Anyone who owns real property in California and wants to be sure their assets are distributed according to their wishes will benefit from creating and funding a living revocable trust.

SAN LUIS OBISPO, Calif. (PRWEB) September 03, 2021

Probate is a legal process during which a court determines the heirs, value, debts, and distribution of a deceased person’s estate. In a probate matter, the court appoints and supervises an executor or administrator to marshal the assets, pay the debts and liabilities, and distribute the remaining assets to the beneficiaries of the decedent. Typically, a probate is necessary when the assets owned by a decedent outside of a trust are valued at $166,250 or more, so if you own real property in California, the San Luis Obispo probate attorneys from Toews Law Group, Inc. strongly recommend that you create, and properly fund, a living trust for the purpose of avoiding probate.

The report, which can be read in its entirety on the Toews Law Group, Inc. website: answers questions such as:

• When is Probate necessary? As of January 1, 2020, a probate is required if an individual died owning assets in excess of $166,250 or real property in excess of $55,425. These threshold amounts are calculated based on the gross fair market value, and do not take into account any debt on the property. If you own real property in your individual name, then your estate will most likely be subject to probate.
• How long does probate take? In California, probate typically takes between 9 to 18 months, although it can stretch much longer if a problem arises. A seemingly simple matter of getting access to a deceased parent’s bank account might drag on for over a year.
• What does probate cost? Probate fees are determined by a fee schedule set forth in California Probate Code § 10810. These fees are calculated based on the fair market value of the estate and are paid to both the personal representative and his or her attorney. The fees start at 4% for the first $100,000 and increase with the value of the estate. The San Luis Obispo probate attorneys inform clients that creating a trust can avoid probate and the associated fees.
• How does probate work? Probate is started when a personal representative such as a family member or the executor named in the will, files a petition with the court seeking to be appointed as the Executor or Administrator. California law also requires that the decedent’s original will be filed with the court. The court then sets a hearing to determine whether the petitioning party will be appointed. The petitioning party must give notice of the hearing to all interested persons. The interested persons then have an opportunity to object to the appointment and/or the terms of the will. The court oversees the administrator as assets are collected, creditors paid, and assets distributed to heirs and beneficiaries. The court resolves any conflicts and makes the final determination to distribute assets.

The San Luis Obispo probate attorneys at Toews Law Group are experienced in representing personal representatives through probate and addressing the myriad of issues that can arise during the probate process. If you need representation as a personal representative or have questions regarding the necessity of probate, call Toews Law Group today.

A simple way to avoid probate and ensure your assets are distributed per your wishes is to create, and properly fund a revocable living trust. Anyone who owns real property in California and wants to be sure their assets are distributed according to their wishes will benefit from creating and funding a living revocable trust.

It is important to know the options and the San Luis Obispo probate attorneys at Toews Law Group, Inc. can advise you on the best strategy to protect your legacy.

This information has been prepared by Toews Law Group, Inc. for informational purposes only and is not legal advice. The transmission of this information is not intended to create an attorney-client relationship. Contacting us does not create an attorney-client relationship. Consult an attorney for advice regarding your individual situation.

Toews Law Group, Inc.

1212 Marsh Street, Suite 3

San Luis Obispo, CA 93401

(805) 781-3645

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