California Has Different Probate Rules Depending On The Value Of The Estate

In the Golden State, probate can be an expensive affair. If the total value of the probate estate is small enough, probate won’t at all be necessary. Inheritors can claim the assets through a streamlined probate process, which will start off with their filing of Probate Court Forms. The value of the probate estate plays a major role in determining probate fees. If the assets are held in a revocable Living Trust, probate can be avoided. California law frames the probate rules and guidelines, keeping in mind the size of your estate. In similar manner, the probate fees are calculated. The probate fees are four percent of the first $100,000 of the estate, three percent of the next $100,000, two percent of the next $800,000, one percent of the next $9,000,000 and one and half percent of the next $15,000,000. For an estate larger than $25,000,000, the court will order a fee amount that is higher than the stated estate value. Probate procedures and rules in California In case of a probate requirement, someone must come up to start the collection of Probate Court Forms. If there is a will, the executor named in the will can get the ball rolling. If there is no will or the person supposed to take the role of an executor is not available, then a family member asks the court to be appointed as the administrator of the estate. If an executor is involved, California Law requires him/her to file the will and the Probate Court Forms. Among these, the Petition for Probate is a mandatory document that states the county where the deceased person used to live. Most probate cases in California are handled under the state’s Independent Administration of Estates Act, which lets the executor take care of most matters without having to get permission from the probate court. The executor can usually sell estate property, pay taxes and approve or reject claims from creditors without court supervision. As the probate procedure is being conducted, it is the executor’s job to keep all assets safe. It is the executor’s main responsibility to file and also tax returns for the deceased person and for the estate. If Living Trust forms have been organized, those are again dug up. As per California Law, creditors have four months to come forward with their claims. Many estates don’t receive any formal claims from creditors. Instead the executor simply pays the massive bill. Following California Probate Code 9050 and associated codes, if not enough money can be paid for valid claims, state law gives order for the payment of claims to be done from estate states. At the end, when all bills and taxes have been paid off, the estate case is closed. Then, the executor can distribute all the estate assets to the people who are the rightful inheritors. Probate is mainly a matter of legal paperwork in California. If expert LDAs can prepare well-planned documents and hand out the Probate Court Forms, there is no scope for any confusion or trouble.