Whether someone dies with or without a will, the California Probate Court oversees executors as they settle the decedent’s estate. Their role includes collecting and categorizing assets, noticing creditors, and distributing assets to beneficiaries subject to a will or heirs under intestate succession laws.
California offers simplified probate for small estates valued at $184,500 or less. A personal representative (executor) can file a Small Estate Affidavit to transfer personal property to the appropriate heirs in an uncomplicated process.
The court’s role is to ensure beneficiaries receive what a testator wanted them to have. A Covina probate lawyer could help you throughout this process. Schedule a consultation to speak with our seasoned estate planning attorneys today.
The Elements of Probate
When an interested party, typically the executor named in a will, files a petition to open probate, the Los Angeles County Probate Court must validate the will by ensuring a mentally competent testator and witnesses signed it.
The executor must be at least 18 years old and a U.S. resident, according to California Probate Code § 8402, and of sound mind to proceed. The executor then does the following:
- Formally accepts the position
- Opens a bank account for the estate
- Locates and inventories the estate’s assets
- Posts a newspaper legal notice to let creditors know the debtor has died
- Pays creditors who submit valid claims
- Files the decedent’s final federal and state income tax forms (California does not levy a state inheritance or estate tax)
- If federal estate taxes are due, the executor submits an accounting and payment to the federal government
The executor also distributes the assets the decedent bequeathed to loved ones or according to intestate law in California. Some assets, such as real estate titled in joint tenancy, pay-on-death bank accounts, and life insurance policies, do not pass through probate, and the executor does not handle their distribution. A Covina probate attorney could work with executors or beneficiaries to ensure a will is properly probated.
Federal Inheritance Taxes
California may not levy estate or inheritance taxes, but federal estate taxes are due if assets exceed the cap set by Congress. In addition, if any of the assets, such as a vacation home, are in one of the six states that do levy estate taxes, they will need to be paid. The federal estate and gift tax exemption varies by year per person and provides a combined exemption for married couples.
Intestate Succession
Decedents who die intestate leave the distribution of assets to California law and a probate judge. Spouses and children are first in line, but if none exist, then distant relatives will inherit, which makes failure to draft a will a big mistake. Estranged relatives can end up with the assets against the decedent’s wishes. A Covina probate lawyer could safeguard estates by drafting a will that accommodates a client’s desires.
Connect With a Covina Probate Attorney to Protect Your Estate
Today is the day you should consider adopting a will if you have not yet done so. Dying intestate will leave the probate court in charge of disbursing your assets, which may end up in the hands of estranged family members who were not intended to benefit.
Our Covina probate lawyers are dedicated to delivering competent and helpful legal services, and other estate planning tools, such as trusts, can help counteract higher estate taxes in the future. Call Amity Law Group today to discuss your estate planning needs with our competent legal professionals.
