Will the State Really Take Your Money?

One of the most common concerns we hear at Sammartino & Sultan Law Group is the fear that the state will seize all your assets when you pass away. This misconception often leads to unnecessary anxiety about the probate process. Let's clarify this issue and explore what really happens to your money and the probate process.

What is Probate?

Probate is the court-supervised process of administering a deceased person's estate. This involves:

1. Validating the will (if one exists)

2. Appointing an executor or administrator

3. Identifying and valuing assets

4. Paying debts and taxes

5. Distributing remaining assets to beneficiaries

The Facts About Asset Distribution

Contrary to popular belief, the state does not automatically take your money when you die. Here's what really happens:

1. If you have a valid will, your assets will be distributed according to your wishes.

2. Without a will, your estate becomes "intestate," and assets are distributed to heirs based on state law.

3. Only if no legal heirs can be found within a specified time frame the state will take possession of the assets.

The Role of the Probate Court

The probate court's primary function is to oversee the legal process of asset distribution, not to seize your estate. Its responsibilities include:

• Authenticating the will

• Appointing an executor or administrator

• Ensuring debts and taxes are paid

• Overseeing the fair distribution of assets

  
  

While probate can be time-consuming and potentially costly, the court's goal is to ensure your wishes are carried out or that your heirs receive their rightful inheritance.

Protecting Your Assets

To ensure your assets are distributed according to your wishes:

1. Create a valid, up-to-date will.

2. Consider estate planning tools like trusts to potentially avoid probate.

3. Keep beneficiary designations current on accounts that bypass probate.

4. Consult with an experienced estate planning attorney.

At Sammartino & Sultan Law Group, we're committed to helping you navigate the complexities of estate planning and probate. By understanding the truth about probate, you can make informed decisions to protect your assets and secure your legacy.

Don't let misconceptions about probate cause unnecessary worry. Contact us today to discuss your estate planning needs and ensure your wishes are properly documented and protected.

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About the Author

Leslie has been practicing law since 2009 and is the host of the estate planning podcast 'Legacy Purse'. She has a long history of representing family members struggling to inherit property and/or wealth from deceased family members through the Probate Courts. Knowing how time-consuming and expensive the probate process is, Leslie takes great pride in helping her clients learn how to plan and protect their families during their lives so they can avoid the probate court process and save their loved ones that additional grief (and expense).