Lengthy and public process to distribute assets, and may be unavoidable
Probate is a court-supervised process for distributing the assets of a deceased person. During the probate process, a court will help ensure that the decedent’s debts are satisfied and that the lawful heirs receive clear title to the probate assets.
In modern estate planning, the general philosophy is to create an estate plan that avoids probate because it is a lengthy, expensive and highly public process. In Los Angeles Superior Court, it is common for standard probate cases to take a minimum of 9 to 12 months to process.
In some cases, probate cannot be avoided if the decedent failed to properly plan.
The following assets may require probate:
- Real estate in which the deceased individual is the sole title holder.
- Real estate in which the deceased held co-ownership as a tenant in common.
- Bank accounts or investment accounts in which the decedent is the sole account holder and which do not have proper beneficiary designations.
- Retirement accounts or life insurance policies with outdated beneficiary designations.
- Business interests which have not been funded into a revocable living trust.
If you are concerned that you may need to file for probate due to the recent passing of a loved one, please contact. We will be happy to provide you with a free consultation.
Concerned you may need to file a probate?