Probate
Probate is a court process involving the valuation and distribution of a deceased person’s estate. This process occurs even if you do have a will.
Not all of the deceased person’s property is subject to probate. Property that does not go through probate includes:
- Property with a beneficiary designation, such as a retirement account or life insurance;
- Community property;
- Assets in a trust;
- property held in joint tenancy.
Probate can be expensive and time-consuming, particularly in larger estates. A probate proceeding often takes a year or more to complete. Probate fees are set by statute and depend on the size of the estate. Also, probate proceedings are public record. For these reasons, many people structure their estate plans with living trusts in order to avoid probate.
You may find yourself faced with a probate proceeding, either as the executor of an estate, or if a relative dies without a will or other estate plan (known as dying “intestate”). If you do find yourself in this position, you should strongly consider hiring an attorney for help.
If you have more questions about probate, contact me, or call me at (510) 500-4013.