El siguiente artículo tiene fines informativos sobre el proceso de sucesión en Connecticut. Rockpoint Probate Funding NO ofrece servicios de financiamiento para bienes ubicados en Connecticut.
Perder a un miembro de la familia es una de las cosas más difíciles que tendrás que soportar. Pasar por el proceso de sucesión en Connecticut justo después de su fallecimiento puede hacer que la vida sea aún más desafiante para ti y tu familia.
An Overview of the Connecticut Probate Process
The General Statutes of Connecticut include Title 45, which deals directly with the state’s probate process. This lengthy process enables families to transfer ownership of assets to the heirs listed in a loved one’s will. It involves appointing an Estate Attorney of Record and an executor (who may receive executor compensation) to work together while paying off a loved one’s creditors and distributing assets to their heirs accordingly.
In many states, families have at least a few years to start the probate process, but this isn’t the case in the Constitution State. Families must begin working through the Connecticut probate process immediately to avoid penalties. It can further complicate this process and make it difficult for families to grieve while arranging to validate a loved one’s will.
Is Probate Required in Connecticut?
Yes, probate is required in Connecticut in many instances, though there are exceptions to this rule. For example, if your loved one didn’t own any real property and their estate is worth under $40,000, you can fill out a small estate affidavit form called an Affidavit in Lieu of Probate of Will to skip probate. You might also have the chance to skip the Connecticut probate process if your loved one created a living trust during estate planning.
How Long Do I Have To File Probate After a Loved One’s Death in Connecticut?
While many states allow families to take their time while filing probate after a loved one’s death, Connecticut isn’t one of them. The state requires families to kickstart the probate process within 30 days of a loved one’s death.
Title 45a-283 states that an executor can face a fine and potentially even prison time for failing to file probate in Connecticut quickly. They’ll still need to work on moving the Connecticut probate process in the right direction, even after facing these penalties.
Can I Avoid Probate in Connecticut?
Families normally can’t avoid the probate process in Connecticut. The only way they can do this is if their loved one decided to place their assets into a living trust.
A living trust automatically transfers ownership of bank accounts, real estate, life insurance policies, and other assets to heirs at the time of a person’s death. It can cut down on the confusion surrounding the Connecticut probate process by simplifying asset distribution.
How Long Is the Probate Process in Connecticut?
In theory, you might think the Connecticut probate process would be on the shorter side since the state calls for families to start it within weeks of a loved one’s death. But in reality, this process usually takes at least five to six months to play out. The executor of your loved one’s estate must notify creditors about their death and give them 150 days to file claims.
Even if no creditors come after your loved one’s estate, you might not have the opportunity to end the probate process after five or six months. Depending on the size of their estate and any disputes that might arise, you could spend a year or more stuck in the probate process.
What Should I Do If a Loved One Dies Without a Will in Connecticut?
If you discover a loved one didn’t have a will, your family might wonder what steps to take next. In Connecticut, intestate succession laws will dictate how your loved one’s assets are distributed to heirs.
Here are the guidelines for how a CT probate court will distribute your loved one’s property based on their situation:
- Surviving spouse and biological children divide up the assets, with the spouse receiving a slightly larger share
- Surviving spouse and parents split assets, with the spouse receiving a larger share if a person didn’t have children
- Surviving spouse receives 100% of assets if a person didn’t have any children or surviving parents
- Surviving children take 100% of assets if a person didn’t have a spouse
- Surviving parents earn 100% of assets if a person didn’t have a spouse or children
- Surviving siblings walk away with 100% of assets if a person didn’t have a spouse, children, or parents
- Next of kin or stepchild acquires 100% of assets if a person didn’t have any other surviving family members
- State of Connecticut secures 100% of assets if no surviving family members are located
Is There an Estate or Inheritance Tax in Connecticut?
Yes, there is an estate tax in Connecticut that is applied if a person’s estate is worth more than $12.92 million. This tax must be paid within six months, though the state does offer extensions on a case-by-case basis.
Can I Access an Inheritance in Connecticut Before the Probate Process Concludes?
If the Connecticut probate process for a loved one’s will begins to take too long, you have options for accessing a portion of your inheritance. Rockpoint Probate Funding can provide a probate advance that will supply you with the cash you need now in exchange for a percentage of your inheritance later.
What Is the Rockpoint Probate Funding Process in Connecticut?
Unfortunately, Rockpoint Probate is unable to fund probate cases in Conncticut at this time.
Reach Out to Us To Secure a Probate Cash Advance in the Northeast
While we are unable to fund in Connecticut, we can fund in several other states in the Northeast. Rockpoint Probate Funding can make this process less stressful by offering probate cash advances. Give us a call at (888) 263-8588 to see how we can help.