The Probate Process and Outstanding Debts
Probate in California can be avoided if you have the right strategy in place with the use of a revocable living trust, saving you money in taxes, avoiding public proceedings, and the requirement for court approval. It can save you time, frustration, and in most cases, significant attorney and court fees. The Cost of Probate in California Estate planning experts have a long list of reasons for why you should avoid probate, and the extraordinary fees is one of them. Failure to establish a comprehensive estate plan that includes a revocable living trust will mean your family must pay various ... Read More
What is the Probate Process in California?
Probate is the legal process for authenticating a deceased person's will, reviewing their assets, paying their outstanding debts and taxes, and distributing what remains to their inheritors. After an asset-holder dies, the Probate Court will appoint a valid will's executor to administer the estate. In the absence of a will, the court will appoint an administrator. Probate law varies by state, but there are steps in the process that are common. First, an executor is appointed and is normally the person named in the will. It is the executor's responsibility to initiate the probate process. An executor can be a ... Read More
Why is Probate Court Negative?
You may have heard that it's best to avoid probate court if you can. But just because people may have heard that term, doesn’t mean they know exactly what probate means, why it can be a problem, or how to successfully avoid it. In this post, we will take a look at the term probate to understand exactly what it means, and what the process includes. What is Probate? The term probate most literally means “to prove” a will. Today it covers the entire legal process necessary to settle a person’s estate after they die. The appointed representative (usually a ... Read More
The Laws of Intestacy
In our world of Estate Planning, we often delve into subjects that are somewhat prickly. There’s a popular misconception that “everybody fights about money when someone dies.” (Not actually true.) And after all, the very essence of estate planning is coming to terms with the reality of one’s own mortality – not necessarily a rosy foundation on which to build. But aside from that somewhat unpleasant aspect of our profession, one of the more amusing aspects is the nomenclature. Today’s topic: Intestacy – sounds like a gruesome disease (probably not as horrible as a topic for another day – ... Read More
