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Court

WHAT IS PROBATE AND HOW DOES IT AFFECT ME?

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In California, probate is the legal process that oversees the distribution of a deceased person's estate if they die without a valid estate plan & own property exceeding $184,500.

 

 

If you own property in California that has a Fair Market Value of over $184,500 (do not factor in your mortgage) the Probate Court is nearly always involved unless you have a valid estate plan.

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Why is probate so bad? Three reasons:

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TIME. MONEY. PRIVACY.

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PROBATE IS A LONG PROCESS

Probate in California takes 9-24 months.

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This can mean significant delays in the distribution of assets to your loved ones. 

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A LIVING TRUST CAN HELP YOU AVOID PROBATE

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When you have a funded Revocable Living Trust (RLT) your family can take your assets through trust administration rather than probate.

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Trust administration is much less complicated, faster and much less expensive than probate.

PROBATE IS EXPENSIVE

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"Statutory" fees can significantly reduce the value of your estate.

 

These fees are not negotiable and are set by Probate Code.

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There are more potential probate fees on top of this:

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  • The court may approve for 'extraordinary' services billed at the attorney's hourly rate

  • Probate involves court costs and other fees including:

    • filing and service fees

    • probate referee fees

    • publication costs and bonding fees

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These all can add several thousand dollars more to your estate fees.

PROBATE IS A PUBLIC PROCEEDING

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Probate administration is a public proceeding, meaning your financial affairs and decisions (your wealth and who is receiving it) become a matter of public record.

 

This can compromise your family's privacy. A living trust keeps your personal business completely private and only the people you have identified are aware of your financial affairs, inheritance and distributions.

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