Probate is an important part of the estate planning process, and a very serious matter that you need to consider when it comes to estate planning. If you have a will, a probate court in your state or county will generally oversee the process of probating, or executing, the will. This includes hearing objections, determining the validity of the will, and ensures that property is distributed properly.
Probate Attorney Orange County - Understanding The Legal Facets Of Probate Law
- If a person doesn’t have a will, the probate court will then assign someone to take care of the estate at their choosing, based on the laws of the state. With a will, the assets will be distributed as the person designated in his/her will, while without one, they will simply be distributed according to state law at the time of the execution of the will. The cost of probate generally averages between 3% and 7% of the total estate value, as determined by the state law or common practice in your community or area.
- To avoid the costly price of probating a will or assets, you can meet with an Anaheim Probate Attorney to ensure that all of your affairs are in order. The costs for probation of assets will usually be set aside within the will or trust, making it less of a hassle for your loved ones to come up with the money on their own accord. Any probating of a will that takes place is always done in accordance with state law and includes taxes, debts, and legal costs of execution before any assets are distributed to beneficiaries of any kind.
- For example, if your estate is worth $500,000 and you have $100,000 in debts, those will be paid first. Then, taxes will be charged on the remaining $400,000 in assets, which will be deducted. Since you have less than $1 million in assets, no taxes are generally charged to your estate. Therefore, $400,000 will be left to pay for the probate process, and then to be distributed among your beneficiaries. When you work with a qualified estate planning attorney, you can alleviate or even eliminate the probate costs that come with the execution of your will, which is why taking the time to get your affairs in order is so important.
- At the Law Offices of Lawrence H. Nemirow, our Orange County Probate Attorney will work with you to determine the best means for probating your estate and to educate you on the process of probate as it applies to your estate and assets. By working with our professionals, you can get the peace of mind that you deserve by knowing that your affairs are taken care of, in addition to alleviating the legal costs of executing your estate. If you have questions, concerns, or would like to set up an appointment to discuss your probate or estate planning needs, please Contact Us at 562-799-1377 anytime for more information. We serve clients throughout Orange and Los Angeles counties including Long Beach, Seal Beach, Huntington Beach, Irvine and Newport Beach.
Probate Article - When Does Probate Administration Apply?