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In Wyoming, a probate court will name an estate executor after a person passes without a will or a living trust. The executor must begin the probate process within 30 days of learning that the estate owner passed away. If they fail to file within 30 days, the court may establish a new executor.
Probate of a Small Estate The Affidavit for Distribution and the Application for Decree of Distribution can be used individually or together, depending on whether the decedent owned real property or personal property, or both. However, the total value of real and personal property must be less than $200,000.00.
A probate will be necessary to transfer the decedent's estate to the heir if the decedent owned assets there were: Located in Wyoming. Worth more than $200,000 (as of the writing of this article, not counting mortgages and other encumbrances) Held in the decedent's sole name, rather than in a trust or joint tenancy.
Joint accounts and joint title are widely-used ways to avoid probate. Married couples can own real estate or financial accounts through joint tenancy with right of survivorship. Some states also allow tenancy in the entirety for real estate to avoid probate.
Living trusts A living trust is often the best choice for a large estate or if there are many beneficiaries. To avoid probate, most people create a living trust commonly called a revocable living trust.
In Wyoming, you can make a living trust to avoid probate for virtually any asset you own -- real estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).
Probate Process In Wyoming They first appoint a representative to control the estate. The person in charge of the estate collects and itemizes all assets and monetary accounts. Then, they pay off all outstanding debts and determine the validity of any existing wills.
A will contest cannot be initiated until a will has been filed with the probate court and admitted to probate. The objectant must then file a written objection with the same probate court. The objection must state the reasons for the objection, and it must ask the court to revoke probate. Wy.