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Probate
Probate is the legal process through which the court makes sure that when a person dies their debts are paid and their property is distributed according to their will. If the individual does not have a will, the State will provide one for them, however it may not be what they would have wanted.
Probate is not an automatic procedure. In the State of California, probate only occurs if the assets in the estate of the descendant are greater than $167,000. Probate can even take control while the individual is still alive, such as if they become disabled or incompetent. Probate can also become involved with minor children if both parents die or become disabled or incompetent or if a minor inherits or becomes an owner of property.
Probate is the only legal way to transfer title of property when the person, whose name is on the title, cannot legally sign their name because of disability, incompetence, death, or because he or she is a minor. This includes any property, such as stocks, bonds, car, bank account or home. After death, the total market value of the descendant’s assets set the cost of the probate. The debts of the descendant are not subtracted from that total.
Learn more about probate:
Trust
A properly prepared trust by a experienced attorney will help you and your family avoid costly and time consuming PROBATE. it helps your family understand what you would like to see happen after your passing. A good attorney will make a world of difference for your family.
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Avoiding Probate: Probate can be a time-consuming and costly legal process that validates a will and oversees the distribution of assets. A trust allows assets to pass directly to beneficiaries without going through probate, which can save time, money, and stress for your loved ones.
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Clarity and Control: A trust provides clear instructions on how you want your assets distributed, which can help reduce confusion and conflict among family members after your passing. It ensures your wishes are followed according to your specific preferences.
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Privacy: Probate proceedings are typically public, meaning anyone can access details about your estate. A trust is a private matter, so the details of your assets and beneficiaries remain confidential.
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Protection for Minor Children or Dependents: A trust can outline guardianship for minor children or provide for the care of dependents, ensuring that their needs are met in accordance with your wishes.
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Asset Management: With a trust, you can designate a trustee to manage your assets, which can be especially helpful if you're incapacitated and unable to manage your affairs yourself.
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Flexibility and Customization: Trusts can be tailored to meet your specific needs, whether it’s providing for charitable donations, setting up a special needs trust, or setting conditions on when and how beneficiaries receive their inheritance.
Overall, having a trust in place not only helps your family avoid probate but also provides peace of mind knowing that your assets will be distributed according to your wishes, minimizing the burden on your loved ones.