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Understanding Probate and How an Attorney Can Help
Probate is a legal process that occurs after someone passes away. It involves the distribution of their assets to their heirs or beneficiaries. However, not all assets are subject to probate. This can leave many people confused as to what will need to go through probate and what won't. In this blog post, we'll discuss what assets are subject to probate in California and how an attorney can help you navigate the process.
Assets Subject to Probate
In California, any assets that are solely owned by the deceased person and do not have a designated beneficiary or transfer on death (TOD) designation will need to go through probate. This includes things like real estate, bank accounts, stocks and bonds, personal property such as jewelry or artwork, and vehicles.
Assets Not Subject to Probate
There are also many types of assets that do not need to go through probate in California. These include life insurance policies with named beneficiaries, retirement accounts with named beneficiaries, payable-on-death (POD) bank accounts, joint tenancy property with right of survivorship, and trusts.
The Role of an Attorney in Probate
Probate can be a complex process with many legal requirements and deadlines. An experienced probate attorney can help you navigate the process smoothly and ensure that everything is done correctly. Some ways an attorney can assist include:
- Filing the necessary paperwork with the court
- Handling creditor claims against the estate
- Working with appraisers to determine asset values
- Assisting with asset distribution to heirs or beneficiaries
An attorney can also provide valuable advice on tax issues related to inheritance and estate planning for yourself or loved ones.
How an Attorney Can Save You Time and Money
While it may seem like hiring an attorney for probate would be expensive, it can actually save you both time and money in the long run. An attorney can help you avoid costly mistakes or delays that could hold up the process or result in legal disputes. They can also provide guidance on how to minimize tax liability and ensure that assets are distributed fairly and efficiently.
Probate is an important legal process that can have a significant impact on your family's assets and finances after you pass away. Understanding what assets are subject to probate in California, as well as how an experienced attorney can help, is essential for ensuring a smooth process and protecting your loved ones' inheritance. If you need assistance with probate or estate planning, don't hesitate to reach out to a qualified attorney who can guide you through every step of the way.
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Disclaimer: The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.