Probate is the process by which the court oversees the administration of your estate when you pass on. If your estate is valued at over $150,000, your estate will be subject to the full probate process. Thus virtually anyone who owns a home in Orange County and most business owners will have their estates subject to probate when they pass on if they have not have properly set up a Living Trust.
During probate your heirs will most likely have to:
- Hire a probate attorney
- Pay probate court costs
- Hire an appraiser
- Hire an executor (if you didn’t appoint one in your will)
- Make several trips to the Probate court
- File pages upon pages of paperwork
The other downsides to probate are:
- The process takes 12-24 months to conclude
- Probate will remain open(and costs continue to run) until all beneficiaries turn 18
- Probate is a public process. The terms of your will, your list of assets and list of beneficiaries will be public information and are available to anyone including marketers who wishes to sell a product, investment or service to your beneficiaries.
Setting up a Living Trust is the easiest way to make sure your heirs avoid the cost and delays of probate. Properly structured. a Living Trust can ensure that your heir will not have hire an attorney or go to court upon your passing.
Call the Law Offices of Brian Chew at 949-347-5256 to set up your free consultation.