Irvine Probate Attorneys
Dealing with the death of a friend or loved one can be emotionally and physically draining, especially if you have been named executor of the estate. Even to the most experienced the probate and estate administration process can seem overwhelming. For the uninitiated we know it is quite difficult to manage novel legal processes while grieving, and we at Guardian are here to help. We can offer you guidance and counsel to alleviate your stress and make the entire probate process more manageable.
What Is Probate and What Does It Involve?
Probate is a legal process that is used to settle the estate of a deceased person. This process involves identifying and inventorying the assets of the deceased, paying any debts or taxes owed, and distributing what remains to the beneficiaries named in the will. If there is no will, the state law determines who receives the property.
There are four main steps in the probate process:
- Inventory the decedent’s assets
- Satisfy outstanding liability obligations
- Liquidate physical property
- Distribute remaining assets to beneficiaries/heirs
The probate process can be lengthy and complex, so it is important to consult with an attorney if you are faced with this situation. The attorney can help you navigate the legal process and ensure that your interests are protected.
The probate process can be avoided entirely with proper planning. Contact us today to learn how a Trust can help!
How Can You Avoid Probate
When it comes to estate planning, one of the most important things you can do is to avoid probate. Probate is a legal process that can be time-consuming and expensive, and it’s often unnecessary. There are a few steps you can take to avoid probate, including forming a trust.
What is a Trust?
A trust is a legal arrangement in which someone – the trustee – holds property for the benefit of another person or group of people – the beneficiaries. The trustee can be an individual or a corporation, and the beneficiaries can be anyone, including pets. Trusts are a popular way to avoid probate because they allow property to pass outside of the probate process.
Revocable Vs. Irrevocable Trusts
There are several types of trusts, but some of the most common are revocable trusts and irrevocable trusts. A revocable trust can be amended or canceled by the person who created it, while an irrevocable trust cannot. Which type of trust is right for you will depend on your individual circumstances.
If you’re interested in forming a trust, reach out to Guardian today so we can begin the planning process!
What Are the Benefits of Probate
There are many benefits to the probate process. One of the most important is that it ensures that your estate is handled in a legal and orderly manner. Probate also provides a clear record of what happened to your estate, which can be helpful if you have heirs who are not directly related to you. Finally, probate can help protect your family from fraudulent claims against your estate.
What Happens If There Is No Will
If there is no will, the estate of the deceased will be divided among their heirs according to state law. Typically, the spouse and children will inherit the majority of the estate, but this can vary depending on the state. If there are no living heirs, the estate may go to charity or the government.
Don't let this happen to you or your family! Contact Guardian to learn about your options!
What Are the Risks of Probate?
The probate process can be expensive and time-consuming, and it can also be risky if not done correctly. One of the biggest risks is that the estate may not be distributed according to the deceased's wishes, which can lead to fights among heirs. Another risk is that the estate may be targeted by scammers or other criminals who try to take advantage of the situation. Finally, the probate process can be costly, with probate costs being deducted from the decedent's estate and reducing what will go to the heirs.
Need Probate Administration?
If you have been named the Executor of a decedent's estate and feel overwhelmed do not hesitate to contact the experienced attorneys at Guardian Litigation Group. We offer an array of probate administration services and will be with you every step of the way.