Probate or no?

[trishaann]

What is the name of your state? CA My father in law left mutual funds, life insurance and stocks to my sister in law (named as a beneficiary) totaling about 70,000. My husband had a joint bank account with his father with about 60,000. Does this need to go to probate. The lawyer said make a list of all assests Father had an interest in. He had a couple of cars which were jointly titled to himself and his wife. The farm was deeded over to my husband months ago with a quit claim. This was all supposed to be taken care of to avoid this and done in the same lawyer's office that is now telling us to make the list and make an appointment. My brother in law is pushing this issue of probate. Does this go to probate? Does the checking account belong to my husband or is that part of the estate? Are the 2 nothing special cars part of the estate? Is the sister's part, being a beneficiary, part of the issue? And is 100,000 the cut off for things to go to probate. Nobody is contesting anything. It is just my husband and his sister.

 

[colourfastt]

What is the name of your state? CA My father in law left mutual funds, life insurance and stocks to my sister in law (named as a beneficiary) totaling about 70,000. My husband had a joint bank account with his father with about 60,000. Does this need to go to probate. The lawyer said make a list of all assests Father had an interest in. He had a couple of cars which were jointly titled to himself and his wife. The farm was deeded over to my husband months ago with a quit claim. This was all supposed to be taken care of to avoid this and done in the same lawyer's office that is now telling us to make the list and make an appointment. My brother in law is pushing this issue of probate. Does this go to probate? Does the checking account belong to my husband or is that part of the estate? Are the 2 nothing special cars part of the estate? Is the sister's part, being a beneficiary, part of the issue? And is 100,000 the cut off for things to go to probate. Nobody is contesting anything. It is just my husband and his sister.

A big part of the reason for the list of assets is that while the assets may be titled to avoid probate (btw .. the joint account may be a probate asset), the assets are still taxable items of the decedent's estate and an estate tax return will have to be filed with the IRS within 9 months of death.