Many people usually do not like to talk about probate but it is especially important when someone wants their property to be given to the appropriate person(s). It is important to talk to a legal document assistant or an attorney who specializes in probate since they know the California probate procedures.
what is probate?
Probate is the legal process that takes place after someone has passed away. This process varies based on whether you have a will, a trust or no will.
If you have a will or trust the person named in your will or trust will present, the document for validity and the list of property and your debts and who it will go to. The process can be long depending on how much assets or debts you have. However, the process may be even longer if there is no will or trust. Either way most people would like to avoid the probate process. A person can do this by planning ahead. However, California probate law does allow a little bit of flexibility up to $100,000 when there is a surviving spouse. So let’s say you have a property that is up to $100,000 you can avoid probate and fill out a transfer form for the property that is to be given to the surviving spouse. You can also avoid probate if you have a living trust.
A trust can be formed with some few requirements. Those requirements are:
- have Intent
- have a trustee
- have a res, which is an identifiable property
- an ascertainable beneficiary
- purpose
If you are over 50 or ill forming a trust is a great idea. It can be time-consuming but the benefits outweigh the burden. One of the benefits as discussed above is to avoid Probate Court, to keep your personal and financial matters private, to maintain control of your finances after you pass away, to avoid or reduce the possibility of a challenge in court, and to prevent a conservatorship issue.
However, probate court is not always bad. Several benefits include:
- Probate can help family or friends to bring suit against claims brought by others who for example had undue influence or fraud;
- Probate court only gives creditors a short window of time to file a claim which could result in more forgiveness of debt;
- It can validate and enforce the intentions of the person who has passed away. Overall, probate could be avoidable and should be with a trust or will.