What is Probate
Probate is the legal process for transferring or inheriting property once someone has passed away. The case’s complexity depends upon the amount and type of property the deceased person owned, whether the assets are physical, financial, or divided between more than one person. Another facet that arises is whether or not the division of assets triggers friction among the beneficiaries and the following steps to take if that happens. Trust Law Legacy Group APC lawyers can answer your questions at 669-201-4368.
How Long Does the Probate Process Typically Take?
There are three main parts to the formal probate process. They are:
- Opening the case
- Administering the estate
- Closing the estate
While it seems straightforward, the entire process can be lengthy depending on the assets’ complexity. It can take anywhere from 9 to 18 months and may take even longer for larger estates. Probate is a complex process with many moving parts. It is imperative that you enlist the services of a knowledgeable and compassionate estate planning attorney to assist you and your loved ones during this challenging transition.
If There Is A Will, Do We Still Have To Go Through Probate?
A common misperception of estate planning is that going through probate is unnecessary if there is a will since the will clarifies how the assets will be divided. This is false. Probate is still necessary to prove that the will is valid and to authenticate that it is the last word and testament of the decedent. Although probate can sometimes be avoided, it is beneficial for everyone involved, particularly if there is friction over the estate administration. The probate process allows an impartial mediation by the court to get involved if necessary.
Can Estate Planning Help My Kids Avoid Disputes?
Proper estate planning can help survivors avoid disputes. Grief causes emotions to run high and often causes people to behave rashly. Planning before the inevitable occurs will address many of these problems and remove the trouble before it has time to brew. One of the most vital steps is to create a will explicitly stating your wishes, leaving little doubt or room for argument between your survivors. Here are some guidelines to ponder: which survivor stays in the home? If a family business exists, which child or survivor will gain ownership?
Some people give directions in the document. For example, Mr. Smith wants all the proceeds from the sale of his home to be split evenly between his kids. He further states that Billy is excluded from the will for poor behavior. There is no law stating Mr. Smith cannot do that. However, Mr. Smith should be aware that Billy will be distraught and will challenge the will in probate court. Although it can be an uncomfortable discussion, Mr. Smith should sit with Billy beforehand and explain his reason for disinheriting him.
There are other options for managing your assets. Trusts can be an excellent way to go. The estate attorneys of Trust Law Legacy Group APC can advise you about the different types of trusts available and whether or not they will help you reduce your estate taxes. The purpose of a trust is to set configurations around how your assets are paid out to your survivors.
How Do I Choose an Executor?
Choosing an executor is an important decision that should be made with seriousness. There are many things to consider when selecting someone to carry out these responsibilities. A few things to consider:
- Trustworthiness: Assigning this task to someone who has demonstrated honesty and integrity throughout your relationship is imperative.
- Maturity: California state law places some limited restrictions on the individual serving. They must be at least 18 years of age, be of sound mind (not judged as incapacitated by a court), and have no criminal or felony convictions. Proximity: Acting as an executor can take a significant amount of time. Considering the person’s location before asking them to undertake this responsibility is essential. A California estate lawyer can help you determine if the person you select meets all of the state’s requirements.
- Age: It is crucial to choose an executor who will be young and capable enough to carry out the duties and responsibilities that come with the role when you pass away. Assuming you live to an old age, it may be best to choose someone younger than you are.
What Are the Responsibilities of an Estate Executor?
The responsibilities of an estate executor will vary depending on circumstance; however, a few typical duties fall to the executor. An executor is required to:
- Have the will probated.
- Collect assets of the decedent that pass under the will (that is, not joint property or insurance/pension benefits payable to the beneficiaries)
- Pay the descendent’s debts (including funeral expenses)
- Pay administrative expenses
- Pay any taxes due from the estate (including income and property tax)
How Much Does Probate Cost?
There are fees associated with probate. You must pay to file documents with the court, other filing fees, and attorney’s fees. Typically, these can be paid out of the estate.
It is difficult to think about being in a situation in which you are unable to make your own decisions or what to do in the case of your death, but preparing for these circumstances before they arise takes some of the burden from your loved ones, should the worst occur. A skilled estate lawyer from Trust Law Legacy Group APC can help—call 669-201-4368 to schedule your free consultation.
