Closing a Probate Estate.

Yesterday, I posted a quick tidbit about probate. 

One of things about opening probate is closing the probate estate. Thus, the ultimate goal of the probate process is the smooth transfer of title to the assets belonging to a decedent to the beneficiaries or next of kin.

Closing the probate is the final step and requires the following:

1. a Final Accounting, unless waived by the beneficiaries or next of kin;

2. a Final Report describing the actions taken during the probate and the status of the estate;

3. a Petition for Final Distribution itemizing who is going to get what asset.

Typically the Final Accounting, Final Report and Petition for Final Distribution are included on one petition for the court's review, consideration and approval.

It takes alot of work to get to this process. So, again, to sound like a broken record, a Living Trust is often a better way to go for those who live in California and own property.