PROBATE

Probate is the court administered transfer of assets from your name to the name of your beneficiaries. Probate administration in California usually takes 2 years, although I have done them in as "little" as 9 months.   The executor of the estate cannot distribute property to your beneficiaries until he or she gets a court order allowing such distribution. A court will not give such an order until a 4 month notice period has passed, all creditors are paid, and the assets are valued by a court appointed appraiser, called a probate referee. Probate is a public process. Other people can learn what you owned and who you left it to by simply going to the courthouse. Your will must be filed with the court so whatever you stated in the will also becomes public. The other problem with probate are the fees that can be charged.

SAMPLE PROBATE FEES

Probate is required if you have certain assets with a gross value of at least $166,250.00 in 2020 and indexed by cost of living annually thereafter. Probate fees are set by statute. They are payable both to the executor and the attorney. The fee is a percentage of the gross value of the estate. The following are examples of such fees:

Gross Estate            Attorney's Fee             Executor's Fee

$100,000                      $4,000                         $4,000
$250,000                     $8,000                         $8,000
$500,000                     $13,000                        $13,000
$750,000                     $18,000                        $18,000
$1,000,000                 $23,000                     $23,000

YOU CAN AVOID PROBATE BY HAVING AND FUNDING A LIVING TRUST!!


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