Probate is the legal process of administering the estate of a deceased person by resolving their outstanding debts and distributing assets to their designated beneficiaries. Simplifying probate includes expediting the process and avoiding lengthy court proceedings.
After a loved one’s death, legal proceedings regarding their estate can seem daunting. Fortunately, an experienced probate lawyer understands the intricoses of these processes and could help you and your family members quickly and efficiently achieve the best outcome for your situation. To learn more about simplifying/avoiding probate in Rosemead, contact a legal representative today.
What is a Simplified Probate Proceeding?
A simplified probate proceeding typically occurs when a deceased person leaves behind assets that are not significant in dollar amount—or when they fail to factor a particular asset into their estate plan. In these cases, family members or personal representatives can file a simplified petition to acknowledge that the property or funds should be a part of the estate plan and avoid probate.
It is crucial for individuals to set up an estate plan, like a living trust, while they are still alive and ensure that all assets are included in it. If probate is necessary, having a will or some documentation to appoint an executor will save time and effort.
Simplifying probate has several benefits, including saving time and money. For instance, if the deceased person left less than $ $184,500, the process is simple, and the personal representative must fill out an affidavit of death and have specific assets transferred. Additionally, if the decedent was married, the surviving spouse can transfer certain assets to their name without going through the full probate process.
However, there are also some disadvantages to simplifying probate, as it likely means the deceased did not have a complete estate plan or living trust, meaning the law may decide what happens with the assets in question rather than the deceased’s wishes. A knowledgeable attorney in Rosemead could explain the process of simplifying and avoiding probate proceedings during a private consultation.
What Does it Mean to Avoid Probate?
Probate is necessary when a deceased fails to create a plan outlining what to do with their assets after passing. Avoiding probate means avoiding the court process, which can be lengthy, costly, and is often public knowledge. Unfortunately, when a probate proceeding takes place, any interested party who does not participate may not be notified of the final distribution or may give up their right to inherit certain assets. Therefore, it is wise to avoid probate altogether.
Probate avoidance planning consists of reviewing one’s assets and developing a plan with the help of an attorney before the individual’s death. During this meeting, the legal representative will determine the person’s ultimate wishes, such as donating properties to charity or gifting assets to their beneficiaries.
Avoiding probate has several advantages, such as saving time and money. Probate fees are based on California statutory fees and can be costly, especially for larger estates. Additionally, the final distribution of assets and property may not align with the deceased’s wishes. Ultimately, the decision to simplify or avoid probate should be made with the help of a seasoned lawyer in Rosemead specializing in estate planning to ensure the process is done correctly and efficiently.
Speak With an Attorney in Rosemead to Discuss Simplifying/Avoiding Probate
After your loved one’s death, you are likely overwhelmed. You should not have to worry about legal proceedings regarding their assets. Likewise, you would not want your family to deal with these proceedings upon your death.
Instead, a diligent attorney could sit down with you and your family to ensure your goals are met. Likewise, if you are on the other end of these proceedings and need guidance regarding your deceased loved one’s assets and property, a legal representative can help. Call our lawyers today to discuss simplifying/avoiding Probate in Rosemead.