Probate is the legal process of settling an estate at the time of ones’ death.
Shortly after death, the Last Will and Testament is submitted to the Probate Court for filing. If there are no assets, it is submitted for filing purposes only. If there are assets, it is submitted with other paperwork including some form of Application for Probate.
Unless waivers are filed, typically the Court will schedule a hearing to determine the validity of the Will and consider the appointment of the named Executor. All beneficiaries and close family members will be given notice, and have the opportunity to appear and contest the proposed course of action if they so choose.
Once the Executor is appointed, he/she will begin gathering assets, and notifying creditors of the death. The Executor will file an Inventory of solely owned assets with the Court, which is a public record. There will be work done after that, with reporting to the Court. Usually within 9 to 18 months, the Executor will be ready to close the estate and will file a proposed Accounting, identifying which assets will be transferred to which beneficiaries. Again, interested parties will be given notice and the Court must approve the Accounting prior to distribution.
Anything in your SOLE name will go through probate upon your death and will be distributed in accordance with the terms of your will. Examples of assets that will go through Probate in CT are:
o Solely owned real estate
o Solely owned business
o Solely owned bank accounts
o Solely owned investment accounts
o Solely owned cars
o Solely owned Jewelry
o Solely owned Household goods and furniture
o Any Jointly owned asset on the 2nd death (one co-
owner has predeceased the other}
Anything that you own with someone else, that’s held by a trust, or that has a beneficiary designation. These items will pass “outside” your will and will not be included in the assets distributed by Will. For example:
o Jointly owned real estate
o Jointly owned bank accounts
o Jointly owned investment accounts
o Jointly owned cars
o Life insurance with a named beneficiary
o Bank accounts / investment accounts that have a
“Transfer on Death” designation
o Retirement accounts with a named beneficiary
o Cars that have a “Transfer on Death” designation
o Any asset owned by a Revocable Living Trust
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With over 30 years of experience serving the Hartford, CT area, Suzann Beckett of Beckett Law has the experience you need to begin your comprehensive estate plan.
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