Probate is a legal process that takes place after someone's death. It usually involves proving that the deceased's will is valid, identifying the deceased person's properties and other holdings of value and having these appraised, paying outstanding debts and taxes, and distributing the property per the will or state law.
Assets owned solely in the name of the deceased person are subject to probate. Assets that pass by means of title, such as real estate titled as "Joint Tenants with Right of Survivorship," or bank accounts titled as "Transfer on Death" are not subject to the probate process. Assets that pass by means of a beneficiary designation, such as life insurance or some retirement accounts are also not subject to probate. In some situations, however, assets that would otherwise pass by title or beneficiary designation can be subject to the probate process. It is important that you have an attorney to assist you in the probate process since this involves legal technicalities and the conclusion may result in loss of potential income.
There may be cases that a person passes away without leaving a will. As per California and intestate laws, the estate shall be distributed in a certain order. This shall be the sequence of distribution: spouse first, folled by the children. If the deceased does not have parents, third in line are the parents. And if the deceased has neither children nor parents, the siblings.
How long does the probate process take? It really depends on the complexity of the person's estate. If the estate is simple and modest, the probate process can be over in a year. With more complex and substantial estate, it can take as long as two years. Some even take much longer.
To ensure that you execute the probate procedure properly, it is important that you work with an attorney who is a specialist in probate law. It is wrong to assume that all attorneys are equally competent to handle probate. A lawyer who does not have a lot of experience in probate may not give you the best recommendations.
You have to get a probate attorney who you can see eye to eye and who talks your language -- figuratively speaking. That person understands your needs That's how important the probate attorney is to the liquidation and disposition of the estate. So search wisely and do your due diligence before hiring anyone to help you through this process.
Assets owned solely in the name of the deceased person are subject to probate. Assets that pass by means of title, such as real estate titled as "Joint Tenants with Right of Survivorship," or bank accounts titled as "Transfer on Death" are not subject to the probate process. Assets that pass by means of a beneficiary designation, such as life insurance or some retirement accounts are also not subject to probate. In some situations, however, assets that would otherwise pass by title or beneficiary designation can be subject to the probate process. It is important that you have an attorney to assist you in the probate process since this involves legal technicalities and the conclusion may result in loss of potential income.
There may be cases that a person passes away without leaving a will. As per California and intestate laws, the estate shall be distributed in a certain order. This shall be the sequence of distribution: spouse first, folled by the children. If the deceased does not have parents, third in line are the parents. And if the deceased has neither children nor parents, the siblings.
How long does the probate process take? It really depends on the complexity of the person's estate. If the estate is simple and modest, the probate process can be over in a year. With more complex and substantial estate, it can take as long as two years. Some even take much longer.
To ensure that you execute the probate procedure properly, it is important that you work with an attorney who is a specialist in probate law. It is wrong to assume that all attorneys are equally competent to handle probate. A lawyer who does not have a lot of experience in probate may not give you the best recommendations.
You have to get a probate attorney who you can see eye to eye and who talks your language -- figuratively speaking. That person understands your needs That's how important the probate attorney is to the liquidation and disposition of the estate. So search wisely and do your due diligence before hiring anyone to help you through this process.
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1 comment:
Thanks for this post. I've been looking around at probate lawyer in Florida and gathering information for what might be needed, so this post came in handy. Keep posting!
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