Sirkin & Sirkin
LOS ANGELES PROBATE ATTORNEYS
TRUST . ELDER LAW
LOS ANGELES Probate ATTORNEY Ca, California Probate LOS ANGELES
To contact us by telephone:
Toll Free in Southern California:
Click here To email us:
How to Avoid Probate in California:
There are many ways to avoid probate of assets upon death. I have listed several of them below for your information:
1. A Funded Living Trust:
2. Joint Tenancy Bank Accounts:
California exempts the first $100,000 of a persons estate from probate, meaning that the first $100,000 can be collected without a formal Probate procedure.
If the probatable (other than above) assets of the Decedent are more than $100,000, a formal probate procedure is necessary to transfer the assets of the decedent to his/heheirs. If thre is a will, the court will order the distribution of the decedent's assets according to the terms of the will. If there is no will, California Laws set foth who will succeed to the assets of the decedent.
Generally, a probate case in California is supposed to close within one year from the date the Letters are issued. Letters is the authorization of the executor
or administrator to manage the assets of the decedent. There are many cases where the probate case cannot close within one year because of litigation or
unresolved claims by creditors or by decedent.
Why have Living Trusts become the method of choice in managing and distributing assets of Decedents?
What are the approximate costs of administering a LIVING TRUST with a simple, non-litigated trust valued at approximately less than $500k of assets?
Attorney's Fees: 1-1.5% of the gross trust value plus hourly rate fees on certain task based items.
Trustee's Fees: 1-1.5% of the gross trust value plus hourly rate on certain task based items.
If you would like to get more information on how to create a living trust in California, click here:
What documents do you need to create a living trust? Email Us..
If you need an appointment to create a trust, Click here.