The only way to be certain that your loved ones are shielded from probate after your passing is to work with a living trust attorney in Rancho Cucamonga CA.
The loss of a family member may result in a protracted legal dispute in addition to the emotional agony of losing a cherished relative. Probate refers to certain situations. You can avoid this procedure by using an estate planning tool, with the assistance of a living trust attorney in Rancho Cucamonga CA. Keep reading to learn more and then contact Law Offices of Terrence Fantauzzi at (909) 552-1238 if you have questions.
What is probate?
Probate is the legal procedure used to Identifying the legality of a will, settle any debts owed by the deceased, and determine who is entitled to inherit property.
Your property consists of your house, your bank accounts, your automobile, and anything else that is worth money. The Superior Courts of California are where probate takes place. This court will oversee the settlement of your debts and the subsequent sale of your assets.
If you become unable to manage your finances, a probate court will also become involved. If you are no longer able to handle your money, the probate court will appoint someone (a “conservator”) to manage your property. You will be required to pay court fees to choose this conservator as well as management charges.
Why is probate court to be avoided?
Any living trust attorney in Rancho Cucamonga CA will tell you that avoiding probate is better for your family’s financial situation if you have a significant amount of assets when you pass away. The probate procedure in court might take anywhere between 9 months and 3 years. This takes a lot longer than it would if you employed another estate planning strategy to transfer your possessions.
Additionally, the costs associated with probate can be huge. If you employ estate planning tools, these costs will be greatly reduced. Even after paying court fees, going through probate court costs money since assets transferred during the process are subject to estate taxes, which can range from 30 to 50 percent of the asset’s worth. With the proper estate planning instruments, estate taxes are only levied on assets valued at or above a specific amount.
How can probate be avoided?
The easiest approach to avoid probate in California is to hire a living trust attorney in Rancho Cucamonga CA to create a living trust. A living trust avoids the time-consuming and expensive probate procedure by transferring your assets into the trust before you die away.
Furthermore, you can avoid having your case move to probate court where the court would appoint someone to handle your assets if you have a living will that designates a trustee to take your place in the event that you become disabled. Instead, as part of the living trust, you select a person to serve as a successor trustee.
If you have additional questions, contact Law Offices of Terrence Fantauzzi at (909) 552-1238 to speak to a living trust attorney in Rancho Cucamonga CA.