What is probate?
In Washington, if you own real estate or have assets in excess of $100,000 when you die your estate will need to go through the probate process. Washington, in comparison to other states, has a streamlined probate process.
If you own no real estate and have assets less than $100,000 when you die your estate can make use of a Small Estate Affidavit.
Some assets are not subject to probate. These include:
- Life insurance policies go directly to the named beneficiary.
- Payable on Death bank accounts or accounts owned with right of survivorship.
- Titled property held as Joint Tenancy with Right of Survivorship.
- Retirement plans and Individual Retirement Accounts.
- Revocable living trusts.