In Campbell California, probate is a factor when you use a last will to state your final wishes regarding the transfer of property that you owned personally at the time of your death.
The movie or television scenario that we have all seen that centers around the “reading of the will” is not accurate in real life. An attorney or executor does not read the will to the heirs and then start writing checks on the spot.
In real life, the will must be admitted to probate. The heirs to the estate don’t receive their inheritances until the estate has been probated and closed.
When you lose a loved one, the grieving process is going to supersede all else for a while. However, when you know that you are going to receive an inheritance, you don’t particularly want to wait forever. After all, the person who is giving you the gift has passed away. He or she wants you to have it. There is no reason why you would want the inheritance to exist in limbo for an extended period of time.
This being stated, probate in Campbell California is going to create quite a time lag. A very simple and uncomplicated case is going to take months. Exactly how long it will wind up taking will depend on the circumstances.
The executor must prepare the assets for distribution after paying final debts. If no particular thought was given to the form of the assets that comprise the estate, this liquidation can be quite challenging and time-consuming.
For example, let’s say that real property is involved. Once you put a for-sale sign on a piece of property, how long does it typically take to sell? Do you think that an art collection could be sold at fair value overnight?
In addition to the complexities that can present themselves when it comes to property liquidation, every family is different. Everyone may not be on the same page. There can be blended family situations that are complicated.
The terms of the will may not be to the liking of certain family members. Formal challenges can be presented during probate.
Complicated probate cases can literally take years.
Most of us are aware of the estate battle that took place between the deceased Anna Nicole Smith and the Marshall family. That case started out in probate court, and was ultimately decided by the United States Supreme Court around 15 years after it started.
Avoiding Probate in Campbell California
Probate does not necessarily have to be seen as a huge problem, but there is no getting around the fact that it is going to take some time.
It is possible to arrange for the transfer of your assets outside of probate in Campbell California. If you would like to explore your options, contact our firm to schedule a free consultation. We also invite you to register for one of our free estate planning seminars or workshops to learn more about your estate planning options.
- 2024 Federal Estate and Gift Tax Update (VIDEO) - November 16, 2023
- National Long-Term Care Awareness Month (VIDEO) - November 13, 2023
- Proposition 19 and Repeal the Death Tax Act (VIDEO) - November 3, 2023