If you are getting ready to probate an estate, you may want to consult a probate lawyer in Sacramento, CA. Probate can be a complex process and you want to have someone knowledgeable and experienced on your side. Here are some frequently asked questions and answers about probate.
What Is Probate?
A probate is a legal process that proves a will valid in court. The executor of the deceased person’s estate will present the court with the decedent’s property, debts and who is supposed to inherit the assets. The debts and taxes must be paid before any property is distributed to heirs.
How Much Does Probate Cost?
Probate costs depend on the entire value of an estate. In California, maximum probate fees are 4% of the first $100,000 of an estate, 3% of the next $100,000, 2 % of the next $800,000, 1% of the next $9,000,000 and 0.5% of the next $15,000,000.
Do All Assets Have to Go Through Probate?
No, probate is not necessary for all assets. Assets held in a trust, life insurance policies, retirement accounts and jointly held real estate do not have to go through probate because they are automatically passed down to the beneficiary.
Should I Hire a Probate Lawyer?
Although you are not required to hire a probate lawyer in Sacramento, CA, it is highly encouraged. Probate can be a long and complicated process. If you make even a small error, it can delay the process. An experienced lawyer can guide you through the entire process and prevent you from making costly mistakes. He or she can streamline the process and take a lot of your stress away.
Who Is Notified About the Probate Process?
Heirs, beneficiaries and executors will also be notified about the probate process through mail. The notice will inform them of the date, time and location of the hearing.
How Long Does Probate Take?
Probate has a reputation of being a long and tedious process. However, the process can typically be completed in eight to 12 months. If the will is contested or there are other issues, though, probate may take over a year to complete.
If you need assistance with the probate process, you may want to schedule a consultation with a probate lawyer in Sacramento, CA from Yee Law Group soon.