Facebook Live: Frequently Asked Questions

Summary of questions & answers:

Could you tell me if I need a will if my husband already has a will?

 Yes, each person needs their own Will. Jointly owned assets would be just fine, but if there are items owned by just yourself then it wouldn’t be accounted for. If you have a Will, you will need to go to probate on any of the assets it covers.

What is probate property?

Property in your name only with no co-owner and no beneficiary. Your Will would help direct where that goes.

How long does probate take?

It usually takes a year. Creditors have 6 months to assert their claims so we don’t want to close before that. Taxes to pay, houses to sell and assets to distribute can take time.

If my husband has a credit card in his name only, do I have to pay the bill if he dies?

 No, you wouldn’t be individually responsible, but the estate would be required to pay it. The credit card company would file a claim.

How do we know when the claims end?      

             That’s why we have a 6 month period so there is an end to it.

So if my husband and I own everything together, do we still need to go through probate when one passes?

 No, but only if every asset is owned jointly, which is not always 100% likely.

Is it possible that everything could be joint and there would be no assets? In this case, would I have to pay the credit card? Like, could they take it from retirement accounts or life insurance?

 There would be no probate assets for the company to go after, but they could send a letter to the family making a request, but there would be no legal requirement to pay it.

If I'm single with kids would I need a living trust or does that just depend on my assets?

It depends on your assets. Once you pass you would need a trust to care for the assets as your children would be too young to deal with that. You can have the trust activate upon your death by placing it in your Will. Trust planning really comes into affect if you want to account for the next generation or do some tax planning.

Do I have to pay hospital expenses if there are no probate assets?

The hospital wouldn’t be able to collect on those unless there are assets in the estate. There are different priorities to debts within the estates. Personal representative gets paid first.

My mother’s Will is 40 years old, is that still valid?

Unless it has been revoked, it is still valid. Hopefully the people listed are still alive or that it references the further descendants.