A Quick Tidbit About Probate.

In California, probate is the formal legal proceeding for the administration of a decedent's estate. It is what happens when someone dies with or without a Will and their assets are worth more than $100,000.

Estate administration has 3 main functions:

1.     Provide systematic collection of the decedent's assets (also called marshaling decedent's assets)

2.     Determine the liabilities of the decedent's estate and giving creditors a prescribed period of time to present their claims against the estate

3.     Distribute decedent's assets to those persons entitled to receive them either through a Will or the laws of intestacy.

Because of the statutory requirements for creditor claims, probate must remain open at least 4 months. Typically because of all of the other requirements a probate proceeding typically takes a year, if not longer, from start to finish.

Probate is often avoided when the assets are left in a Living Trust.  A Living Trust is often the best approach in California to avoiding probate.

For more information about probate or to set up a Living Trust, please email me or consult with an attorney in your area.