The Probate House L.C.Torrance Estate Planning Attorneys | Los Angeles County Probate Lawyers2024-02-21T15:49:01Zhttps://www.theprobatehouse.com/feed/atom/WordPress/wp-content/uploads/sites/1404295/2020/08/Probate_House_Logo_250-75x75.jpgOn Behalf of The Probate House L.C.https://www.theprobatehouse.com/?p=540152024-02-20T17:47:07Z2024-02-20T17:47:07ZAre there beneficiaries listed?
Bank accounts, insurance policies, retirement accounts and some other financial accounts often list a beneficiary, or someone who will be able to collect those funds once the principal/owner of the account passes away. If you are listed on one of these assets as beneficiary, the institution will require a death certificate and your personal information. If there are no beneficiaries listed, the assets may have to be probated.
Is there a trust?
Assets that are held by the Trustee of a Trust and have a named beneficiary in the Trust, the Successor Trustee will distribute the asset to that person without having to go through probate. However, there are specific rules for trust administration that the Successor Trustee will have to follows.
Who owns the property?
Let’s say a couple owns a house together and one of the spouses passes away. The house will most likely not be a probate asset if (1) it is titled in the name of the Trustees (or Successor Trustee); (2) titled in the name of husband and wife as community property, with right of survivorship; or (3) tilted in the name of husband and wife, as joint tenants, with right of survivorship. This may also apply to financial accounts or other assets that the couple owned together. To that end, assets that are held in joint tenancy or have beneficiary designations are most likely non-probate assets.
So, what about everything else?
It depends. If an asset is titled in the decedent’s name, without a beneficiary designation, it will most likely be a probate asset if the total amount of probate assets is $184,500.00 or above.
It is clear that probate can be a complex process, and it very much depends on your loved one’s estate plan and preparation, as well as the details of the estate overall. No case is the same. That is why it is often beneficial to seek guidance from an experienced probate attorney to understand the steps of this process.]]>On Behalf of The Probate House L.C.https://www.theprobatehouse.com/?p=539912024-02-14T16:05:16Z2024-02-14T16:05:16ZWhat about your loved one’s taxes?
As we discussed in a past blog post, a loved one who passed within the last year technically still owes taxes. There are still tax filing requirements.
The executor or personal representative is responsible for filing taxes on behalf of the estate.
If you prepare your own taxes you know that can be stressful. If you decide to handle the tax matters of a loved one's estate that will be even more so. There are more details and steps that the personal representative must handle. To that end, it is imperative to get informed and prepare yourself for this tax season.
As the personal representative it is helpful to:
Gather/organize all financial statements/documents related to the estate for the attorney and CPA
Seek professional guidance to avoid any mistakes
]]>On Behalf of The Probate House L.C.https://www.theprobatehouse.com/?p=537432023-12-13T08:36:14Z2023-12-18T08:35:32Z1. Be there for each other
This is the most important step to take. It might be difficult to reach out, depending on the details or history of your relationship. However, losing a parent can leave you and your siblings struggling with grief and a confusing array of emotions.
More than likely, you have your own lives and families now. It may have been a long time since you lived under the same roof. You may not even live in the same state anymore. Despite that, you should try to be there for each other. It can help to check in with each other regularly, even if it is through a simple text or phone call.
2. Prepare for emotions to run high
Each sibling is dealing with grief, but it is important to remember that it manifests differently for everyone. So, siblings might experience different “stages” at the same time. These contradictions can lead siblings to snap at each other and say things they do not mean.
3. Make a plan to manage disputes effectively
Conflicting emotions, planning a funeral and dealing with probate can also lead stress levels to run high. This makes it even more critical to take steps to avoid disputes. It can help to:
Consider past family issues that could arise, and communicate about them
Seek legal guidance to understand and manage California probate issues
Work to stay true to your parent’s wishes
Avoiding disputes is easier said than done, even if you get along with your siblings. However, if you take time to prepare, you can prevent any conflicts from turning into disputes that affect the probate of your loved one’s estate.]]>On Behalf of The Probate House L.C.https://www.theprobatehouse.com/?p=537412023-11-15T10:16:31Z2023-11-20T10:16:18ZWhat are the symptoms to watch for?
Forgetfulness is not the only sign of dementia of which to be aware. There are many other, unexpected signs as well. According to the National Institute on Aging, some of these signs include:
Regular bouts of confusion
Challenges comprehending speech and speaking
Sudden depression or anxiety
Acting strangely or out of character
Difficulty completing everyday tasks
As it is with any condition, the symptoms can be different for each and every person. You may not experience or notice all of these signs, but it is important to be aware of what your normal is, and when you start experiencing issues outside of that.
What if you notice these signs?
Being in denial about these signs – or the reality of dementia – is common. You may very well go through the stages of grief, and have feelings of fear that fuel your denial. This is all understandable. However, it is so important to obtain medical help as soon as possible if you notice these signs.
Arrange for official tests to diagnose dementia or Alzheimer’s disease. It can help to bring a trusted friend or family member with you for support and comfort.
Getting a diagnosis can be key to helping you move forward with potential treatment options. In addition to treatment, it can help you prepare for this unexpected future as well.
Another important step to take
If you suspect dementia or receive an official diagnosis, you should:
Make sure your estate plan is updated and accurate
Speak to your family about your wishes now
In the early stages, dementia may not have a significant impact. However, that is when it will be critical to take steps to protect everything you have built in California as well as your family’s interests. If you act quickly, you can avoid any challenges to your wishes based on your state of mind.]]>On Behalf of The Probate House L.C.https://www.theprobatehouse.com/?p=537382023-11-02T09:27:51Z2023-11-07T10:27:07ZWhy witnesses are key
Witnesses generally have two important roles:
They can assure that the person who created the will was of sound mind when they did so
They can provide statements to the probate court proving the will is valid
Proving that a will is valid is a critical step in probate – in fact, it is one of the first items on the extensive to-do list. Contacting witnesses can make completing this step much easier.
Of course, there are other means of proving the will is valid. For example, the California Probate Code specifically states that you can prove the validity of a will by comparing the handwriting of the witness, or perhaps even the creator of the will, to another sample.
So, choosing the right witness is essential
When crafting a will, it is important to be mindful when selecting a witness. This can help make the first, critical step of probate easier for your family as they navigate this tough process after losing a loved one. To choose your witness, it can help to:
Consider the two roles above when making this decision
Choose someone who is not going to inherit anything through the will
It will also help to include contact information for the witnesses and communicate directly with your family about your plan – and your wishes.
You do not have to overthink this choice too much. However, it is an important one to help make probate easier for your family.]]>On Behalf of The Probate House L.C.https://www.theprobatehouse.com/?p=537252023-10-26T15:33:45Z2023-10-18T10:16:48ZDo not avoid your emotions
Losing a loved one is one of the most difficult, stressful experiences you can face in life. The grief you feel may be overpowering, even debilitating. Many people might find it easier to suppress these complex emotions than actually feel them.
While working through grief is different for everyone, it will help to deal with these emotions directly rather than avoiding them. Obtaining professional mental health counseling to help navigate grief is recommended.
Begin probate
As we have discussed in previous blog posts, thinking about the probate process is the last thing you may want to do while you are working through your emotions. Even so, it is something that must be done. If the decedent's estate is over $184,500, it involves the filing of a petition with the probate court after a loved one’s passing in California.
The person who files the probate is often the executor listed in the will. If there is no will, then someone must still complete this step to begin the formal probate process.
Depending on the details of your loved one’s estate, probate can be an extensive procedure. Just like it may help to seek professional guidance for your mental health, it can also help to obtain legal guidance to manage the tasks involved in probate.
Update your own estate plan
You may have to make changes to your estate plan after a loved one passes. For example, if your spouse who passed away had medical power of attorney on your behalf, you should choose someone new to be your representative if you become incapacitated.
Updating your estate planning documents and beneficiary designations may not seem urgent during this time. However, it is something to keep in mind and address with your attorney in the near future after losing a loved one.]]>On Behalf of The Probate House L.C.https://www.theprobatehouse.com/?p=536942023-10-25T15:32:01Z2023-10-18T10:16:39ZThe value of the estate
In California, if the value of your loved one’s estate is less than $184,500, then the formal process of probate may not be necessary. Of course, there are other details you must consider in these situations, as The Judicial Probate Branch of California explains, but the estate may qualify for a simplified process either via another type of petition or by completing other appropriate forms outside of court if the value totals less than $184,500.
The estate planning tools used
Perhaps your loved one specifically, strategically planned to avoid probate. For example, probate may not be necessary if he/she made use of:
Trusts
Beneficiary designations
Changes to deed
These tools can pass property to beneficiaries directly. However, you or your loved one must prepare very carefully using these tools. It will help immensely to obtain experienced guidance to ensure there are no issues in the plan to avoid probate.
How your loved one owned property
If your loved one owned property jointly with a spouse or another family member, that may also mean that assets will not have to go through the probate process.
Regardless of whether you are creating an estate plan, you are faced with the question "is probate required," or if you are managing the estate of a loved one who’s passed away, it helps to obtain knowledgeable guidance from a legal professional.]]>On Behalf of The Probate House L.C.https://www.theprobatehouse.com/?p=536882023-10-02T22:13:38Z2023-09-28T22:40:32ZHow long do you have?
You have four months to complete the inventory of your loved one’s estate after filing probate. That is roughly 120 days in which, according to California law, you must:
Compile a comprehensive list of their assets
Obtain the value of each item in their estate
File this inventory with the probate court
This time can pass faster than you think. It is critical to complete this process with care, to avoid mistakes and meet the deadlines. It is often helpful to seek legal guidance to assist you through this process.
What do I have to inventory?
It is not an exaggeration to say you must take inventory of everything in the estate. This includes, but is by no means limited to:
Real estate property, including the decedent’s home as well as rental and/or any vacation properties
Personal property, including furniture, vehicles, guns, jewelry and similar personal property
Financial accounts, insurance policies and stocks
It is important to know that you must also take note of how your loved one owned the assets. Was it jointly owned with their spouse? Or did the decedent hold full ownership? This will be critical information for the probate court.
Don’t forget about debt
The debt your loved one owed is also a part of their estate – not just their assets. Therefore, you must also make sure you compile a detailed list of debts and creditors during this four-month period as well.
Taking a full inventory of your loved one’s estate can be a challenge. It will require you to be organized and pay close attention to detail. Navigating probate may be complex, but it is not impossible. It is often helpful to seek legal guidance to assist you through this process.]]>On Behalf of The Probate House L.C.https://www.theprobatehouse.com/?p=536832023-09-20T23:06:54Z2023-09-20T05:20:03ZHow does this trust work?
A pet trust allows you to:
Designate funds that do not exceed $40,000 for the pet’s care, including veterinary visits and daily needs, such as pet food and toys
Choose someone to be the trustee, who may also be the person who will care for the pet when you are no longer able to do so
You can also include particular instructions for the pet’s care. Remember, an estate plan – which may include pet provisions – is meant to reflect and protect your wishes. You can make customized arrangements for your pet, even if you cannot leave anything to animals directly.
Do you need a pet trust?
The answer to this question generally boils down to your personal choice. After all, you can address the matter of your pet’s future in your will. This generally involves choosing someone as a caretaker or guardian of your pet in your will. However, you cannot leave funds for your pet’s care using this tool. You will need to provide for that in your trust. Additionally, even if you have a verbal agreement with a family member or friend to take care of your pets should anything happen to you, it is always a good idea to get it in writing.
If you have a beloved pet that you wish to protect even after you are gone, it is a good idea to have a lawyer create a pet trust for you or add provisions in your trust for your furry friend. You can prepare for the future and protect all of your family – including the pets.
]]>On Behalf of The Probate House L.C.https://www.theprobatehouse.com/?p=536652023-08-28T17:11:33Z2023-08-28T17:11:33ZThe estate generally pays debts
Usually, the payment of your loved one’s remaining debts comes from your loved one’s estate. You will have to arrange the actual payment, but the finances will come from the estate of the deceased, not your pockets.
Of course, there are certain cases where a living person may be responsible for paying the debt, such as if it was a joint loan or joint credit card. The individual on a joint account should inform the creditor about the passing of your loved one, but then they will be liable for paying the debt from now on.
Make sure any claims are legitimate
Scammers prey on the vulnerable. Probate can be a confusing process on top of immense grief – which makes it a common target for scammers. Therefore, there are a few risks you should watch for, including:
Debt scavengers, trying to collect on a debt that is no longer effective or belonged to someone else
Collectors who falsely claim your loved one owed them a debt
Friends or family members who come forward with “verbal agreements” for payments
It’s important to handle every claim and creditor carefully. Look at all the information regarding the debt, and consider seeking legal guidance before taking any action.
Do not overlook anything
One of the reasons probate is so stressful is that there is no room for mistakes. If you make any errors, it could result in serious challenges and legal claims after the fact.
This is another reason why it is often beneficial to seek legal help during probate. A legal professional can help you avoid any of these future issues while managing current challenges effectively.]]>