Add a Number Field Legal Wyoming Probate Forms For Free

Life Estate Deeds Override Wills: This means that the property named in the life estate deed will pass directly to the named beneficiary (or "remainderman") upon the life tenant's death, irrespective of any different provisions in the life tenant's will.

Wyoming's legislature was an early adopter of the Uniform Trust Code and single family and chartered family private trust companies (PTCs).

Although the UPC was intended for adoption by all 50 states, the original 1969 version of the code was adopted in its entirety by only fifteen states: Alaska, Arizona, Colorado, Hawaii, Idaho, Maine, Michigan, Minnesota, Montana, Nebraska, New Mexico, North Dakota, South Carolina, South Dakota, and Utah.

If you die intestate in Wyoming, which is not a community property state, what your surviving spouse inherits depends on whether or not you have living descendants. Living descendants would include children, grandchildren, and great-grandchildren. If you don't, your spouse will inherit all your intestate property.

Wyoming does not require probate for those who properly establish either a revocable or irrevocable trust. Placing your assets in trust helps avoid the court supervised probate process and ensures your end of life wishes are met.

Create living trusts In a living trust, the trust is the owner of the assets and not you. Thereby, assets in the trust can skip probate. This is often the best choice for a large estate or if there are many beneficiaries. Another advantage of living trusts is that they ensure privacy, unlike creating a will.

In Wyoming, the executor has three months from the date of their appointment to notify creditors, who then have up to three months to make claims against the estate for any debts owed. Paying Debts and Taxes: After notifying the creditors, the executor must then pay off any valid claims from the estate's assets.

Other assets, also known as ?non-probate? property, can usually be transferred to the other owner without probate. Wyoming, which is not a Uniform Probate Code state, offers a simplified probate process for smaller estates, as well as an affidavit process that allows heirs to completely skip probate.

Generally the summary procedure takes less than a year to complete. If a loved one dies with more than $200,000 of ?probatable? assets in his/her estate, the probate process is more involved. The probate process begins with the court appointing a Personal Representative (Executor/Executrix).