Prime Corporate Services provides its clientele with consultation services and professional guidance in all areas of estate planning. Understanding the mechanisms of the probate process is essential to successfully developing and executing an estate plan.
In a probate court, a pre-appointed administrator distributes assets among beneficiaries as outlined in a will. The administrator also is responsible for paying any bills and tax liabilities incurred by the estate. This process does not apply to all types of assets. The beneficiary designation on non-probate assets, which include jointly owned properties or bank accounts and retirement plans, cannot be superseded by the terms of a will.
Unlike probate assets, which includes most assets that are owned outright by the decedent, non-probate assets can bypass probate court and are disbursed directly to named beneficiaries. While it is possible for the decedent to change beneficiaries during his/her lifetime, complications can arise if designations do not reflect the language or intentions of a final will after the decedent's passing.
Proper estate planning requires careful consideration of both probate and non-probate assets. Contact Prime Corporate Services at www.primecorporateservices.com/contact for a professional consultation.
