Am I Required to File for Formal Probate?
Formal probate is required in cases where the estate’s estimated value exceeds $50,000 and/or when there are claims or disputing petitions that must be resolved through a formal court proceeding. One way to avoid formal probate is to ensure that your loved one’s estate is well managed prior to their death. Real property assets, like homes, can be given transfer-upon-death deeds. Bank accounts, securities, and other such holdings can similarly be designated to transfer upon death. To ensure the value of the estate remains below the $50,000 threshold, the individual planning their estate can place the majority of their assets in a living trust. A living trust can dictate conditions and be managed through rules similar to a will, but it also applies a fiduciary responsibility to the trustee while helping the estate avoid having to undergo formal probate.