FAQ Friday: Why do I need to go through probate if the person has no assets?

Many people don’t go through the probate process for their loved ones. Often we run into the misconception that probate is unnecessary if they were co-owners of everything or if the person had no assets. We’ll discuss these issues and what you need to do if you find yourself in this difficult situation.

Summary

It is always recommended that you open a small estate. The cost can be as little as $2. It is your duty to register the will with the Register of Wills office, if one exists. If you file notice in the newspaper after opening a small estate, then creditors only have 6 months to go after any debts. If the house isn’t in the name of the person (possibly a child or relative) living in the home, when it comes time to sell it can be very problematic.

Letters of administration are needed for retirement accounts and life insurance. The last tax return also needs to be addressed. Our office would be happy to help you navigate this process, which could be as simple as a probate meeting with instructions on how to complete the process on your own.

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Bring your questions about estate planning and administration to our weekly Facebook Live with Mr. Berger on Fridays at 11am EST. Leave your email if you’d like to receive a notification of our response.