 |
| Phillip G. Gubler and Thomas J. Bayles, Attorneys at Law |
When someone passes away, you may find yourself in charge
of administering the decedent’s estate. You
may have been nominated as successor trustee through a Trust, the personal
representative (executor) through a Will, or the court may have appointed you
to administer the estate. As the
trustee, or personal representative, one of your responsibilities is to determine
what assets are owned by the estate or trust. When you inventory the decedent’s property, will
also need to be aware of how the property is owned. There are four primary forms of
ownership: Individual, Joint, Trust and
Beneficiary Designation.
Individual
Ownership: It is fairly common for
an individual to own property, both real and personal, in his or her own
name. Individual ownership will trigger
a probate if real property is owned. In limited
circumstances individual ownership of non-real property assets can be
transferred based on the decedent’s will without a probate.
Joint Ownership: Property held in “joint tenancy with full
rights of survivorship” will pass to the surviving joint tenant. A certified death certificate and an
Affidavit of Surviving Joint Tenant will be needed to show clear title in the
survivor when dealing with real property.
A certified death certificate is likely all that will be needed to clear
title on bank accounts held as joint tenants with full rights of survivorship. The decedent’s fractional interest in property
held as “tenants-in-common” will transfer to beneficiaries or the heirs of the
decedent as if that interest had been owned individually.
Ownership in
Trust: The decedent may have created
a trust and transferred all ownership interest to the trustee of the
trust. In that case, you will need to
inventory the assets and distribute as outlined in the trust document. Utilization of a trust typically accomplishes
a smoother transition of the assets to the beneficiaries of an estate with less
cost and less time delay.
Beneficiary
Designation: Certain property may be
designated to transfer to a beneficiary at the death of the decedent. Personal property such as life insurance,
pay-on-death bank accounts, and brokerage accounts, will require a certified death certificate to effect a transfer.
Taking
an inventory of the property and its ownership is just one of the first steps
in administering an estate or trust. It
is recommended that you retain an experienced attorney to help you through this
administrative process. Please contact our office and mention this
article for a complementary ½ hour consultation if you are involved in trust or
estate administration and would like to discuss the administration process in
your situation.
JensenBayles, LLP
provides a broad spectrum of legal services.
Thomas J. Bayles has been actively providing advice in the areas of
trusts, wills, probate and tax planning in the St. George area for over 15
years. Please visit our web site www.jensenbayles.com
or call 435-674-9718 and ask for Thomas J. Bayles or Phillip G. Gubler. The information in this article
is for educational purposes only and is not intended to be construed as legal
advice.
