In California, when a person dies without a revocable living trust and they have personal property (money, stocks, jewelry and things) and real property (real estate) valued above a certain amount, someone must “open probate” so that the deceased’s property can be given to the person, or persons legally entitled to inherit it.
Sometimes, deciding who has the right to inherit a deceased person’s property can be quite complicated!
Many famous people, like the pop singers Michael Jackson and Prince, die without having created a revocable living trust. Thus, their estates end up in Probate!
If a person dies leaving a will, their wishes and how they wish to distribute their property will be determined by their will. If they leave no will, how their property is distributed will be determined by California’s intestacy statutes.
In California, “Probate” is the legal process by which a deceased person’s assets are distributed to their heirs or beneficiaries and their debts are paid off under court supervision. Here’s a general overview of how probate works in California:
- Petition for Probate: The process typically begins with the filing of a petition for probate in the superior court of the county where the decedent lived. If the decedent had a will, the executor named in the will usually initiates the probate process. If there is no will, a family member or other interested party can petition to be appointed as the administrator of the estate.
- Notification and Inventory: Once the probate petition is filed, notices are sent to all interested parties, including heirs and creditors. The court appoints a personal representative (executor or administrator) to manage the estate. The personal representative is responsible for identifying, inventorying, and valuing the decedent’s assets.
- Debts and Taxes: The personal representative is also responsible for notifying creditors and paying off the decedent’s debts and taxes using estate assets. Creditors typically have a limited time to file claims against the estate.
- Distribution of Assets: After debts, taxes, and administrative expenses are paid, the remaining assets are distributed to the decedent’s heirs or beneficiaries according to the terms of the will or California intestacy laws if there is no will after the Final Accounting has been approved by the Court.
- Final Accounting and Closing: Once all debts have been paid and the court has approved the Final Accounting (which shows the assets of the estate and who gets what) and all other requirements have been met, the estate’s assets will be distributed by the personal representative to the beneficiaries or heirs, the personal representative will be discharged from his or her duties and the probate will be closed.
It’s important to note that probate can be a lengthy and expensive process, and certain estates may qualify for simplified procedures if the value of assets is below a certain threshold or if the estate qualifies for small estate procedures. Remember, assets, such as those held in a living trust or accounts with designated beneficiaries, will bypass probate altogether. Consult with Attorney Diane for guidance tailored to your specific situation and needs.