Probate
In California, if you own over $50,000 in real estate or $150,000 in total assets, your estate is subject to probate, even if you have a will. Probate is the court-supervised process for transferring a deceased persons assets to the beneficiaries listed in his or her will. There are several disadvantages to probate:
- Probate is very expensive. It generally costs more than the management and distribution of an estate through a trustee by a living trust.
- Everything in probate becomes public record, including all of your assets, debts, and beneficiaries.
- Probate is usually very time-consuming, taking much longer than the administration of a living trust.
Note: There are some limited circumstances in which probate is advisable over a probate-avoiding estate plan. The key for most people, however, is to avoid probate.
Call for a free consultation to determine whether probate avoidance is important for your estate!
PROBATE RESOURCES/LINKS
For more information on estate planning and the probate process, see the State Bar of California website. Click Here