Probating an estate in California – When someone dies in California there is a process known as Probate. Simply put, Probate is the process of distributing the assets and paying the debts of the deceased person according to their request, such as is instructed by the Decedent in their Last Will and Testament. Or if someone died and did not have a will (also known as a “Dying Intestate”) the court will then make a determination as to who gets what under the theory of law known as the “Process of Intestate Succession”.
So often the Executor or Administrator of an Estate will need to petition the court to inform the court as to who receives what. At the same time, a dance with the tax man occurs as to what the value of the Estate is or what the value of certain assets are and if there is what’s known as a “Taxable Event” – on other words, the tax man will calculate the taxes due the government. Probating an estate in California.
The process of settling and distributing the assets and money of the Estate to the appropriate parties can be very challenging and can often lead to a delay of a year or more. Probating an estate in California
As part of an overall Estate planning process, everyone who has an Estate valued at a minimum of $100,000.00 needs to obtain legal advice as to what the correct Estate structure should be. The right choices and decisions made prior to death can lead to a substantial savings in aggravation and taxes at a very difficult and trying time for all involved. Probating an estate in California