frequently asked questions
ABOUT STATE PLANNING IN CALIFORNIA
What is Probate?
The word “Probate” is primarily a verb. The courts “probate” a deceased, or incapacitated person’s estate (assets). That is, taking action to settle claims against the estate, pay debts, distribute assets to the beneficiaries, decide on the validity of a will (if there is one), and decide many other issues. This can be a time consuming and expensive proposition as the estate is usually diminished to pay the costs of administration (attorney fees, court costs, accounting, taxes, etx.)
Through careful planning, (“estate planning”), one can avoid probate. There are procedures (a Living Trust”) for instance, which may avoid the time and expense of probaete.
The term “intestate” means dying without leaving a will. Such estates are probat4ed in accord with the law of your state. A surviving spouse gets a certain percentage, the children another and so on.
What is Joint Tenancy with Right of Survivorship?
What is a Will?
What is an Advanced medical directive?
What is a Revocable Trust?
A husband and wife may create a trust in which they fulfill all three functions. (trustor, trustee, and beneficiary) They can manage the trust assets, and enjoy those assets as beneficiaries. Provision can be made as to management of trust assets, the distribution of assets to heirs in the event of death and other designated trust managers may step in if the two of you become incapacitated or die. The advantage to this is obvious. There is one plan to control assets and without a court proceeding.
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