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TRANSFER OF SMALL ESTATES WITHOUT PROBATE

In certain circumstances, a decedent’s personal property may be transferred to the “successors” of the decedent without the need to open a probate with the probate court. The decedent’s entire estate must qualify as a small estate and must meet all of the requirements of sections 13100-13115 of the California Probate Code. The decedent’s successors may make their claims to the property and take title (assuming no conflicting claims) by presenting an affidavit which meets certain requirements to the holders of the property.

Title to real property may not be transferred under this procedure.

Specific Requirements

No Probate Proceeding or personal representative consents: The affidavit procedure may be used only if (a) no probate proceeding is currently pending or has taken place for the estate in California; or (b) the decedent’s personal representative consents in writing to transfer of the property pursuant to the affidavit procedure.

40-day Wait: The affidavit procedure may not be used until at least 40 days have elapsed since the date of the decedent’s death.
Estate may not exceed $100,000 in value: Personal property qualifies for the affidavit procedure only if the total current gross fair market value of the decedent’s real and personal property in California does not exceed $100,000.

  • Title to real property in the estate may not be cleared using the affidavit procedure. The affidavit procedure is limited to the transfer of the decedent’s personal property only. Nevertheless, both the decedent’s real and personal property in California must be considered in determining whether the total value of the estate exceeds $100,000.
  • Insurance policy or retirement plan proceeds payable to the estate as the designated beneficiary must be included in determining whether the total value of the estate exceeds $100,000.
  • The following property is excluded in determining whether the total value of the estate exceeds $100,000:
    • Vehicles and other state-registered property: automobiles, “nonmotor” vehicles such as trailers, mobilehomes, manufactured homes, commercial coaches, truck campers, floating homes and undocumented vessels;
    • Unpaid salary: any amounts due to the decedent for services in the armed forces and up to $5,000 in unpaid salary or other compensation (including compensation for unused vacation) owing to the decedent for personal services from any employment;
    • Joint tenancy interests, life estates, and property passing outright to surviving spouse: all property held by the decedent in joint tenancy, or in which the decedent had a life estate or other interest which terminated at death, or that passes outright to the decedent’s surviving spouse under Probate Code section 13500;
    • Multiple-party accounts: any multiple-party account to which the decedent was a party at death to the extent the funds pass directly to a surviving party, payable-on-death payee or beneficiary; and
    • Inter vivos trust assets: all property held in a living trust.

What You Should Know About Probate Advance

Before talking about what a probate loan is, it’s important to first understand the process of probate. Probate is a legal procedure where the ownership of assets of a deceased person is moved to his heirs or beneficiaries. Due to how it is shown in the media, many people think that the concept of a last will and testament or estate is straightforward. They are mistaken. Although it is fairly easy to understand, there are intricacies people need to know about.

The property of the dead person is called an “estate.” An estate can include stuff like personal belongings, real estate, bank accounts, as well as other properties. If the individual who died came up with a will prior to death, this individual is called the “testator.” The estate of a person who dies with a will becomes a “testate estate.” In instances where a will is prepared by the deceased, the estate is called an “in testate estate.” If a will exists, it will more than likely identify a single person who carries out the bequests of the deceased. This individual is known as the “executor.”

In short, the probate process requires the verification of assets. A legal court certifies whether the deceased has any debt or other issue that will need addressing.

When an estate goes into probate, beneficiaries can take one of three steps. First, they can wait out the entire probate process. The length of the process differs depending on the size of the estate. In most cases, the process takes at least six months. If an heir would like to claim their inheritance right away, they can, but this process will most likely involve large fees and high taxes. The third and most suitable option is to secure a probate advance.

What is a probate advance/loan?

A probate loan is more like a cash advance than a loan. A beneficiary won’t be personally in charge of repaying what is advanced. The pay return process will be left up to the estate. In essence, instead of waiting, heirs advance what they stand to inherit and shift the waiting process to their funding source.

What are the eligibility requirements?

Requirements differ according to lenders. However, the basic requirements are the following: First, there has to be an estate. Second, the applicant will have to be a beneficiary or heir of the estate. Lenders require those that seek loans to present supporting documents to prove that they’re heir to or will benefit from the estate. The final basic requirement would be that the estate has to be in probate.

While it might seem to be an ideal option, there are things beneficiaries need to remember. If there are other heirs involved, it will be smart to keep everyone informed. If an estate is not that big, consult with a probate attorney. In some instances, beneficiaries of a smaller estate are more well off waiting out the process instead of trying to get a probate advance.


Article Source: http://www.articlesnatch.com

About the Author:
Isabella Manzanares is a probate lawyer who has helped folks get probate loan. For additional information on how these can assist you, read up about probate advance.

Why You Might Need Expert Probate Legal Advice

If you have suffered the loss of your spouse or close family member, then it is likely that you may have dealt with probate, or at least have heard of the term.

Basically probate is the term which where the deceased estate, for instance property and money, is distributed to those named in the will – the beneficiaries. It gives one or more people the legal authority to carry out this out. It also gives them the authority to collect in all of the deceased’s money, such as from insurance policies and paying any debts owed.

Probate is a complicated legal process, and it is for this very reason that people require professional assistance. Probate legal advice can be gained from probate solicitors.

The person dealing with the deceased’s will is called the executor. The executor will have the known what their role would be when the will was drawn up. Their legal right to deal with its provisions is through a document called “grant of probate.|”

Probate can be applied for even if the deceased never left a will. In such cases the next of kin applies for letters of administration.

It is permissible to apply for grant of probate without the assistance of probate solicitors. It can be applied for through the Probate Service. However, this process can very time consuming. This is why many people instead choose to apply for the grant through solicitors. This is often the wisest choice as he will have the professional knowledge to offer probate legal advice.

Probate solicitors can be found through the Law Society. The information can be gained through the society’s website. Alternatively, you might want to search online – either for local probate solicitors or for a source of online probate legal advice. Finally, perhaps the best way of choosing your probate solicitors is through recommendation from friends or family.

A grant may not be needed in certain circumstances. For instance, the home may have been left to the surviving spouse or partner, or the bank accounts were held jointly. Here the production of death certificate may be enough for funds to be transferred to the surviving partner.

Those acting as executors of the will have many duties to perform once they have received the grant. The assets of the deceased have to be gathered together and of the deceased’s outstanding bills paid off. Then the balance will have to be passed on to the beneficiaries named in the will. As well as this, everything that has been gathered in, paid out and then paid to those named in the will has to be accounted for. This alone is one of the many reasons why people seek probate legal advice.


Article Source: http://www.articlesnatch.com

About the Author:
If you are looking for specialist probate legal advice but you can rely on, get in touch with the expert Probate Solicitors at Bonallack & Bishop – who offer an online fixed fee probate service for clients nationwide.

Important Of Probate Services

If the person who has died leaves a will ; In this case one or more ‘executors’ may be named in the will to deal with the person’s affairs after their death. The executor applies for a ‘grant of probate’ from the probate court”s registry. It is a legal document giving the executor the authority to deal with the deceased person’s assets (property, savings, investments and other possessions). The executor can use the grant of probate to sort out the assets of the deceased, and collect and share out the deceased person’s assets as set out in the will.
If the person who has died didn’t leave a will ; If someone dies without making a will, they are said to have died ‘intestate’. If this happens, the law sets out who should deal with the deceased’s affairs and who should inherit their estate (property, personal possessions and money).
If there is no will, a close relative of the deceased can apply to the probate registry to deal with the estate. In this case they apply for a ‘grant of letters of administration’. If the grant is given, they are known as ‘administrators’ of the estate. The grant of letters of administration is a legal document which confirms the administrator’s authority to deal with the assets of the deceased, and collect and share out the deceased person’s assets as set out under the intestacy rules.
When a grant is needed
A grant is almost always needed when the person who dies leaves one or more of the following:

  • property or land held in their sole name or held as ‘tenants in common’
  • stocks or shares
  • certain insurance policies
  • Large amounts of cash in banks/building societies
In the majority of cases the bank or financial institution will need to see the grant of probate or letter of administration before transferring control of the assets. However if the estate is small, some organisations, such as insurance companies and building societies, may release money to you at their discretion.
A grant of representation may not be needed where:

  • the person who died left less than 5,000
  • they owned everything jointly with someone else and everything passes automatically to the surviving joint owner (as opposed to a tenancy in common)
Money in joint accounts
The deceased person may have held money with another person in a joint bank or building society account. Normally this means that the surviving joint owner automatically owns the money. The money does not form part of the deceased person’s estate for the purpose of administration and therefore does not need to be dealt with by the executor or administrator. However, a deceased’s person’s share in joint property is treated as part of their estate for inheritance tax purposes, both on death and on gifts made during their lifetime
Probate and Inheritance Tax
The executor or personal representative will not be granted probate until some or all of any Inheritance Tax that is due on the estate has been paid.

Article Source: http://www.articlesnatch.com

About the Author:
Easylawyers can avoid the difficulty involved if obtaining a grant of

The Wonderful World Of Probate (and Why To Avoid It)

When a decedent dies with a valid will, but without a Living Trust, their estate is subject to Probate. Probate translated literally means “to prove the will.” The probate process, in it’s origin, was designed to prove that the decedent actually had died, and that the will in question was the actual will belonging to the deceased.

Today, probate is best described as a court-supervised process by which a decedent’s assets are gathered, valued, and distributed according to the decedent’s last wishes, as stated in his or her will.

In addition, the probate process also requires a formal process by which all creditors (or potential creditors) of the deceased, known and unknown, are notified of the death, and given the opportunity to make a claim on the decedent’s estate.

Due to the formal, court-supervised nature of the Probate process, the average length of a probate case can be anywhere from 6 months to a year and a half, depending on the complexity of the case and a variety of issues.

Some important issues when considering whether or not to avoid probate include:

Disadvantages of Probate

  1. Cost- The probate process as a whole can get quite expensive (see Probate Fees, below).
  2. Time – As indicated, the average length of time for a probate is anywhere from 6 to 18 months
  3. Lack of Privacy – Probate is a public procedure. Therefore, all of your financial and personal records become public documents. Anybody can walk into the Probate Clerk’s office, pay a fee, and access all of your personal and financial information.
  4. Restricted Distribution of Assets Because of the court-controlled process, getting money in the hands of your beneficiaries may be slower and more complicated than you would like. Family allowances are often granted, but only after petitioning the Court. Likewise, paying family members back for funeral and other costs can be slow, and subject to Court Approval.

Probate Fees

Currently, California Probate Code 10800 sets the compensation for the Personal Representative and for the Attorney for the Personal Representative of an Estate that is subject to Probate as follows:

  • Four percent on the first one hundred thousand dollars ($100,000).
  • Three percent on the next one hundred thousand dollars ($100,000).
  • Two percent on the next eight hundred thousand dollars ($800,000).
  • One percent on the next nine million dollars ($9,000,000).
  • One-half of one percent on the next fifteen million dollars ($15,000,000).
  • Above twenty-five million dollars ($25,000,000), a reasonable amount to bedetermined by the Court.

According to this schedule, the Probate fee on an estate of $1,000,000 is equal to $23,000.

Please bear in mind, that this is the fee to be paid to both the attorney and the personal representative.

While many personal representatives forgo their share of the fee, not all will do so. Therefore, it is possible that the full probate fee on an estate of $1,000,000 is equal to $46,000! And that is not including court filing fees!

It’s no small wonder why people are anxious to avoid the Probate process whenever possible.

Assets Not Ordinarily Subject to Probate

The primary way to avoid Probate is through the use of a properly funded Living Trust.

However, certain assets are not normally subject to Probate, and may pass outside of the Probate process.

Some of these assets include:

  • Assets held in Joint Tenancy
  • Designated Beneficiary Accounts
    • 401(k)’s
    • Individual Retirement Accounts (IRA’s)
    • Corporate Pensions
  • Life Insurance Policies
  • Accounts Payable on Death (i.e. Totten trust bank accounts)
  • Lifetime Gifts (subject to Annual Exclusion limits)

Conclusion

Through careful planning of your estate, which may include a properly-funded Living Trust, you may be able to spare your family members and loved ones from having to slog through the Probate process for months on end.

In every estate that we have worked on, the primary concern of the beneficiaries is that the whole estate administration process is wrapped up as quickly and efficiently as possible – while minimizing costs and taxes.

Proper Estate Planning can help you and your family achieve these objectives.

We welcome the opportunity to meet with you in person to discuss your Estate Planning needs.

Copyright (c) 2007 John Fraker


Article Source: http://www.articlesnatch.com

About the Author:
John Erik Fraker, attorney and founding partner in the Law Firm of Ainer and Fraker, LLP, is committed to helping people fulfill their estate planning goals through education, research, and implementation. Mr. Fraker is a graduate of the University of California at Berkeley and of the University of Southern California Gould School of Law (J.D.). For additional information, visit http://www.estatesattorney.com .

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What A Wills And Probate Lawyer Help A With?

Having a life plan is more important these days than it ever seems to have been. And with so many aspects that can ‘go wrong’ it’s no surprise there is a growing need for wills and probate lawyers. The sensitive nature of living in a big city can also underline the need for wills and probate lawyers London
So you have decided you want to take a look at your life plan, but what can you expect from a wills and probate lawyer?
Wills: If a mistake is left in these documents, it may cause an amount of distress to family, so an experienced lawyer should be hired to over this. Without a will, distributing assets and estate in the event of your death can be a long process as well as causing family conflicts. In addition to helping avoid this conflict, wills and probate lawyers can make you aware of other challenges that could arise in the future.
Guardianship for children: It is nigh on unthinkable to imagine losing your life before your children are grown up. Wills and probate lawyers are experienced with guardianship issues, meaning that you can be safe in the knowledge that the future of children is secure.
IHT Planning: Proper inheritance tax planning can help side step the complexity of tax law and work in the favour of your beneficiaries. With a damaged economy and fragile housing market, wills and probate lawyers know how to advise on gift giving in terms of inheritance tax planning.
Court of protection: If a family member becomes incapacitated, someone must be able to take charge of their affairs. Specialist lawyers are able to examine your loved one’s financial affairs and advise on how best to protect their assets.
Rights of cohabiting couples: Couples that live together are unable to get state financial benefits. Recent legislation proposals however mean that you can consult a specialist lawyer about protecting your estate should one parter lose their life.

Care of older people: A lot of us worry about the care of an ageing parent or other family member. From nursing home fees to protecting their finances, there is a lot to think about. Wills and probate lawyers are experienced with guiding people through legal issues that can arise with regards to parents health.

A high level of professionalism is a must in your wills and probate lawyer. They will be experienced in handling sensitive topics and potentially distressing situations ensuring that you are as supported as possible. If you want assistance with securing your future and planning ahead, wills and probate lawyers are the specialists that you require.

About the Author:
Lewis Nedas can assist you with your wills and probate lawyers requirements – see how they can help with your issues. Not sure if you need wills and probate lawyers London? See what aspects they cover

Basic Principles Of Probate Loans

Everyone would like to leave a mark in this universe so men and women do not forget them when they pass on. It could possibly be the ideals they’ve already developed in their youngsters, joy they’ve already added to other individuals lives, and material possessions which often protects their cherished ones even after they’ve been gone.

The legal procedure that takes place after somebody perishes usually involves exactly how their belongings will likely be allocated. When a person perishes, their assets will likely be opened to pay back any obligations that were incurred while they were still living. This needs to become recognized before an inheritance may be provided to an heir. This procedure takes a long time, spanning from months and in certain situations, decades. For the meantime, the inheritance remains untapped till everything is settled.

This really is where probate loans get into the situation. Probate loans are valuable in the event the heir has financial necessities that need to be handled at the shortest time feasible. It really is the cash basically credited from the inheritance you anticipate. Keep in mind of the fact that income offered to an heir definitely will depend upon how much the estate will pay.

Probate Advance: Helping heirs move on

The following are commonly inquired thoughts about how a probate advance works:

1. What exactly are the prerequisites necessary for probate loan qualification?

Requirements could vary according to the loan company but you will find three criteria that apply for many situations. The very first one would have to be the presence of an estate. The subsequent requirement needs authenticity regarding the identity of the heir. The “heir” need to establish that she or he must be the inheritor of the claimed estate. The last qualification is that the estate ought to be in probate.

Whenever we say probate, the property should be within a process exactly where the goods and property of the deceased would be allocated. The probate has many phases. The first one involves accounting of all of the property. Following this, the lenders should be well informed about the cause, date and timeframe of the demise of the loved one. Subsequently, the estate reconciles all these debts out of assets. Last of all, the rest of the belongings is going to be allocated in accordance with the will of the deceased. If a will does not exist, the state would be the authoritative body that can decide exactly how the property and assets will be allocated.

Once these specifications are achieved and you are eligible, lenders usually carry out a straightforward background test. They’ll look into your credit background and meet with the lawyer in control of the assets. They’ll assess all values and file the suitable documents in court.

2. Will the inheritance get back its money?

The inheritance is going to be repaid. That is certain. This, however, won’t be obtained by the loan beneficiary. The probate advance is reimbursed by the estate.

3. Exactly how much time does it take and how much may be advanced?

This relies completely on how much the estate is. Mortgage applicants can borrow between 30% and 50% usually. As for the amounts, lenders set their minimal amount to $10,000. Submitting of critical documents, assessment of values, as well as the other processes take around five to seven business days.

Article Source: http://www.articlesnatch.com

About the Author:
Isabella Manzanares happens to be an heir who obtained a probate loan and is also proficient withprobate advance.

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California Probate Fees

California Probate Fees

Currently, California Probate Code 10800 sets the compensation for the Personal Representative and for the Attorney for the Personal Representative of an Estate that is subject to Probate as follows:

  • Four percent on the first one hundred thousand dollars ($100,000).
  • Three percent on the next one hundred thousand dollars ($100,000).
  • Two percent on the next eight hundred thousand dollars ($800,000).
  • One percent on the next nine million dollars ($9,000,000).
  • One-half of one percent on the next fifteen million dollars ($15,000,000).
  • Above twenty-five million dollars ($25,000,000), a reasonable amount to be determined by the Court.

According to this schedule, the Probate fee on an estate of $1,000,000 is equal to $23,000.

Please bear in mind, that this is the fee to be paid to both the attorney and the personal representative.

While many personal representatives forgo their share of the fee, not all will do so. Therefore, it is possible that the full probate fee on an estate of $1,000,000 is equal to $46,000! And that is not including court filing fees!

Probate Options in California

Losing a loved one is a sad and difficult time for family, relatives, and friends. In addition, those left behind must often figure out how to transfer or inherit property from the person who has died.

To do this, you must usually go to court. And dealing with the courts and the property of someone who has died is very complicated. Sometimes, however, family or relatives may be able to transfer property from someone who has died without going to court. But it is not always easy to tell whether you need to go to court or qualify to use a different procedure.

 This section will give you some general information to help you understand what your choices may be, but we still encourage you to talk to a lawyer to get specific answers about your situation. You can usually pay the lawyer’s fees from the property in the case.

What Is “Probate”?

Probate means that there is a court case that deals with:

o Transferring the property of someone who has died to the heirs or beneficiaries;
o Deciding if a will is valid; and
o Taking care of the financial responsibilities of the person who died.

In a probate case, an executor (if there is a will) or an administrator (if there is no will) is appointed by the court as personal representative to collect the assets, pay the debts and expenses, and then distribute the remainder of the estate to the beneficiaries (those who have the legal right to inherit), all under the supervision of the court. The entire case can take between 9 months to 1 ½ years, maybe even longer.

Deciding If You Need to Go to Probate Court and Whether You Can Use Simplified Procedures

You may or may not need to go to probate court to obtain title to property belonging to a dead person.  Figuring out if you have to go to probate court depends on many issues, like the amount of money involved, the type of property involved, and who is claiming the property.

And deciding if probate court is needed may also depend on the how the property is owned (the type of title ownership) or if there is some type of contract with beneficiaries. For example:

  • Type of Title Ownership:  : Sometimes all or some of a dead person’s property passes directly to the beneficiaries because of how the property is owned. So if the property was owned in joint tenancy, if it was community property with the right of survivorship, if it was a bank account owned by several people, or a bank account that is transferred to someone when the owner dies, then, in general, when the owner of the property dies, the property goes to the survivor. Keep in mind that even in these cases, the survivor may have to take legal steps to clarify his or her ownership of the transferred property.
  • Type of Contract:  Sometimes all or some of a dead person’s property does not need to go through probate to pass to the beneficiaries. This is because this property is a type of contract with named beneficiaries. Examples of this are life insurance that pays benefits to someone else other than the dead person’s estate, retirement benefits, death benefits, and trusts.
If the Person Who Died Left $100,000 or LESS

If you have the legal right to inherit personal property, like money in a bank account or stocks, and the estate is worth $100,000 or less, you may NOT have to go to court. There is a simplified process you can use to transfer the property to your name. The value of the property is based on what it was worth on the date of death –not on what the property is worth now.

  • Keep in mind, this process CANNOT be used for real property, like a house. If the person left $100,000 or less in real property, including some personal property, you may be able to use a form called Petition to Determine Succession to Real Property (Estates $100,000 or Less) (Form DE-310).  You will have to file the Petition with the court, obtain and file an Inventory and Appraisal (Form DE-160), and provide notice of hearing.  Talk to a lawyer to make sure you can use this simplified process in your case. Click for help finding a lawyer.

To use the simplified process for transferring personal property
First, figure out if the value of the property (the estate) is worth $100,000 or less. To do this:

Include:

  • All real and personal property.
  • All life insurance or retirement benefits that will be paid to the estate (but not any insurance or retirement benefits designated to be paid to some other person).

Do not include:

  • Cars, boats or mobile homes.
  • Real property outside of California.
  • Property held in trust, including a living trust.
  • Real or personal property that the person who died owned with someone else (joint tenancy).
  • Property (community, quasi-community, or separate) that passed directly to the surviving spouse or domestic partner.
  • Life insurance, death benefits or other assets not subject to probate that pass directly to the beneficiaries.
  • Unpaid salary or other compensation up to $5,000 owed to the person who died.
  • The debts or mortgages of the person who died. (You are not allowed to subtract the debts of the person who died.)
  • Bank accounts that are owned by multiple persons, including the person who died.

For a complete list, see California Probate Code section 13050 .

If the total value of these assets is $100,000 or less and 40 days have passed since the death, you can transfer personal property by writing an affidavit. There is a special form for this that you can get from most banks and lawyers. Your court’s self-help center may also have this form or a sample you can use to guide you.

Click for more information on the affidavit and for help preparing your own form.

If You Were Married to or Were a Registered Domestic Partner of the Person Who Died

You may be able to use a simple form, called a Spousal or Domestic Partner Property Petition (Form DE-221) to get a court order that says:

  • What your share of the community property is; and
  • What part of your deceased spouse or partner’s share of community and separate property belongs to you.

If the surviving spouse/partner is legally entitled to all of the property, a more complicated probate procedure may not be required. For example, a couple that was married for decades may only own “community property,” which belongs to the surviving spouse/partner and is confirmed by the court in the spousal property petition case.

If the Person Who Died Left MORE Than $100,000

If the dead person’s property is worth more than $100,000, none of the exceptions apply. You must go to court and start a probate case.

To do this, you must file a Petition for Probate (Form DE-111). This one form has different options, such as:

  • Petition for Probate of Will and for Letters Testamentary
  • Petition for Letters of Administration

Talk to a lawyer if you are not sure which option you should choose on this form. Click for help finding a lawyer.

Steps to Take If the Case Belongs in Probate Court

1.  The custodian of the will (the person who has the will at the time of the person’s death) MUST, within 30 days of the person’s death:

    • Take the original will to the probate court clerk’s office within 30 days. Contact your superior court courthouse to find out where the probate court clerk’s office is located.
    • Send a copy of the will to the executor (if the executor cannot be found, then the will can be sent to a person named in the will as a beneficiary).

If the custodian does not do these things, he or she can be sued for damages caused.

NOTE: If there is no will and a court case is needed, the court will appoint   an administrator to manage the estate during the probate process. The   person who wants to be the administrator must file a Petition for Letters of Administration (Form DE-111). The administrator usually is the spouse,  domestic partner, or close relative of the dead person.

2. Someone, called “the petitioner,” must start a case in court by filing a Petition for Probate (Form DE-111). The case must be filed in the county where the person who died lived (or if the person lived outside of California, in the California county where that person owned property).

The Petition for Probate has different options, like:

  • Petition for Probate of Will and for Letters Testamentary
  • Petition for Probate of Will and for Letters of Administration with Will Annexed
  • Petition for Letters of Administration

Note: To start a probate case you will need more forms than just the Petition for Probate form.  Talk to a lawyer for help with your case. Click for help finding a lawyer.

3.   After a probate case is filed:

  • The probate clerk sets a hearing date.
  • The petitioner must give notice of the hearing to anyone who may have the right to get some part of the estate, plus the surviving family members even if there is a will and they are not named in it. Any person who is interested in the court case may file a Request for Special Notice (Form DE-154), which means that they must receive a copy of paperwork filed by the person who is chosen to manage the estate.
  • The petitioner CANNOT mail the notice. It must be mailed by any other adult who is not a party to the case.
  • The petitioner must arrange for notice to be published in a newspaper of general circulation.
  • A court probate examiner reviews the case before the hearing to see if it was done correctly.
  • Once all the paperwork has been reviewed by the examiner and corrected, if necessary, the judge decides who to appoint to be in charge as the personal representative of the estate (also called the “administrator” or “executor”).
  • The personal representative gathers up the assets and prepares an Inventory and Appraisal (Form DE-160) to be filed.  The personal representative usually will also need to contact a probate referee to value the nonmonetary assets. Find the contact information for a probate feferee in your county . (Get more information on probate referees .)
  • The personal representative provides formal notice to creditors with the Notice of Administration to Creditors (Form DE-157) and pays the debts.
  • A final personal income tax return is prepared for the person who died.
  • The probate court figures out who gets what property.
  • A Report of Sale and Petition for Order Confirming Sale of Real Property (Form DE-260) is filed with the court so that sales of real property are confirmed by the court.
  • If the estate earned any money (such as interest or profit in a sale), the personal representative will have to submit a final estate tax return.
  • The personal representative reports to the court on how the estate was handled. This report is a final plan and accounting. The report is scheduled for hearing so the judge can review how the personal representative handled everything. The judge needs to be satisfied that everything has been properly taken care of.
  • After filing with the court any required final receipts to show that everyone received their property from the estate, the court discharges the personal representative from his or her duties.

Several Reasons For A California Probate Attorney

Unfortunately, the law isn’t waiting for anyone, and the deceased person’s estate needs to be settled timely. The Last Will and Testament of the deceased defines the person or people that will be responsible for the estate settlement.

The person named in the Last Will to conclude the process is called the estate’s executor. Los Angeles probate court appoints the executor as the personal estate’s delegate through the process. And when you abide in California, hiring a properly qualified California probate lawyer has to be a primary priority.

The deceased is entitled as intestate incase of death without leaving a valid will. State laws define the estate property’s separation by this process. Restrictions of a family member estate are a part of the intestate regulations under the jurisdiction of the state the deceased has lived in.

This is exactly why it is important to deal with a professional estate planning attorney in Los Angeles. Funds mentioned in a beneficiary trust’s name usually avoid the probate proceeding, thus providing better solitude and less administrative costs. This also lets the probate attorney to divide assets quicker.

As you could assume, all estates differ from one another and have uncrossed funds to be valued, vended or divided to beneficiary trusts. Anyway, in order to avert a situation difficult to solve, they should discuss it with the probate attorney prior to executor’s action.

The estate settlement might take anywhere from 9 months to several years before it’s completely paid out and closed.

The deceased also might have left an affidavit on his estate, let’s suppose it’s small. If you live in Los Angeles, then you would need to hire a highly professional probate lawyer that would understand how California small estate affidavit works and would be able to carry you through the probate court, while not violating any norms in California probate code. It is necessary and critical. Nowadays’ financial crisis is not the best time for you to lose your small estate affidavit, or let it stretch to years. Your interest is to settle things as fast as possible. And this is another important reason why you might need to hire a probate lawyer.

If you are an inhabitant of Los Angeles, and you have something similar going on in your life, don’t hesitate about hiring a probate lawyer, especially in case of California small estate affidavit. It’s all in your hands, but you would surely need a professional that would understand your needs and worries, a professional that would diligently carry the case through the probate court and lead you out of it in the rays of victory.


Article Source: http://www.articlesnatch.com

About the Author:
Gregory Lederman represents clients of trust, estate, and probate matters throughout California. estate planning attorney los Angeles, Estate planning lawyer los Angeles, California probate attorney, probate court.

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