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4 essential estate planning documents A will distributes assets upon death. A power of attorney manages finances. Advance care directives manage your health. A living trust is an alternative to a last will.
Joint tenancy. Property owned in joint tenancy automatically passes to the surviving owners when one owner dies. No probate is necessary. Joint tenancy often works well when couples (married or not) acquire real estate, vehicles, bank accounts, or other valuable property together.
The probate process begins when the decedent passes away. A petition is filed with the proper court to have probate opened. The next step is to identify the executor or personal representative of the decedent's estate.
The Estate Planning Must-Haves. Wills and Trusts. Durable Power of Attorney. Beneficiary Designations. Letter of Intent. Healthcare Power of Attorney. Guardianship Designations. Estate Planning FAQs.
Examples of probate assets include real estate owned only by the decedent, bank accounts in the name of the decedent, and life insurance policies that fail to name a beneficiary or are payable to the estate.
If the will is not offered for probate within the provided time then it's as if the decedent did not leave a will, and his estate is administered as an ?intestate estate.? This, of course, could result in a completely different distribution of property from what the testator intended.
Most states have a ?small estates? rule that allows you to avoid probate entirely, as long as the estate value doesn't pass a certain threshold. In Alabama, if an estate doesn't have any real property and the value doesn't exceed $25,000, after waiting 30 days, you can use what's known as a summary probate procedure.
Is Probate Required in Alabama? Probate is necessary in Alabama except when the property passes straight to another person. However, you have the possibility of a small estate probate, which is simpler than the full probate process.