Oct 24, 2024 | Probate
Jack was a 60-year-old fun-loving guy with many close friends. He was never married and never had children. Jack had a large extended family, but he rarely saw or heard from them. After many years of work Jack had a sizable retirement account, multi-million-dollar home with a view, and a collection of unique personal items he had collected during his lifetime. Many of his close friends would often dine at his beautiful home and talk about how much they enjoyed their friendship.
His closest friend urged Jack to contact an estate planning attorney to begin the process of planning for his legacy. Jack had a few friends he thought should receive his asset when he died. These friends were there for Jack when he needed them most. Jack didn’t take it too seriously and a few years past. Jack sadly died unexpectedly a few years later never having completed a plan.
A cousin of his opened a probate. Jack’s entire estate would pass by California law to his next of kin. 20 people came forward – first and second cousins, some of which he had never met and many of which never knew his name! These 20 “family” members all shared in $4 million. His closest friends received nothing. The process took over two years and cost his estate over $80,000 in fees.
Nov 23, 2020 | Probate
What Happens During the Probate Process?
1. Authenticate the last will and testament
2. Identify and notify heirs and beneficiaries
3. Appoint the executor or personal representative
4. Posting Bond (if necessary)
5. Locate decedent's assets
6. Determine date of death values using Probate Referee
7. Identify and notify creditors
8. Pay any owed debts of the decedent
9. Prepare and file tax returns for decedent (if necessary) and the estate
10. File for court approval of an accounting and distribute the estate
Nov 23, 2020 | Probate
Chances are, you've contemplated this question if your parents or loved-one recently passed away and left a will naming you as a beneficiary. Well, can you just give yourself the property listed in the will as yours? The answer is, no. A will alone does not prevent court supervised probate proceedings, in fact, it mandates it under California probate law, whether the will was drafted by an attorney or written on a napkin – it makes no difference.
California probate code section 8220 through 8226 sets forth rules for proving a will in court. Once the will creator dies (known as the testator), the will must be deposited in the court where the decreased person lived and a petition for probate and letters testamentary must be filed ($435 fee) in order to prove the will and have it admitted to probate and appoint an executor. In other words, a judge must determine if the will is valid, make sure no one objects to the will (claiming it is not valid) and the judge must determine if the named executor (the person who in in charge of carrying out the details of the will) is proper to act.
Once that happens, the executor can begin gathering all the assets of the deceased person. After at least 4 months has passed and all decedent's debts paid, only then can the executor petition the court (yes, another petition at $435!) for approval to distribute inheritance to the named beneficiaries in the will.
So, to summarize, the only way you will get your inheritance is after a long and complicated court process. If you want to try tackling it yourself, you have the right to do so; however we don't recommend it since a small mistake could delay your inheritance for months or even years. A properly drafted trust could have prevented this.
Visit matthewl349.sg-host.com/ for more information on probate in California and how a living trust may be a better option for your family
