Probate Attorney

What is probate?

Probate is a court proceeding in which a Personal Representative marshals all of your assets, pays off all of your creditors, then distributes what is left to your heirs. When you have a Will, the Personal Representative is called an Executor. If you do not have a Will, the Personal Representative is called an Administrator.

If you have a Will, then the heirs will be those that you name in your Will. Disgruntled, disinherited heirs can choose to contest your Will during the probate proceeding. There are consequences to contesting a Will if your Will has what is known as a “No Contest Clause.” However, with the rise of elder financial abuse, the California Legislature has been increasing the exceptions to No Contest Clauses so families can fight Will changes made in favor of financial abusers. Under a No Contest Clause, if it applies, the person contesting your Will is completely disinherited from receiving any money at all (or is only left $1).

If you do not have a Will, then your heirs will be those specified above under the Laws of Intestate Succession.

Probate proceedings can last as long as 2 years or more; they rarely last less than a year. The length of the average probate proceeding is increasing due to budget cuts with the Courts; we are currently experiencing delays as long as 4 months or more in setting hearing dates! Each probate proceeding requires several hearings dates before it can close. With a probate, your heirs will have to wait until the end of the probate proceeding to receive their inheritance. However, the Probate Court will allow for preliminary distributions to your heirs in probates that are lasting for an unusually long period of time. And, the Probate Court can allow for a periodic “Family Allowance” for your dependents while the probate is pending.

Probate can also be expensive because both the Personal Representative and his attorney are entitled to what is called a “Statutory Fee.” This fee is set by law, cannot be reduced, and is based on a sliding-scale, percentage value of your estate as follows:
 

Remember, you have to double this fee times two – both the Personal Representative and her Attorney are entitled to this Statutory Fee. In addition, the Personal Representative and her Attorney can each seek “Extraordinary Fees” for certain services classified as extraordinary, subject to the Probate Court’s approval. Extraordinary Fees are in addition to the Statutory Fees.

Because of the expense and delay of probate, many people opt for a Trust to distribute their assets upon death. With a Trust, no probate proceeding is necessary in order to transfer your assets to your heirs.

Have questions? call Wright Kim Douglas of Glendale California today at (626) 356-3900 for an appointment.

Joint Tenancy Attorney

What Does Joint Tenancy Mean?

Assets that are held in joint tenancy are distributed outside of probate. Joint Tenancy is sometimes referred to as "Poor Man’s Estate Planning" because it happens automatically, without the need for any probate proceeding. Assets that you hold in joint tenancy cannot be left to someone else through a Will or Trust. Instead, assets held in Joint Tenancy go by way of what is known as the “Right of Survivorship.” Right of Survivorship means that whomever is on title to the asset with you will inherit your share of it when you die. So, for example, if you own your home in joint tenancy with one of your children, when you die, that child would then own 100% of the home through the Right of Survivorship.

For real property held in joint tenancy, all the surviving joint tenant needs to do is record a document entitled Affidavit Death of Joint Tenant, along with a certified copy of the Death Certificate, and they become the sole owner of record. (They will also need to file a Preliminary Change of Ownership Report ("PCOR") and other forms with the County Recorder’s Office in order to avoid reassessment under Propositions 58/193.)

Just keep in mind that assets held in joint tenancy must still be reported on your Estate Tax Return if your estate is large enough to be assessed estate taxes.

Need help, call Wright Kim Douglas today at (626) 356-3900 for your appointment at our Glendale, California offices.

Estate Planner

Why Do You Need an Estate Plan Attorney/Lawyer?

If you die without a will or trust, your assets will be distributed pursuant to something called the "Laws of Intestate Succession". You need an Estate Plan so you can ensure that your assets are left to who you want them left to, and not pursuant to these Laws. Under the Laws of Intestate Succession, your property will be distributed by the Probate Court as follows:

• Your spouse will receive ALL of the Community Property if you are married.

• Your spouse will receive the following portion of your Separate Property:

  • All of it if you have no children, grandchildren, parents, brothers, sisters, nieces or nephews.

  • One-half if you have one child or grandchildren from one predeceased child.

  • One-third if you have more than one child (including grandchildren from predeceased children).

• The portion of your Separate Property not going to your spouse, or IF YOU HAVE NO SPOUSE, will go as follows:

  • To your "issue" or lineal descendants – children and grandchildren, divided into as many equal shares are there are living members of the nearest generation.

  • If no issue, then to your parents equally

  • If no parents, then to your siblings and their issue

  • If no siblings, then to your grandparents equally

  • If no grandparents, then to your aunts and uncles, and their issue (nieces & nephews)

  • If no aunts and uncles (or issues), then to your step-children

  • If no step-children, then to your next of kin (cousins)

  • If no next of kin, then to your Father and Mother-in-law

  • If no Father or Mother-in-law, then to Brother and Sister-in-laws

  • If no Brother or Sister-in-laws, then your assets go to the State of California

  
  The Laws of Intestate Succession do not allow for assets to be distributed to any friends or charities. And if you have no family, your assets will escheat to the State!
  
  Plus, if you do not have a Trust, your assets will have to be what is called “probated” before they can be distributed to your heirs. Probate can be a costly, time-consuming process. We explain the probate process below (after we explain joint tenancy assets).
  
  Call us at Wright Kim Douglas today:  (626) 356-3900 and setup an appointment to see us in our Glendale California office.