be offering a series of seminars that will provide you with a great deal of useful information. The seminars are free to attend, but they do fill up so we ask that you register in advance. To obtain details and registration information, visit our seminar schedule page.

 

  • Author
  • Recent Posts
John Potter
Latest posts by John Potter (see all)
  • What You Need to Know about the Medicaid Look-Back Rule - January 3, 2023
  • How to Pass Down Your Legacy in Your Estate Plan - October 3, 2022
  • Practical Steps to Take after Receiving a Terminal Diagnosis - September 30, 2022

Filed Under: Probate

Other Articles You May Find Useful

Florence probate attorney
How to Avoid Common Probate Mistakes
Florence probate attorney
How Long Does It Take to Probate an Estate in Kentucky?
Huntersville estate planning attorney
Understanding the Benefits of Avoiding Probate
probate
What Is Probate?
probate
A Probate Attorney Can Provide Assistance
Charlotte probate
Useful Probate Tips for Charlotte, NC Residents

Free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
Texting Permission

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Subscribe to Our Blog

  • This field is for validation purposes and should be left unchanged.

Testimonials

default image

Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

default image

John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

default image

My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Jillian Client Review August 28, 2020

<< Prev
Next >>

Where We Are

Ashland

ASHLAND
1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
Fax: (606) 324-4766

Charlotte

CHARLOTTE
15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
Phone: (704) 944-3245

Huntersville

HUNTERSVILLE
11330 Vanstory Drive
Huntersville, NC 28078
Phone: (704) 944-3245

Northern Kentucky

NORTHERN KENTUCKY
7310 Turfway Road
Suite 550,
Florence, KY 41042
Phone: (859) 372-6655

Office Hours

Monday8:30 AM - 4:30 PM
Tuesday8:30 AM - 4:30 PM
Wednesday8:30 AM - 4:30 PM
Thursday8:30 AM - 4:30 PM
Friday8:30 AM - 3:00 PM

Map/Location

potter_sidbr_map
potter law logo
  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Terms of Service | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc. THIS IS AN ADVERTISEMENT