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What is Probate & Why is Probate Such a "Bad" Word?
Probate is the court supervised process designed to transfer property from one who died to a beneficiary. Although probate provides a very orderly and fair process for the transferring of wealth, it is a very time consuming and often expensive process.
Since probate utilizes the court system, it is necessary to accommodate the court's busy schedule when probating an estate. Thus a typical probate could take anywhere from 9 months to years to complete. However, to most people, the biggest drawback to probate is its cost which is discussed below:
A probate attorney is entitled to a fee based on the value of the estate which amounts to $4,000 for the first $100,000 of the estate, 3% of the next $100,000 of the estate and 2% of the remainder of the estate up to $1,000,000 and so on.
The executor of the estate is entitled to the same commission. In addition, the probate process requires the use of a probate referee to value non-cash property in the estate (such as stocks, bonds, and real estate), and the probate referee is entitled to 1/10th of 1 percent of the value of the non-cash assets of the estate as his fee. In addition, in California, probate requires the posting of a bond unless the will waives a bond and the executor is a California resident. A bond can be quite expensive. Lastly, since probate is a court process, a probate will always require court filing fees.
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When I needed legal help you were there and handled everything for me efficiently, competently with kindness and understanding of my situation. I can be at ease with the Trust that you drew up for me, and know that I can always call on you when I need legal help.
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