Most people have heard that probate in California is bad news.
Unless you’ve experienced it yourself, or know someone who has, you might not know exactly what it is.
Probate is the Court process that assets must go through whenever anyone dies with anything titled in their own name. In California, if someone has $100,000 in total assets or real property valued over $20,000, they will probably have to have their assets probated.
What’s so bad about probate? Well, here in California, it tends to be very expensive, it’s time-consuming, and it’s also a public process.
And even if you have a will, you still will have a probate.
The good news? Well, probate is voluntary; the only people who have to experience a probate are people who don’t plan.
If your assets are owned in the name of a Trust, the family can contact a lawyer who will complete some paperwork and guide the loved ones through the process with ease without the need for court involvement.
Unfortunately, many people who have a Trust think they have it all taken care of. But time and again, the family is coming into my office after there is a death and they are going to experience the frustration, expense and delay of a probate.
Why is that?
Often the Trust was prepared many years ago and was never updated; and often, their loved ones' assets were not owned in the name of their Trust. That is why it is so important that you carefully choose your estate planning attorney and have regular reviews of your Trust.
If you are dealing with the death of a loved one, we have answers to the many questions you may be asking here.
We also have resources that will give you the information you need; Request our Free Brochure, "The Seven Steps To Take Immediately After the Loss of a Loved One," or our Free E-Guide "Executor and Trustee Protection Guide" here.
