Do You Want to Avoid Probate?
The Law Offices of Jack S. Johal Can Show You How!
Searching for an attorney to guide you through the probate process in Sacramento or Monterey? Probate is a court-supervised process which transfers a decedent's assets to the beneficiaries named in his or her will. Typically, the executor takes charge of the assets, pays all debts and claims against the estate, and after receiving court approval, distributes the remaining assets to the beneficiaries. There are advantages and disadvantages of probate, one disadvantage is that probate proceedings are public; the estate plan and the value of the assets become public record. Also, probate involves attorney fees and executor commissions, which are based on a statutory fee schedule.
Since probate proceedings typically take longer than the administration of a living trust, some of our clients prefer to reduce their "probate assets" or avoid probate altogether. Probate has its purposes but it can cost a lot of money and it can take a long time. There are alternative methods such as creating a properly funded living trust which can achieve the same results with little expense and a minimum amount of time.
If you want to learn about all of the available methods for avoiding probate in the state of California, contact a Sacramento estate planning & probate attorney from The Law Offices of Jack S. Johal today!
When is Probate Unnecessary?
The probate process is not always needed in some cases. The process is not only expensive it is also time consuming. If you have any of the following, you may be able to skip probate:
- Trusts: If the individual had a trust, you will not need to go through probate. Trusts allow the deceased’s beneficiaries to inherit their assets.
- Jointly Held Property: If the deceased’s assets were held jointly with another person you will not need to go through the probate process. However, if the estate is held by tenants-in-common and each hold a specific share of the property; you will have to go through probate.
- Assets of Low Value: If the deceases estate is valued under $20,000 it is not necessary to go through probate.
Everyone’s financial situation is unique and figuring out which option is best for you can be frustrating. If you have any questions regarding the probate process do not hesitate to reach out to our Sacramento probate attorney at the Law Offices of Jack S. Johal. Call us today.
What sets attorney Johal apart from other lawyers?
- Attorney Johal has a 10.0 Superb Rating from Avvo.com.
- He captured the Five Star Wealth Award four years in a row.
- He is AV Preeminent™ Rated by the Martindale-Hubbell® Law Directory
- He serves clients throughout Sacramento, Monterey, Carmel and Monterey County.
- He offers free initial consultations to perspective clients.
- Jack S. Johal has over 35 years of experience in estate planning and probate.
- We also handle business law, tax law, wealth transfer planning, and trust litigation matters.
Contact our office to discuss the various estate planning strategies that can be used to avoid probate, some of which include payable-on-death accounts, transfer-on-death designations, life insurance policies, gifts, joint ownership with right of survivorship, retirement accounts with beneficiary designations, and most importantly the revocable living trust which is suitable for most families.