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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55280
Experience:  29 years of experience practicing law, including tax and estate planning.
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My name is ***** *****. I have a question about an estate.

Customer Question

Customer: My name is ***** *****. I have a question about an estate. Thanks.
JA: Thanks. Can you give me any more details about your issue?
Customer: My father died. Very few assets. Just a car. Life insurance policy. Does anything have to be filed with the court?
JA: OK got it. Last thing — Estate Lawyers generally expect a deposit of about $18 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.

Hi there. My name is ***** ***** I look forward to helping you.

Can you provide me a bit more information? In what state did your dad reside at the time of his death? Who there a named beneficiary on the life insurance policy? Thanks.

Customer: replied 1 year ago.
Father died in FL. Children are listed as beneficiaries. The only thing in father's name is: credit card debt, bank account, IRA in Canada, car.My father's townhouse was in an irrevocable trust with children as beneficiaries.My understanding is that probate has to be filed with court for assets/debts in my father's name. The irrevocable trust and life insurance policy are not part of probate, because not in his name.
Does this sound correct? Thanks.
Expert:  Richard replied 1 year ago.

Thanks for following up. Yes, that does sound like you've got a handle on things. The following assets would not be required to go through probate: : i) joint brokerage and bank accounts which vest automatically in the surviving owner upon the death of one owner; ii) real property held as joint tenants or tenants by the entirety, which also vest automatically in the surviving owner upon the death of one owner; and iii) assets with designated beneficiaries other than the estate such as life insurance and retirement accounts. If the bank account and car are worth less than $6,000, then you can dispose of the assets without an administration/probate. If over $6,000 but under $75,000, you can do a summary administration, which is a very simple probate process.