Probate: Understanding and Avoiding Legal Hassle
A San Diego Living Trust can be difficult to understand and handle on your own. Choosing the right living trust lawyer who can help and explain any hassles and difficulties can be a great benefit to helping you plan for your family and future.
Probate is a court’s legal supervision of the distribution of property in a will. The probate process usually takes about a year before all of your assets have been distributed amongst your beneficiaries, according to your will.
- The court documents all of your assets. This information enters the public record.
- You must pay three percent of the value of your estate to the probate court.
- You must pay estate taxes.
- You must cover additional costs, such as accounting fees, payment for those who evaluate the worth of your property, and legal and court fees. Legal fees for the probate process can be substantial, however it is difficult to impossible to undergo probate without the expert guidance of a lawyer.
Keep in mind that establishing a California living trust allows you to avoid probate. You may still have to pay estate and gift taxes, although you can pursue strategies to reduce those. With a San Diego living trust, you will be able to escape paying a three percent fee to the probate court, as well as high legal fees. Talk to your lawyer about how avoiding probate can benefit you and the beneficiaries of your estate.
A small estate may not be required to go through probate. Ask your San Diego living trust attorney whether your estate will be exempt from probate. If this is the case, you may still wish to establish a California living trust, but this will not be as pressing or essential. Talk to your California living trust lawyer about whether your estate would benefit from one of the two possible types of living trusts, or if you would be better off exclusively establishing a will.