One of the most unpleasant parts of life is coping with the loss of a loved one or friend. To make it worse the deceased’s financial affairs need to be addressed also. During this challenging time we will do everything possible to make sure dealing with the estate of the deceased is completed timely and correctly. We are proud and dedicated Santa Clara County probate attorneys and probate attorneys in Santa Clara County. Please give us a call at 1-877-963-9543to schedule an appointment.
WHAT IS PROBATE?
When someone passes away their assets and debts need to be addressed. The probate process will authenticate the decedent’s will or make a ruling that the person passed away without a will. A personal representative will be appointed to handle the debts of the deceased and the distribution of the deceased’s assets. If the deceased person does have debts creditors are given a limited opportunity to file a claim for payment of the debt. The probate process also allows the Internal Revenue Service to make sure taxes are paid properly. A tax return must be filed for to the time of death. The estate that is created must also file a return if income is earned during the probate case. After debts are paid, any potential taxes are paid then the estate can make distributions according to the will or intestate succession if there was no will.
HOW CAN PROBATE BE AVOIDED?
There are a number of ways to avoid having to go through a California probate case. Assets can be excluded or are excluded from the probate process. If you hold title to a house/real property in joint tenancy there is a right of survivorship for the other owners. So if you are married and hold title as joint tenants when one spouse passes away the living spouse is then the sole owner. The A problem arises when the surviving spouse passes away and there are no other joint tenants on title. This is why many people are putting their homes in a revocable living trust. This is how to avoid probate regarding a house. Assets held in a trust do not need to be probated. Many types of investment accounts have pay on death clauses in which you name a beneficiary to receive the funds upon your death. Many financial institutions have their own forms to be filled out to name beneficiaries.
DISPUSTING A WILL
Unfortunately the probate process can be complicated and delayed when a party challenges the authenticity of a will, objects to the appointment of the personal representative or disagrees with an accounting or distribution of assets. The result could be lengthy and expensive litigation to determine who is right or what something is valued.
CLOSING OF A PROBATE ESTATE
After the petition is filed, notice sent out, claims dealt with, estate accounted for and everything is filed correctly depending upon the circumstances of the decedent, the court will then enter an order that allows the assets to be distributed and administration fees paid. Our probate attorneys in Santa Clara County and Santa Clara County probate attorneys will then assist with recording assets in the name of beneficiaries.
