Probate Avoidance
Riverside Probate Attorney
Probate is the court-supervised process of administering an estate and transferring
the decedent's assets pursuant to the directions set forth in a will.
In California, probate can be a lengthy and expensive process; therefore,
there are several steps that people can take to avoid probate court altogether.
For example, when the deceased person owns assets in joint tenancy with
another person, or in a living trust, or as survivorship community property
with their spouse, then those assets won't pass through probate. The
same goes for payable-on-death accounts and assets that are held in a
revocable living trust.
A person's estate includes personal property, bank accounts, investments,
artwork, collectibles, jewelry, real estate and automobiles etc. If a
person had a written will at the time of death, it is said that he or
she died testate. When there is no will, it is said that the person died
intestate. The probate court oversees cases whether the person died testate
or intestate.
If there is a will, the probate court will make sure the will is valid
and then the property will be distributed according to the directions
in the will. The probate court will not be involved with bank accounts
with two people in joint tenancy, or money paid under an insurance policy
since it's not usually part of the estate. Currently, estates worth
$150,000 or more are subject to probate proceedings in the state of California.
Understanding Probate in California
In the California courts, probate cases tend to move very slowly since
there are many steps involved such as ensuring creditors are paid, that
property is identified, and title to assets are transferred correctly.
Fortunately, probate avoidance is easy if you plan ahead. The benefits
of probate avoidance include minimizing
taxes on your estate and lowering the costs of
estate administration, resulting in less frustration for your family members. Among the workable
methods of avoiding probate include setting up living trusts, joint tenancy,
payable-on-death-accounts, spousal property petitions, and small estate
affidavits.
At Sandoval Legacy Group, a Division of Holstrom, Block & Parke APLC,
we have more than 30 years of collective experience helping our clients
avoid probate. Our lead attorney Dennis M. Sandoval is AV Preeminent®
Rated by Martindale-Hubbell®, and he is included in California's
selection of
Super Lawyers®, which are both direct indicators of his professional competence
and legal ability. For guidance with your
estate planning or probate issue, please
contact our firm today!