You may have heard about “probate avoidance” and wondered what it is all about. Many people aren’t sure what probate is, and therefore aren’t sure why someone would want to avoid it.
Probate is the legal process of estate administration. When someone passes away, the probate court in the jurisdiction that is local to the deceased examines the Will to determine its validity. If the Will is deemed to be valid, the court will supervise the administration of the estate. The executor or the personal representative will be responsible for handling the tasks involved in the administration of the deceased’s estate.
One of the primary reasons people choose to avoid probate is because there are significant costs involved. The court itself is going to impose court costs that are based on a percentage of the overall value of the estate.
The executor is also going to have to pay legal fees on behalf of the estate. He or she may have to bring in a tax accountant, an appraiser or appraisers, and an estate liquidation company. In all, these expenses could add up to consume a significant portion of your estate.
If you go a different route, such as utilizing a revocable living trust rather than a last Will, you can avoid many of these expenses. As part of my commitment to keep my community informed, I offer free living trust seminars. For more information on these free seminars, follow this link: Free Living Trust Seminars.
To explore probate avoidance options, take action right now to arrange for a consultation with an experienced and highly qualified San Jose, CA estate planning attorney.