Exploring estate planning for the future? Understanding probate’s significance, costs, and advantages is essential. At Keyes Law Group, PC, we offer clarity and peace of mind. With over a decade of experience in diverse probate areas, we’ve successfully guided hundreds of families and trusts.
What is Probate?
Probate in California is the legal process for administering a deceased person’s estate, ensuring that their assets are distributed according to their will or state law if there’s no will. The Probate process consists of the following:
- Filing Petition: The process begins with filing a petition in the appropriate California court, typically in the county where the deceased person lived at the time of their death.
- Appointment of Executor or Administrator: The court appoints an executor if there’s a will or an administrator if there’s no will. This person is responsible for managing the estate.
- Inventory and Appraisal: The executor/administrator takes an inventory of the deceased person’s assets and has them appraised to determine their value.
- Debts and Taxes: Any outstanding debts and taxes are paid from the estate’s assets, which may involve selling property or assets.
- Distribution of Assets: After debts and taxes are settled, the remaining assets are distributed to the beneficiaries as specified in the will or according to state law if there’s no will.
Probate can be a lengthy and costly process, and it’s essential to seek legal counsel, especially for more complex estates or if disputes arise during the process
How Much Does Probate Cost?
In California, estates valued at $184,500 or less follow simplified procedures. However, for estates exceeding this amount specific rules apply. California’s legal code outlines a tiered fee system for estates over $184,500. The fee limit is 4% for the first $100,000, 3% for the next $100,000, 2% for the subsequent $800,000, and 1% for the next $9,000,000. Estates over $25,000,000 typically involve a judge to establish fair fees and special estate rules.
We Can Help
Keyes Law Group, PC is your trusted partner for expert guidance through the California probate process. We excel in minimizing costs, ensuring strict legal compliance, and safeguarding your intentions during estate distribution. For all your probate needs, our experienced attorney is here to assist you. Contact our firm today and embark on a smooth and secure probate journey with confidence.