The history of probate courts dates back to 1643, with the first courts being established in Massachusetts.
The role of probate courts is to archive decedents' last will and testaments; maintain estate records; record estate inventory and distribution of inheritance property; and record guardianship, divorce, name changes, and adoptions.
Probate courts oversee matters governed by equity law.
Equity cases involve legal matters which direct a person to act or refrain from acting.
Cases filed through probate court do not involve monetary awards such as those governed in civil and criminal courts.
The most common types of cases presented in probate courts include: estate management including probated estates and those protected by trusts; inheritance disputes; and guardianship and conservatorship.
Most cases presented to probate court involve estate management and inheritance.
Although a Uniform Probate Code (UPC) exists, not every state within the U.
S.
has adopted all regulations.
Therefore, the probate process varies depending on the state in which decedents' reside.
When estates are transferred to probate courts, an estate administrator is appointed to oversee duties and ensure inheritance property is distributed to rightful heirs and beneficiaries.
Estate administrators can be designated within decedents' last will or through the court.
When a person dies without executing a legal Will, it is referred to intestate probate.
Those with a Will are referred to as testate estates.
Intestate estates take more time to settle than testate estates because additional steps are required.
The probate personal representative may or may not be required to obtain court confirmation prior to engaging in estate duties.
Some states require all steps of estate settlement to be approved through the court, while others only require estate administrators to present evidence of settlement.
Due to the number of hours required to settle an estate, inheritance property can be suspended in probate courts for several months.
The only way to avoid probate altogether is to place inheritance property inside a trust.
Trusts are typically used to protect large estates, but individuals with small estates can engage in estate planning strategies to keep certain assets out of probate.
Banks allow checking and savings account holders to assign payable-on-death (POD) beneficiaries.
Named beneficiaries must provide a copy of the decedent's death certificate, along with picture ID and completed tax assessor forms in order to claim their inheritance.
Individuals with financial portfolios and retirement accounts can assign transfer-on-death (TOD) beneficiaries.
Named beneficiaries can elect to transfer the funds into a new account in their name or they can obtain lump sum cash.
When financial portfolios are transferred they typically are not assessed estate tax, whereas those electing cash payout may be subjected to state and federal estate taxes.
Individuals who own real estate can assign survivorship rights to owned property.
Individuals who own motor vehicles can assign a beneficiary by obtaining a joint title.
In order to comply with state probate laws, individuals should consult with a professional estate planner or probate lawyer.