Is Probate Necessary When a Person Dies?

This is a very common question, and the answer depends on the specific circumstances.  Probate is the court-supervised process of transferring property from a decedent to the persons entitled to receive it, but it’s not the only means of transferring such property.  If the decedent owned property jointly with another person and there exists a right of survivorship, then such property passes automatically to the surviving owner without the need for probate.  If the decedent owned a bank account that included a “pay on death” (POD) provision, or an investment account that included a “transfer on death” (TOD) provision, then those accounts automatically become the property of the beneficiary named in the provision.  Similarly, if the decedent owned an insurance policy with a named beneficiary, then the death benefit would automatically be paid to the beneficiary.  In most cases, probate is only necessary when there is no other mechanism in place to transfer a decedent’s property to someone else, but probate may still be advisable to protect a decedent’s homestead from creditors or for several other important purposes.  To learn if probate is necessary for your situation, contact McDannold Law today.