Can anyone tell me if an inheritance has to be over a certain?
amount of money before it goes into probate?
Answers:
An estate has to go into probate not only for the purposes of distributing the estate itself, but also to enable someone to act on behalf of the deceased and the estate.
It can be for any amount, and it can also be just for the purpose of acting on behalf of the deceased.
Probate is the process of fulfilling the terms of a will. An inheritance is an amount stated in a will. To fulfill an inheritance, a will has to be probated.
Unless you are trying to ask how much money has to be involved in a dead person's affairs before you need a legal action. Different question all together.
If there is no will, by law it must go to probate no matter how small or large the estate
Initiating a probate action depends on the laws of your state. In many states if the deceased leaves one or two descendants and the descendants agree on the estate split than there is no need to open a probate court action as long as all bills, including inheritance tax bills, are paid.
I think you are getting confused with the issue of inheritance tax. The total value of the estate will determine if the estate had the burden of inheritance tax. The estate does NOT include joint accounts, real estate owned with another, and various financial accounts owned with another. You should see a local attorney to help you with this.
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