Probate is in place to provide oversight, but it is time-consuming, and it can be expensive. As a result, it does not always benefit the heirs to the estate. Topics covered in this report include: Payable on Death Accounts Life Insurance Proceeds Joint Tenancy Revocable Living Trusts Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Is California Probate Always Required?
Probate
Why Would Someone Avoid Probate?
There is a legal process called probate that will often enter the picture when an estate is being administered. Generally speaking, property that is in your direct personal possession when you pass away would be looked upon as probate property. The transfer of the property would take place under the supervision of the probate court. We should point out the fact that property that would usually be probate property could be transferred outside of the full probate process in California under … [Read more...] about Why Would Someone Avoid Probate?
What Is the Uniform Probate Code?
Estate matters are handled by the probate court. This court is charged with the responsibility of supervising the administration of an estate when certain circumstances exist. Probate laws vary state-by-state, and back in the 1960s, the powers that be decided that there should be a code that could be followed in all 50 states. Sometimes the probate process can be complicated. The American Bar Association partnered with the National Conference of Commissioners on Uniform State Laws (NCCUSL) to … [Read more...] about What Is the Uniform Probate Code?
Free Report: What are the Drawbacks of Probate?
You should have a basic understanding of probate when you are engaged in your estate planning efforts. This is a legal process that comes into play if you do not take steps to facilitate asset transfers outside of probate. Topics covered in this report include: Public Access Expenses The Waiting Game Avoiding Probate Summary References Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What are the Drawbacks of Probate?
How Long Does the Probate Process Take?
The legal process of probate can be a factor when postmortem asset transfers are taking place. In the state of California, if you are transferring more than $150,000 to someone other than your spouse, the estate will most likely have to pass through the probate process. Property can be claimed with a simple affidavit if the estate is valued at less than $150,000 as long as there is no real estate that is valued in excess of $50,000. It is also possible to transfer assets to your spouse outside … [Read more...] about How Long Does the Probate Process Take?
Estate Planning FAQs: What Is the Cost of Probate?
Probate is a process that takes place under the supervision of a court. During this process there is a proving of the will. The probate court examines the will to make sure that it is valid. When you draw up your last will, you name an executor or personal representative. This is the person who will handle the business of the estate after you pass away. The probate court supervises the overall administration of the estate along the way. Probate is in place to provide protections and oversight, … [Read more...] about Estate Planning FAQs: What Is the Cost of Probate?
What Happens If I Die Without a Will or Trust?
There are studies done periodically that are designed to shed light on the estate planning preparedness of people around the United States. Unfortunately, the results of these surveys are not encouraging. Most of the adults in the United States do not have a comprehensive plan in place. They say that the only certainties in life are death and taxes. Yet, most people are not prepared for something that is definitely going to happen. What would the outcome be if you passed away without a will or … [Read more...] about What Happens If I Die Without a Will or Trust?
What Are the Drawbacks of Probate?
The process of probate is something that you should be aware of when you are planning your estate. This process comes into play when you maintain direct and sole personal ownership of your property through to the time of your death. If you were to pass away with no estate planning documents at all, the probate court would step in. The situation would be evaluated, and your estate would ultimately be distributed using intestate succession laws. When you use a last will to state your final … [Read more...] about What Are the Drawbacks of Probate?
What Is Probate?
Many people are under the impression that a last will is a very simple document. You state your final wishes regarding the distribution of your assets, and you name an executor. After you die, the executor follows your instructions and your heirs receive their inheritances immediately after the funeral, right? In reality things are not quite that simple. If you are in direct personal possession of property after you die and you arrange for its transfer through the terms of a last will, the … [Read more...] about What Is Probate?
Basic Estate Planning Questions – What is Probate?
In today's discussion on basic estate planning questions, we're going to ask the vital question of what is probate. Probate is one of those areas of the law that, even though many people have heard about, few people have much direct knowledge of. To help better understand why probate is so essential to the estate planning process, we are going to take a look at some important questions about it and its impact on you and your estate plan. Basic Estate Planning Question. What is probate? When … [Read more...] about Basic Estate Planning Questions – What is Probate?
