Benefits of Avoiding Probate
In California, one of the primary goals in many Estate plans is to avoid the need for probate. Probate can be an expensive and time-consuming process. At Kushner Legal, we typically advise our clients to use Trust-based Estate plans to avoid the need for probate. This is a significant advantage in favour or trust based plans instead of wills-based plans.
Here are three of the key benefits when avoiding probate:
If an estate is required to go through the probate process, the proceedings will be handled in a public, court-supervised probate process. Using a trust-based plan can help to ensure that your assets are not subject to public scrutiny.
The California probate code stipulates that notice must be given during a probate process to potential heirs. This can be problematic in circumstances where a deceased person may not wish to provide for their blood relatives, or in the case of an estrangement and raises the potential for a will contest.
The probate process can also be costly. All estates that valued in excess of $150,000 which are not administered through a trust or beneficiary designation will be subject to probate and the Estate will be required to pay both fees to the personal representative and the attorney handling the probate. California law stipulates the amount that attorneys may charge and estate worth $1,000,000 would incur $23,000 in legal fees just for the probate. This does not include the sum payable to the personal representative.
Trust & Estate Attorney in Los Angeles – Kushner Legal
In summary, it is generally advisable to try to avoid probate and trust-based estate planning is recommended for this purpose. Contact Kushner Legal today to discuss your estate planning needs.