Probate Information Center
What is Probate?
Probate refers to the process of transferring a decedent’s assets to his or her beneficiaries. Probate also ties up a decedent’s financial and legal affairs, which can include transferring money to the appropriate heir or beneficiary, resolving any outstanding debts, and clearing title on a property so it can be transferred.
What is an Executor?
The distribution of a person’s estate will be determined by his or her will or by California “intestate” laws if no will exists. The executor of the estate is either appointed by the decedent in the will, or by the probate court if there is not a will. The executor works with the court to control, manage, and distribute the decedent’s assets, money, and property. The executor is also responsible for paying the decedent’s funeral costs, final bills, and estate and income taxes.
Does Having a Will Avoid Probate?
No. Probate is necessary even when a will exists. In fact, a will must be probated in order to become effective.
What if I Don’t Have a Will or Trust?
If you do not have a will or trust, your estate will be distributed according to California probate and intestate laws, which state that a person’s estate will be distributed in the following order:
- Spouse
- Children
- Parents (if you have no children)
- Siblings (if you have no children or parents)
If you want to control who will inherit your assets, money, and property, you must create a will or trust. The probate court will honor your instructions for distributing your assets.
What is Power of Attorney?
Power of attorney refers to the person you designate to manage your affairs if you become incapacitated while you’re still alive. Your power of attorney will make decisions for you in regards to your finances, property, medical care, etc. Upon death, Power of Attorney is revoked, and the person named executor of your estate will be responsible for administering your estate during the probate process.
Does Probate Avoid Estate Taxes?
No. Estate taxes, sometimes referred to as “the death tax” or “the inheritance tax,” need to be paid no matter what. During the probate process, the executor of the estate is responsible for making sure all estate taxes are paid. It should be noted that estates valued at $3.5 million or less are not subjected to estate tax, but any estate over $100,000 is subject to probate. For more information about this, it’s best to speak with an experienced probate law attorney at our firm.
How Long Does the Probate Process Typically Take?
The average length of probate ranges from 6 months to one year.
If you are interested in learning more about the probate process in California, please contact the Southern California estate planning attorneys at Mortensen & Reinheimer, P.C. today at (714) 573-7149. An experienced attorney at our firm can answer your questions, advise you of your rights, and guide you through the difficult and complex area of California probate law.
|
