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Connecticut Status Update Decedent's Estate (NEW 7/13)

Connecticut Status Update Decedent's Estate (NEW 7/13)

Name: Connecticut Status Update Decedent's Estate (NEW 7/13)
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.75 (483 reviews)

Category:

Connecticut Probate - Statewide - General

State:

Connecticut

Control #:

CT-JD-PC-286

Format:

Instant download

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Public form

Description

This form is used in probate matters to give a status report. This is an official form from the Connecticut Court System, which complies with all applicable laws and statutes. USLF amends and updates forms as is required by Connecticut statutes and law.

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FAQ

Under California Probate Code, the executor typically receives 4% on the first $100,000, 3% on the next $100,000 and 2% on the next $800,000, says William Sweeney, a California-based probate attorney. For an estate worth $600,000 the fee works out at approximately $15,000.

The state of Connecticut, however, doesn't have any hard and fast rules about executor compensation. A rule of thumb used by many Connecticut probate judges is that a fiduciary's fee of less than 4% of the gross estate is presumed reasonable, and many people believe that anything on the order of 3-5% is okay.

If no will exists, the property is divided according to Connecticut law. The Probate Courts ensure that any debt owed by the deceased person, funeral expenses and taxes are paid before the remaining assets are distributed. Often a family member or friend is responsible for settling the affairs of the estate.

In Connecticut, you can expect it to take a minimum or about six months to probate even a relatively simple estate if that estate is required to go through formal probate. Creditors have three months from the date notice was provided within which to file claims against the estate.

If the estate is small and has a reasonable amount of debt, six to eight months is a fair expectation. With a larger estate, it will likely be more than a year before everything settles. This is especially true if there's a lot of debt or real estate in multiple states.

Connecticut has a simplified and expedited probate process for settling small decedent's estates. The entire process can be completed within 30 days, instead of six months or longer as is normally required for the regular probate process.

In Connecticut, the right of survivorship comes when you own property in joint tenancy. Property owned in joint tenancy automatically passes to the surviving owners when one owner dies. No probate is necessary.

When a person who owns property dies, the Probate Courts oversee division of the property.If no will exists, the property is divided according to Connecticut law. The Probate Courts ensure that any debt owed by the deceased person, funeral expenses and taxes are paid before the remaining assets are distributed.

Connecticut Status Update Decedent's Estate (NEW 7/13)

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What goes through probate in CT?

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