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Does All Property Have To Go Through Probate? Real and personal property owned as a joint tenants passes to the surviving co-owners without going through probate. Other types of benefits, such as life insurance or annuities payable directly to a named beneficiary bypass probate. Money from IRAs, Keoghs, and 401(k) accounts transfer automatically, outside probate, to the persons named as beneficiaries. Bank accounts that are set up as payable-on-death account (POD for short) or an "in trust for" account with a named beneficiary also pass to that beneficiary without probate.If a Living Trust holds legal title to property, that also passes to the beneficiaries without probate. (The Trust is a legal entity which survives you after your death.) Please contact Kalom Law Firm, PLLC at (228) 436-4444 to schedule an appointment or submit an online questionnaire. In many cases, a lawsuit must be filed before an applicable expiration date, known as a statute of limitations. Please call right away to ensure that you do not waive your right to possible compensation. Disclaimer: Listing of these previously mentioned areas of practice does not indicate any certification of expertise therein. The Mississippi Supreme Court advises that a decision on legal services is important and should not be based solely on advertisements. Free background information is available upon request. |
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