When a loved one passes away, their estate typically goes through a legal process known as probate. In New Hampshire, understanding which assets are subject to probate and which ones are exempt can help streamline the estate settlement process. Let’s delve into the specifics of what assets do and do not go through probate in New Hampshire, as well as how different types of property are treated according to the legal code.
Assets Subject to Probate
Assets that are solely owned by the deceased individual and do not have a designated beneficiary or joint owner usually go through probate in New Hampshire. Some common examples of assets subject to probate include:
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Real estate owned solely by the deceased
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Bank accounts in the deceased’s name only
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Personal property such as vehicles, jewelry, and furniture
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Investment accounts held solely by the deceased
Assets Exempt from Probate
On the other hand, certain assets are exempt from the probate process in New Hampshire. These assets typically pass directly to the designated beneficiaries or joint owners outside of probate. Examples of assets that do not go through probate include:
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Life insurance policies with named beneficiaries
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Retirement accounts with designated beneficiaries
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Jointly owned property with rights of survivorship
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Payable-on-death bank accounts
Handling of Different Property Types
It’s important to understand how various types of property are handled during the estate settlement process in New Hampshire:
Real Estate
Real estate owned solely by the deceased individual typically goes through probate unless it is held in a trust or has a joint owner with rights of survivorship.
Bank Accounts
Bank accounts in the deceased’s name only are subject to probate, but payable-on-death accounts bypass probate and go directly to the named beneficiary.
Personal Property
Personal property such as vehicles, jewelry, and furniture may need to go through probate unless there are specific provisions in a will or trust designating their distribution.
Investment Accounts
Investment accounts held solely by the deceased are typically included in the probate process, unless there are named beneficiaries or a transfer-on-death designation in place.
Legal Code in New Hampshire
The laws governing probate and estate administration in New Hampshire can be found in the New Hampshire Revised Statutes Annotated (RSA). Specific sections of the legal code outline the procedures for probating wills, administering estates, and distributing assets according to state law.
Navigating the Probate Process
Understanding which assets do and do not go through probate in New Hampshire is crucial for efficient estate settlement. By familiarizing yourself with the legal requirements and exemptions, you can navigate the probate process more effectively and ensure a smoother distribution of assets to beneficiaries.
