When you begin estate planning, your lawyer may discuss ways to approach probate. This process involves the court’s authentication of a will after an individual dies. If you’re unfamiliar with this process and want to make informed decisions while preparing your legal documents, review these frequently asked questions.

4 FAQ About the Probate Process

What assets go through probate?

After debts related to your estate have been paid, your probate assets will be assessed and distributed. Probate is reserved for those with property in their name. This amount may include homes, vehicles, bank accounts, and personal possessions like antique furniture or baseball card collections.

What is the purpose of an affidavit?

If your estate is small, a beneficiary can fill out and sign an affidavit stating what property they should have. Then, they can give the document to the person or party holding the asset. Small estates are considered under $20,000. However, if the decedent’s spouse receives the entire estate, the limit is $30,000. 

What is an executor?

During estate planning, you can designate an executor to settle your property once you pass away. Many individuals choose close loved ones, friends, or even attorneys. The executor is responsible for paying off your debts and overseeing the distribution of assets.

Can I exempt certain items from probate?

In some cases, the probate process can take months to complete. However, you can exempt an asset by ensuring it’s no longer in your name. For example, you could set up a trust, place your vehicle in it, and leave the trust to your beneficiary. Therefore, they would automatically own the car after your passing. You can also set up transfer-on-death designations for deeds or arrange payable-on-death designation for accounts.

If you need help with estate planning, reach out to Ferguson, Hayes, Hawkins & DeMay, PLLC. Their team has over 90 years of combined experience to help clients throughout Cabarrus County, NC. Whether you need to draft a will, establish a trust, or choose a power of attorney, you can leave the office with peace of mind. Learn more about their practice areas online, or call (704) 788-3211 to set up a consultation. Text LAWYER to (910) 830-0939 for special promo information.