Dudugjian & Maxey

A Law Corporation

Telephone (916) 786-7272 / Facsimile (916) 786-7306

WHAT IS PROBATE AND WHAT BENEFITS

ARE ATTAINED BY AVOIDING IT?

 
 
 
 






Probate is the formal, court-supervised proceeding that validates your will. It is the process by which the official transfer/distribution of property/assets from the deceased to the heirs and beneficiaries occurs.
 
 

It is important to note that a will only assists the court in deciding who shall receive the deceased person's estate. The probate judge and lawyers use the will as a guideline for distribution wishes. A WILL DOES NOT PREVENT PROBATE.
 
 

There are three important advantages in avoiding probate. They are:

1. Your estate is not forced to pay probate costs. Probate is very expensive. Few people realize just how expensive it is. Please review the " Schedule of Probate Fees ".

2. Probate proceedings typically range from nine months to two years. Some estates take much longer than this to complete probate. During the process the assets are normally "tied up" and controlled by the court. The heirs cannot access them without approval of the court.

3. Once the probate process commences, your estate becomes a matter of public record. Anyone can find out all the details of the decedent's estate including what assets are included, who the beneficiaries are and what they are to receive. Avoiding probate generally protects your privacy as well as that of your heirs.

SCHEDULE OF PROBATE FEES

GROSS Estate Value.......Probate Fees *
$ 100,000.....................$ 6,300
$ 200,000.....................$10,300

$ 300,000.....................$14,300

$ 400,000.....................$18,300

$ 500,000.....................$22,300

$ 800,000.....................$34,300

$1,000,000.....................$42,300

$2,000,000.....................$62,300

$3,000,000....................$82,300

For example, a person dies with an estate comprised of only a house with a market value of $200,000. The mortgage on the home is $150,000, leaving an equity of $50,000. Even though the equity is only $50,000, the probate fees would still be calculated on the GROSS of $200,000.

*Statutory attorney's and executor's fees but NOT "extraordinary" expenses and "extraordinary" attorney's fees. What are Estate Taxes?



 
 
 

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