What Documents Are Necessary to Start Probate of an Estate

admin — Wed, 13 Dec 2023 18:24:00 +0000

Glouzgal Law PLLC - Licensed in Connecticut and New York - Real Estate, Business, Personal Injury and Estate Planning - Real Estate Signing Agents for Lenders and Title Companies

Probate is a legal process that follows the passing of an individual, ensuring their assets are distributed according to their wishes or state laws. Starting the probate process can seem daunting, but having the right documents in order is a crucial first step. If you plan on conducting a full estate, you will want to get as many of the following documents together as possible. Unsure of what kind of estate you need to open? Read our post on the types of probate estates in Connecticut.

Death Certificate
- This document officially records the passing of the individual and is essential for various legal proceedings. It provides proof of death and is required to access and manage the deceased’s assets, including bank accounts, properties, and investments.
Last Will and Testament
- The will outlines the deceased’s wishes regarding asset distribution, guardianship of minor children, and the appointment of an executor. Ensuring the will is legally valid is crucial. If there is no will, the court will administer the estate according to intestacy laws.
Funeral Bill
- The funeral bill is required to be provided with the initial filing. It serves as further confirmation that the decedent has indeed passed away. Later in the process, the total cost of funeral expenses—including embalming, a wake, the funeral proceedings, burial, and any costs related to reception—is reported on the inventory accounting.
Deeds for Real Property
- Even if the property is held as “joint tenants with rights of survivorship,” the Court requires that a copy of the Deed be filed with the initial pleadings. The Inventory of the Estate will reflect either half or all of the value of property held by the individual, depending on whether or not it is jointly owned.
Title to Vehicles
- Similarly to Deeds to real property, the Deeds to vehicles allow for the calculation of vehicle value at time of death. This is critical to filing an accurate Inventory.
Trusts
- In cases where the deceased established any trusts, the document may streamline the transfer of assets and expedite the distribution process. However, the assets held within the trust(s) may need to be disclosed during the probate process.
Life Insurance Policies
- The proceeds from life insurance policies typically pass outside the probate process, directly to the named beneficiaries. Ensure you have the policy documents on hand to facilitate a smooth transfer of funds.
Retirement Account Information: Navigating Complexities
- For individuals with retirement accounts such as IRAs or 401(k)s, having the account information and beneficiary designations is crucial. Retirement accounts often have specific rules governing their distribution, and having the necessary documentation ensures compliance with these regulations and expedites the transfer of assets to beneficiaries.
Bank Statements and Bank Account Information
- This is vital to filing the Inventory. A bank statement covering the date of death will allow for an accurate reporting of the assets of the decedent on the day they passed. In addition, it is usually recommended to file a request with any banks that may have held funds in the decedent’s name to provide a formal Date of Death statement.
Record of Any Gifts Made by Decedent While Alive
- Gifts that were made by the decedent during their lifetime (“inter vivos gifts”), especially those that were made closer to the time of passing, may have an effect on how estate assets are distributed after their death.

Conclusion

Every probate is different. The above-enumerated documents are relatively standard, but based on the type of estate, requirements may change.

The post What Documents Are Necessary to Start Probate of an Estate appeared first on Glouzgal Law PLLC.

What Are the Three Types of Estates that are Probated in Connecticut?

admin — Mon, 11 Dec 2023 17:57:37 +0000

Glouzgal Law PLLC - Licensed in Connecticut and New York - Real Estate, Business, Personal Injury and Estate Planning - Real Estate Signing Agents for Lenders and Title Companies

Are you looking to handle a probate estate in Connecticut but aren’t sure where to start? One of the first steps is deciding what type of an estate you will be probating. The type of estate you are probating will determine the forms that do or do not need to filed, and will determine how much time the probate process will take.

ESTATES FOR TAX PURPOSES ONLY

In cases where there are no probate assets solely in the decedent’s name, the estate must still report any non-probate assets by filing an estate tax return with the Probate Court. Such estates are commonly termed “tax purposes only estates” or TPO estates.

PROBATE ESTATES

In case where there are solely owned assets, there are two distinct probate procedures: the small estate procedure and the full estate process. The selection between the two procedures is controlled by the value and nature of the assets within the estate.

SMALL ESTATE PROCEDURE

If the decedent’s solely owned assets are valued at $40,000 or less (excluding solely owned real property), the estate may qualify to be settled as a small estate. Real property encompasses land and buildings, including condominiums, while personal property includes assets like bank accounts, stocks, bonds, and tangible personal items (such as art, furniture, antiques, jewelry, automobiles, etc.).

This streamlined procedure doesn’t involve the admission of a will, the appointment of an executor or administrator, and removes some steps usually required in estate administration.

FULL ESTATE

If the decedent’s solely owned property exceeding $40,000 in value or involves real property, the initiation of a full estate proceeding may be necessary. This requirement holds true even if the estate lacks assets or if the assets are solely personal property valued at less than $40,000. A full estate may also be required for purposes such as initiating legal action on behalf of the estate (e.g., a wrongful death action), continuing litigation commenced before the decedent’s death, or collecting a debt owed by the estate.

If the decedent left a will, the estate is termed “testate.” Upon validating the will, the court admits it to probate and appoints an executor to settle the estate. The decree admitting the will is sometimes known as “letters testamentary,” and those designated in the will to receive the decedent’s property are called beneficiaries.

In the absence of a will, the estate is termed “intestate.” The court grants administration and appoints an administrator to settle the estate. Heirs, the individuals receiving property from an intestate estate, are determined by the laws of intestacy, which specify both the heirs and their respective shares.

Do you need a lawyer to settle a probate estate?

If you find yourself overwhelmed by the prospect of handling a probate on your own, you should consider hiring a licensed attorney to assist you in the process. The attorney will be able to guide you to choosing the proper estate to open, compiling any documents that need to filed, distributing assets, complying with any court orders, and any other items necessary to settle the estate.

The post What Are the Three Types of Estates that are Probated in Connecticut? appeared first on Glouzgal Law PLLC.