Unfortunately part of life is dealing with the financial affairs of a loved one or friend that passes away. Probate is the court supervised administration of the deceased person’s assets and debts. During this already difficult time circumstances should not be made even worse. Our Alameda County probate attorneys and probate attorneys in Alameda County will take the time and ensure the probate process is handled as smooth as possible. Please give us a call at 1-877-963-9543 to schedule an appointment.
THE PROBATE PROCESS
A straight forward probate case can be started and completed in less than a year. The petition is filed, there is a notice period, a hearing, notice is published and notice is sent out to creditors, an inventory and appraisal process is completed, taxes and creditors are paid (if any), a final accounting is prepared and filed, a filed hearing is held and final distributions to beneficiaries are completed. A complicated probate case can involve disputes between heirs and beneficiaries or with the personal representative or executor appointed to administer the probate estate. A creditor that has their claim rejected could sue the probate estate and delay the closing of the estate.
WHEN SOMONE PASSES AWAY DOES THERE HAVE TO BE A PROBATE CASE?
No, there does not have to be a probate case filed. Many types assets have pay on death clauses and if real property was placed in a trust there is no need to file probate. Also, is the person who passes away and has assets of less than $150,000 in gross value no probate is necessary. See below for more information.
WHAT ABOUT AN ESTATE WITH A VALUE OF LESS THAN $150,000?
If your loved one or friend’s personal property and real property have a combined value of less than $150,000 an affidavit can be used to allow the deceased person’s heir or successor to receive the deceased person’s assets like cash, household goods and pay the outstanding debts of the deceased person. The affidavit cannot transfer title to real property. When calculating the deceased’s gross asset value any encumbrances like mortgages on real property of a vehicle loan lien are not deducted. So the net value is not was it counted, but the gross value even if there is very little equity or value in the asset due to encumbrances. See California Probate Code §13000, §13101 and §13500. Be careful regarding the decedent’s debts. In theory creditors can pursue beneficiaries and heirs that received the deceased’s assets but do not pay the debts of the deceased.
WHAT IS A SPOUSAL PROPERTY PETITION?
This type of petition is used under California Probate Code Section 13500 to allow the property of the deceased spouse be transferred to the surviving spouse without a complete probate case. This will allow property transferred by will to the surviving spouse or community property of the deceased to be transferred to the surviving spouse.
WHAT FEES ARE INVOLVED IN A CALIFORNIA PROBATE CASE?
One of the main reasons living revocable trusts have become popular is to avoid probate fees. California unfortunately has one of the more complicated probate processes. Our Alameda County probate attorneys and probate attorneys in Alameda County fees are limited or governed by law. The amount of attorneys’ fees paid is a percentage of the value of the assets in the estate. There are also publication fees, court fees, executor fees and more.
