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Estate Planning With a Probate Attorney Yorba Linda, CA
Probate & Business – Estate Planning – Trust Litigation – Inheritance Disputes – Product Liability – Trust Administration – Tax Planning
Are you looking for a probate attorney Yorba Linda, CA, residents trust? We understand that the probate process can be a difficult one. Therefore, we work hard to ensure that your case is handled correctly for a swift proceeding. You’ll be in good hands during a trying time when you have a Law Stein Anderson probate attorney by your side.
Probate Explained
Probate is a legal process that occurs after someone dies. It’s a court proceeding that is time-consuming, complicated, and costly. However, it’s required to appoint legal title to assets at death. During a typical probate, the court oversees the distribution of a deceased person’s assets. The process usually starts with submitting a will and a court form to the county probate court. Sometimes the will has to be proven to be valid. Once the court determines the final will, the court appoints an executor. The executor ensures the decedent’s debts and taxes are paid. The executor then gathers the decedent’s remaining assets to distribute to the beneficiaries.
In some cases, probate is filed to resolve disputes among the beneficiaries. Typical probate in Southern California usually takes a couple of years to complete. Law Stein Anderson has extensive experience in handling probates. We have a team of attorneys and paralegals who are efficient with each step of the probate process. We’ve probated large estates worth hundreds of millions of dollars and small estates that have just a single asset. You should be aware that probate is expensive. The executor and the lawyer receive a statutory fee that is based on a percentage of the estate. Law Stein Anderson has an online probate fee calculator to help you understand the costs. For example, the fees for probating a million-dollar asset such as a house would be about $46,000.
Benefits of Probate Attorneys
There are many benefits of having a probate attorney in Yorba Linda, CA. A probate attorney prevents personal liability to the executor. Furthermore, probate attorneys minimize stress and disputes among family members. The probate court process can be lengthy, but hiring an attorney helps speed it up.
When a person passes away without an estate plan or trust, the probate court system will divide the deceased person’s assets. The court oversees the assets. The court’s primary objective is that assets are correctly handled, and heirs are protected. Furthermore, the court makes sure debt is paid off. One of our probate attorneys can help during this process.
If a proper estate plan is not intact, the court will decide estate affairs. An estate plan ensures that you’re in charge of where your assets go instead of the court. Planning allows you to choose who will inherit everything you’ve worked so hard for in your life.
Your loved ones will have to settle your affairs after you are gone. An estate plan makes this process much less difficult for them. Furthermore, settling assets in probate can become costly. Unfortunately, it can also lead to strife in your family. This is especially true if family members disagree on specific terms. During an already difficult time, family members mustn’t be pitted against one other while settling affairs. Having everything preemptively planned for them will keep things straightforward and peaceful.
Estate planning also reduces taxes on what you leave behind. A qualified estate plan professional can advise you on utilizing giving tactics and setting up trusts. Furthermore, experienced estate planning services provide a host of knowledgeable tips to help you decrease the tax burden your loved ones will have to face otherwise. Even just a bit of planning can significantly reduce inheritance tax.
Two Types of Trusts
There are two types of trusts – revocable and irrevocable trusts. In the case of revocable trusts, grantors can change the trust at any time. The assets in the revocable trust are included in the grantor’s taxable estate. Conversely, in the case of irrevocable trusts, the grantor gives full control to the trustee. Therefore, the assets in the trust are not in the grantor’s taxable income.
Did You Know?
In California, probate proceedings are public. These records must be accessible in case someone did not receive what the estate owed them. For example, a creditor may not have been paid and can view probate records. All it takes is going to the courthouse where the will is filed, paying a small fee, and receiving a copy of the will.
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SOUTHERN CALIFORNIA ATTORNEYS
We are an industry-leading estate, trust, and probate attorney serving clients in Yorba Linda, CA, and surrounding communities within Orange County, including Newport Beach and Irvine.
We are an industry-leading estate, trust, and probate attorney serving clients in Yorba Linda, CA, and surrounding communities within Orange County, including San Clemente and Laguna Niguel.