How to Access Estate Assets Not Held by a Living Trust

If an estate owner has assets that are not held by a living trust, then accessing those assets may require going through the probate process. The probate process is a legal proceeding that validates the will and distributes the assets of a deceased person to their beneficiaries.

Here are some steps you can take to access estate assets not held by a living trust:

1. Review the Will: The first step is to review the deceased person's will to see if it specifies how to distribute the assets that are not held in the trust. If the will is valid, it will likely name an executor who will be responsible for managing the probate process.

2. File a Petition with the Court: If the will does not name an executor or if there is no will, you will need to file a petition with the probate court to appoint an executor. The executor will then manage the probate process, which includes identifying all of the deceased person's assets, paying any debts, and distributing the assets to the beneficiaries.

3. Identify and Value Assets: The executor will need to identify all of the assets that are not held in the living trust and determine their value. This may involve obtaining appraisals for real estate or getting professional valuations for other assets.

4. Pay Debts: The executor must pay any debts owed by the deceased person from the assets of the estate. If there are not enough assets to cover the debts, then the assets may need to be sold to pay them off.

5. Distribute Assets: Once all debts are paid, the executor can distribute the remaining assets to the beneficiaries according to the terms of the will or state law if there is no will.

It's important to note that the probate process can be time-consuming and expensive, and it is often a good idea to consult with an estate planning attorney to make sure everything is done properly. Additionally, having a well-drafted living trust can help avoid the probate process altogether for many assets.