TRUSTS
Under California law, even with a will, if a person dies holding title to over $100,000.00 in assets, the estate must be probated. A living trust avoids the time and expense of probate. Probate takes at least seven months to complete and probate fees are based on a percentage of the gross value of the deced ent’s estate. A trust can also avoid the need for a conservator ship which can be restrictive, time-consuming and costly. In order for your trust to be effective, your assets are placed in the name of the trust. Contact the Law Office of Bowman & Associates, APC so we can assist you with this important transfer process.
WILLS
Although a will must be probated, it is an effective means of ensuring that your property is distributed to the people you desire to benefit. If you do not have a will, your estate will be distributed as required by the California Probate Code. A simple will can dictate how your assets are distributed and can be used to designate legal guardians for dependents. These are decisions that you, not the courts, should make.
PROBATE
The process of reviewing your will and estate by the court is called Probate. The court will review the will to see whether it is authentic and consistent with state law. The courts will also make sure that all debts are settled, and that all taxes are paid. Once the will is validated and the personal representative can satisfy the courts that all claims have been paid, then he or she is free to pay out the balance of the estate to the beneficiaries in the will. Typically, the probate process takes from six months to a year. Heirs will not get their inheritance until the process is complete. There are also rules the court follows on who gets your assets when there is no valid will. These rules are called the Laws of Intestacy. Generally, your spouse will get your probate estate outright, or share it with your children from a prior marriage. If there were no surviving spouse or children, your estate would be distributed to other family members, and if no family members then to the State where the property is located.
Our firm can assist with filing the necessary court documents to probate the will of a family member or loved one.
ESTATE PLANNING
A proper estate plan is the best way to avoid probate, minimize estate taxes, plan for incapacity, and manage assets for minors and young adults. A complete estate plan includes a Trust, Pour-Over Will, Durable Power of Attorney for Financial Management, and Advanced Healthcare Directive. Contact the Law Office of Bowman & Associates today to create a tailored estate plan that meets your needs and provides peace of mind. We offer a free consultation to discuss your estate planning needs.
