Learning about probate in Estates and Trusts in paralegal school
Are you wondering if probate law will be covered in paralegal school? You probably have heard many say that there are benefits of avoiding probate. However, what types of assets are considered probate or non-probate property. What are the advantages of avoiding probate? Most importantly, if you wish to avoid probate, what are the steps to do so? In the Estates and Trusts course at the AIPS paralegal school we discuss the popular idea of avoiding probate.
The first thing to understand is what type of property is considered non-probate property. Non-probate property is real or personal property that is not part of the decedent’s estate. It is also not distributed according to the decedent’s will and subject to a spouse’s claim and claims of the decedent’s creditors. Some examples of non-probate property are: real and personal property held in joint tenancy with the right of survivorship, real and personal property transferred into a living trust registered as owned by the trustee, money placed into a back account as a Totten trust, assets payable to beneficiaries like proceeds of a life insurance policy and annual gifts of money not exceeding the amounts set by the IRS. Theses types of property automatically go to the surviving joint tenant or beneficiary.
People may want to avoid probate for a reason other than avoiding the spouse’s and/or creditors claims. They may want to avoid probate to avoid the time it takes to probate an estate, maintain privacy by avoiding a public probate, avoid the costs of probate administration, and/or avoid will conflicts among beneficiaries. If the client puts all of his/her property into non-probate assets, then he/she may successfully avoid probate, but whether it is a good idea depends on the facts of the case and the size of the estate. A paralegal working in an Estate law practice should be familiar with probate and non-probate property and aware of the reasons why clients may wish to avoid probate.
You can learn more probate in the Estate and Trusts course at the American Institute for Paralegal Studies paralegal school.
To find out more information on the paralegal school Estates and Trust class visit
http://www.youtube.com/AIPSParalegal or the curriculum page of the AIPS website (www.aips.com) at http://www.aips.com/advanced-courses/course-descriptions/