Recovering Assets from Passed Loved Ones
After a loved one dies, there are several ways in which you can recover assets they left you.
The time after a loved one dies is an incredibly difficult one. As you work through your grief and try to move past the loss, there are also many practical issues to take care of, as well. If your loved one left you assets, you are likely wondering how to recover them from the estate. The process you must follow will depend on the type of asset you are trying to recover, and the size of the estate.
Going Through Probate to Recover Assets from Passed Loved Ones
Probate is the legal method to settle an estate under the supervision of the court. Probate is intended to prevent fraud from occurring after a person’s death. Upon the death of a person, in most cases, the estate should be frozen. It remains that way until a judge verifies that a will is valid at a probate hearing and admits the will to probate.
Once a will is admitted to probate, the executor will then have the ability to carry out the wishes of the decedent, including collecting estate assets, resolving debts and distributing assets. If you feel as though you are the beneficiary of certain property within an estate, it is important to work with an experienced probate attorney who can help you obtain it.
Property That Does Not Need to Go Through Probate
Loved ones will sometimes have to wait for the probate process to be complete, which can be long. However, there are some assets that do not have to pass through probate before being passed onto loved ones and other beneficiaries. These include:
- Joint tenancy assets: When two people are both considered the owners of property, it is known as a joint tenancy. Joint tenancy assets typically pass immediately to the surviving owner if the other owner passes away.
- Designated beneficiaries: Certain assets, such as life insurance policies and retirement accounts, have designated beneficiaries. These assets are generally passed directly to the named beneficiaries without the need for probate.
- Payable on death accounts: Property such as brokerage and bank accounts also have designated beneficiaries that can recover the assets immediately without going through the probate process.
Our Probate Lawyers in Lake Jackson Can Help You Recover Assets
If you believe you are entitled to a portion of a loved one’s estate and need help recovering those assets, our Lake Jackson probate lawyers at Cordoba Law Firm, PLLC, can help. Our skilled attorneys know how to recover the property from an estate after a loved one has left it to you and will ensure the process moves forward as quickly and smoothly as possible. Call us today at 979.297.2854 or contact us online to schedule a consultation.