Richard C. Tizzano

ATTORNEY AT LAW. P.S.

as of June 25th, 2010 our
new location will be
19717 Front Street,
Poulsbo, WA 98370

Mailing Address
PO Box 400,
Poulsbo, WA 98370

360.697.7132
Fax: 360.779.1229

Probate

When an asset is solely owned by an individual (not jointly owned or owned in a living trust), a legal probate may be necessary to transfer ownership of the asset at the death of the individual.  Probate is the legal process of distributing assets to beneficiaries.  It is a highly regulated process by which creditors of an estate can make a claim for assets.  If creditors fail to make a timely claim, the creditors lose their right to be paid.  In the probate process, the court appoints an executor to administer the estate of a deceased individual.  The executor receives “Letters Testamentary,” which allow him/her to gather financial information, access bank accounts and investment accounts, sell real estate, and take any action necessary to distribute the assets.  The law office assists the executor in preparing and filing the necessary paperwork to meet all statutory requirements of probate and make a smooth distribution of the assets of the deceased.

Small Estate Transfer

All assets belonging to a deceased person, which are titled in the name of the decedent only, must be distributed through probate, except when all of the separate property assets of the decedent totals less than $100,000.00.  Subject to some very specific requirements, estates less than $100,000.00 may be transferred to the successor(s)-in-interest directly from a bank or financial institution without probate.  The law office can review these requirements to confirm whether or not the direct transfer of the assets of a small estate may be allowed under the small estate guidelines.

Joint Ownership

Joint tenancy is a form of joint ownership legally recognized by all 50 United States as a way to transfer ownership upon death. It is more formally referred to as "joint tenancy with right of survivorship." Upon the death of a joint tenant, ownership of the asset automatically transfers to the surviving joint tenant(s) without probate.

Community property is another method of joint ownership of property. Community property requires that co-owners be married. Community property is property acquired from the earnings of either spouse during the marriage, or property that has been changed to community property by the gift of either spouse or by agreement of both spouses. Each spouse owns one-half of the community property asset. At present, there are only nine states that allow for married individuals to own assets as community property. Washington State is one of those. Property held as community property may require a probate.

Tenancy in common is another form of joint ownership. All 50 states recognize the existence of tenancy in common. Tenancy in common is usually reserved for ownership of real property assets. Upon the death of a tenant in common, the real property would transfer to the beneficiaries named in the tenant in common's Last Will and Testament or Living Trust. The asset does not transfer to the surviving tenants in common and may require a probate.