When it comes to the probate process, people have a variety of questions. From fiduciary duties to issues with beneficiaries, there are many different challenges that can arise. In fact, some people are unsure if probate is necessary based on the size of an estate. In some cases, the probate process is not necessary for a small estate. For example, an estate that has less than $20,000 worth of real estate assets or $150,000 worth of total assets may avoid probate. While some very small estates may be able to avoid probate based upon their size, many are not able to.
If your loved one passed away and owned a home worth more than $20,000, the estate will be subject to probate, unless your loved one set up a trust to avoid the probate process. We fully understand how stressful probate can be for some families, especially those who may be experiencing a great deal of emotional pain because their loved one passed away. Moreover, some people are not familiar with the ins and outs of probates or their responsibilities, which can make it even more challenging to move forward.
From joint tenancy to estates with a significant amount of assets, there are many other considerations that arise with regard to the probate process. Moreover, every estate is different and requires an individualized approach. You should feel free to visit our law office’s probate page if you are interested in reading even more information concerning small estates and other topics regarding the probate process.