Probate is the legal process of administering a deceased person’s estate. In California, the probate process is a court-supervised proceeding. Thus, it takes place after someone dies. Thus, in this blog post, we will provide an overview of the probate process in California.
Initiating the Probate Process
The probate process in California typically begins with the filing of a petition for probate with the appropriate court. The petition will identify the deceased person’s estate. What’s more, it requests that the court appoint an executor or administrator to manage the estate. Thus, the deceased’s will names an executor. After the court appoints an administrator, if no will exists, or no executor is named.
Notice to Creditors and Beneficiaries for California Probate
First, the court appoints an executor or administrator. Then, they order the administrator to provide notice to all creditors and beneficiaries of the deceased person’s estate. The executor must publish notice in a local newspaper and send it to all known creditors and beneficiaries.
Inventory and Appraisal
The executor or administrator also prepares an inventory and appraisal of the deceased person’s assets. This includes all property owned by the deceased person at the time of their death. This includes real estate, bank accounts, investments, personal property, and any other assets.
California Probate: Paying Debts and Taxes
The executor or administrator must also pay any outstanding debts and taxes owed by the deceased person’s estate. This includes income tax, property tax, and any other owed taxes. The executor or administrator may need to sell assets to pay these debts and taxes.
Distribution of Assets in California Probate
Once the executor pays all debts and taxes, they can distribute the remaining assets to the beneficiaries named in the will or to the heirs in the absence of a will. The court approves the distribution of assets, and the executor or administrator must file a final report and accounting with the court.
California Probate Fees and Costs
Probate in California can be an expensive process. The fees and costs associated with probate include court fees. What’ more, it incurs executor or administrator fees, attorney fees, and appraisal fees. The deceased’s person’s estate usually pays these fees and costs.
Avoiding Probate
The cost and complexity of the probate process exists. Therefore, many people try to avoid it. Thus, the way to do this is to create a Revocable Living Trust (RLT). Ultimately, with a trust, the assets are transferred to the trust during the person’s lifetime. Finally, a trustee manages the assets after the person dies. So, the assets are held in the trust, they are not subject to probate.
Another way to avoid probate is to hold assets jointly with the right of survivorship. This means that when one owner dies, the assets automatically pass to the surviving owner without the need for probate.
Finally, the probate process in California is a court-supervised proceeding that can be time-consuming and expensive. It is important to understand the steps involved in the probate process and the fees and costs associated with it. If you are interested in avoiding probate, it is important to speak with an estate planning attorney to determine the best options for your specific situation.
About Walnut Creek Elder Law in Walnut Creek, California
Michael J. Young is an experienced elder law, estate planning and asset protection planning attorney in Walnut Creek, CA. Mr. Young advises his clients regarding their estate planning needs with an emphasis on asset protection, Medi-Cal qualification, and preservation of assets for various levels of their care as they get older. Mr. Young’s journey into elder law began when his mother suffered from an acute injury that required her to be in a skilled nursing facility. He is co-author of the book, Don’t Go Broke in A Nursing Home and is the author of the “Alzheimer’s Legal Survival Guide.” Mr. Young presents monthly workshops in Walnut Creek regarding estate planning, asset protection, and Medi-Cal planning. He has helped many clients over the years successfully qualify for Medi-Cal and has protected their assets from state recovery. Call today to schedule a consultation (925) 256-0298.