Probate court definitely has its place, especially when a person passes away with no last will and testament or when there are conflicts among a person’s heirs. However, if you are planning to leave your estate to your loved ones, there are a few reasons to try and keep your assets out of probate court.
- It’s public record – Do you really want just anyone to be able to look up what your family received? It could potentially make them a target for scams, so it is better to keep these matters private.
- It can drain funds – You intend your savings to go to your family, but if probate court becomes drawn out, much of the inheritance could end up paying legal fees.
- It delays your beneficiaries from receiving their inheritance – Until the court works out what needs to go for taxes and other liabilities against the estate and who should receive the rest, the assets are effectively tied up and unusable. While probate court usually handles matters within a few months, there have been cases that drag on for a year or even several years while heirs have no access to the dwindling funds.
California Estate Planning Attorneys
If you want your loved ones to get as much of your estate as possible as quickly as possible after you pass on, the estate planning attorneys at Petrov Law Firm can help. Call 619.344.0360 today and schedule a consultation at one of our three convenient locations in southern California to learn more.Read More
Whether you have a last will and testament or no estate planning at all, California probate court is going to play a role in the dispensation of your assets after you pass away. Here are a few things that you should know about probate so that you can plan for your estate the best way possible.
- You only have an executor if you prepare a will. The court will have someone handle the dispensation if you do not have any estate planning in place.
- Probate court makes sure that any existing tax debts are paid before the remaining assets are distributed to your heirs. This may reduce how much your beneficiaries receive, but at least they don’t have to worry about the taxman showing up and demanding money.
- Probate is public record, so if you don’t want everyone to know what you left to your family, then you need to find a way to keep it from going through probate.
- Probate can get expensive and tie up your assets for months or even years before your beneficiaries get anything. The best way to avoid this is to find alternative ways to leave assets directly to your family or to be very clear in your will rather than using a template from the Internet.
Estate Planning Assistants from the Pros in Southern California
The estate planning attorneys at Petrov Law Firm can help you to keep your assets out of probate court, so they are not wasted or held up. Call us today at 619-344-0360 to learn more.Read More
California probate court is where decisions are made regarding the estates of both those who die with no will and those who have a will. What do you need to know about California probate court so you can do your estate planning accordingly?
If I Don’t Have a Will, Does Probate Court Appoint an Executor?
Not exactly. There is someone who will be appointed to handle your affairs, but an executor is someone whom you appoint in a last will and testament to take care of these matters for you.
What Happens to Taxes or Debts That I Owe?
Probate court ensures that all of these debts are paid from your estate. Thus, whatever is left over and goes to your heirs will be theirs without the worries that a bill collector will come knocking at the door later on. Since there is only a brief window for collectors to receive anything, this may encourage some of the debts to be forgiven.
Is Probate Public Record?
Yes. If you rely on probate to care for your estate, anyone will be able to go and look up who your beneficiaries are and what they received. This can make them targets of scams.
How Long Will My Estate Be Tied Up?
It depends. Funds can be stuck in court for months or even years depending on whether it is very clear who should receive your assets. This can be a huge financial drain on the estate as well.
Where Can I Get Estate Planning Help to Avoid Probate?
If you want your assets to avoid probate in California, Petrov Law Firm in San Diego can help. Our experienced attorneys can help you to set up the right type of trust fund so that your beneficiaries can receive assets much faster. To learn more, call 619-344-0360 to schedule a consultation.Read More
The words probate court probably have you envisioning huge wait times and losses for your heirs. While this is not always the case, it can be, so we’re going to look at a simple way to cut out the middleman, as it were. Here is how you can use bank accounts to avoid probate.
- POD Accounts – You can set a bank account to be payable on death. This allows the account to transfer directly to the named beneficiary without going through probate. Keep in mind that you need to remember to change the beneficiary if you have a change in circumstance and want a different person to inherit the account. Otherwise, this will go to the named beneficiary, regardless of how your wishes may have changed.
- Retirement Accounts – Retirement accounts generally require a named beneficiary. These also transfer automatically when the account holder passes away. This is another situation that involves reviewing and updating your estate plan regularly to ensure the right people are listed as your beneficiaries.
- Shared Bank Accounts – Anyone you share an account with would obviously still have access to it if you pass away. The main downside to this type of account is that the other individuals could do whatever they want with the money even while they are still alive.
Planning for Your Estate and Probate in California
To help money transfer quickly and seamlessly to your heirs in California, contact the Petrov Law Firm today. You can speak to an experienced estate planning attorney in San Diego by calling 619-344-0360 and scheduling an appointment.Read More
Probate is the process that determines how a person’s assets and properties are distributed after he or she passes away. When a person dies without an estate plan, California probate court makes the decisions regarding what happens with a person’s belongings.
A last will and testament allows you to designate an executor who acts as a go-between for your beneficiaries and the court system. This can help to speed up the process and may save some of the estate from going on legal fees. It also gives you more control over who your estate is assigned to and how it is distributed.
However, if you want to avoid the time and expense of the probate process altogether and give your beneficiaries a larger cut in a more expedient way, you can set up a revocable living trust. While you are alive, you can control what goes into the trust and who it is left to. You can also designate a successor trustee who takes control of the trust and the proper distribution of it when you die. This is often the preferred way to leave a larger estate to heirs.
Planning for Your Estate in Southern California
To plan ahead successfully for your future, be sure to enlist the help of the estate planning attorneys at Petrov Law Firm. We have the knowledge and experience to help California residents meet their estate planning goals. To learn more, call 619-344-0360 today!Read More
Probate gets a pretty bad rap for being something that delays beneficiaries from receiving their inheritance and may even eat up considerable funds from the estate. Is there any time when probate court can actually be a good thing? Let’s look at some of the advantages and disadvantages of probate.
The Advantages of Probate
If someone passes away without executing a will or having other estate planning measures in place, probate can really save the day. A few of the advantages include:
- Provides a legal means of redistributing the estate
- Enforces and validates the wishes included in a will
- Cares for remaining debts and taxes so heirs don’t have to worry someone will eventually come knocking at the door looking for money that may have long been spent
- May encourage debt forgiveness due to the window for claims against the estate being short
The Disadvantages of Probate
Here are a few of the reasons most people try to avoid probate with their estate planning:
- Probate is public record, so anyone can look up your financial information
- Executor fees and court costs may cut significantly into the value of the estate
- Probate can keep beneficiaries from receiving funds for weeks, months, or in some cases even years
- Complicated probate regulations can put a huge strain on beneficiaries and especially on the executor of the will
- The courts make the final decisions on your estate rather than you
- The higher the gross value of your estate, the higher the probate fees, making it more cost effective to create and maintain a revocable trust
Southern California Estate Planning Attorneys
Petrov Law Firm has the Southern California estate planning attorneys you can trust to help you develop an affordable and effective plan of action for the future. Contact us today by calling 619-344-0360 to get started.Read More
This is a question that a lot of clients come into our office asking. Let’s discuss how probate works and what you can do if you want to avoid it.
What Is Probate?
Probate is the legal process through which a person’s assets are distributed after he or she dies. If the person who passes away has a last will and testament that is legally valid, then the document is used as a guideline. It should outline:
- An executor – This is a person who is responsible for gathering and dispensing the estate’s assets. Responsibilities may include paying taxes that are still owed by the estate as well as any other debts and collecting debts that may be owed to the estate. Multiple executors can be named in succession in case the primary executor dies before the person whose will it is.
- Beneficiaries – One or more people can be designated to receive part or all of the estate. This includes property and other assets.
Probate court can drain much of the funds in an estate and lead to lengthy proceedings that keep beneficiaries from getting money as quickly – especially if the will is contested. For this reason, many people prefer to take steps to avoid probate. How?
Avoiding Probate in California
If you are looking to avoid probate court in the state of California, the right option for you may be a revocable living trust. Such a trust is not subject to probate in California. The estate planning attorneys at Petrov Law Firm would be happy to help you set up such an estate plan. To learn more, call our experienced California attorneys at 619-344-0360.Read More