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The Real Cost of Probate

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Published: 11Nov2010
Word count: 430
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When a close relative or friend dies there are several important legal and taxation matters to be addressed. If the deceased person has a certain amount of property, you may need to initiate probate proceedings. Probate is the process whereby a court supervises the transfer of assets from the deceased person to his or her heirs.Probate required the filing of particularized and complicated legal forms and the entire process is supervised by the Probate Department of the California Superior Court in the County in which the decedent resided at the time of death.

Sorrow, emptiness, sadness and loneliness are over whelming emotions in themselves to deal with when losing a loved one. Probate is yet another obstacle many people face when trying to heal from tragedy - and it's all too often unnecessary!

In California, Estates valued in excess of $100,000 are 'probated' when a person dies without leaving a properly drafted and funded living trust which 'owns' that individual's assets and where a designated beneficiary for those assets is not named. Unfortunately, this is a very common occurrence. Probate Court is then left to oversee and decide who has a right to inherit the existing property. This can be catastrophic, and needlessly costly.

Probate can also take a very long time to complete if you do not have the assistance of competent counsel. Simply getting a date on the Court's calendar, just to get a routine motion granted, can take months. And if your motion is not done correctly, the Court can keep continuing your matter until you get it right. A process that should take 7 - 9 months can often take years if you do not choose the right attorney to represent you.

Along with the time delays, probate can also be a public forum in which people adverse to one another tend to 'air their dirty laundry'. Siblings who have harbored ill will towards each other, often look to 'even the score' in a Court of law, causing yet more delay, a drain on finances, and unwanted emotional toll.

Probate is not a simple process to be handled efficiently through a 'do-it-yourself' handbook. Each California Superior Court has its own local rules and requirements for probate filings and administration, which vary depending upon the jurisdiction. Numerous required and timely filings must occur in order to meet Court guidelines. Creditors must be dealt with in a certain fashion. Proper authorities must be notified. One false move can be costly. Don't make the unavoidable mistake of going through probate. This can all be avoided by setting up an estate plan.

Jeffrey R. Matsen of Wealth Strategies Counsel helps people structure their personal and business assets in the best way possible to protect, preserve and transfer them in the most efficient and tax saving manner. For more information go to http://www.WealthStrategiesCounsel.com

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