http://caltrustattorney.com Just another WordPress weblog Wed, 24 Mar 2010 01:36:08 +0000 http://backend.userland.com/rss092 en Not all assets owned by the decedent become "probatable assets". Property that passes outside of probate include property held in joint tenancy or any other form of title where there is a right of survivorship and accounts with a payable on death designation (also referred to as a beneficiary designation) ... http://caltrustattorney.com/2008/12/14/determine-estate-assets/ Sometimes trustees are concerned that their proposed actions are permissible by the trust, but remain afraid to act because of the fear that a beneficiary will, with  the benefit of hindsight, hold them liable for one reason or another, including some unforeseeable change (e.g. holding on to stocks or homes ... http://caltrustattorney.com/2008/12/10/obtaining-consent-of-beneficiary/ Probate carries with it significant costs, payable primarily to the attorney(s) and executor(s) who administer the estate . The attorney and executor fees are set by California statute and are based on the gross, not net value, of the probatable estate (e.g. You own a home with $500,000 but ... http://caltrustattorney.com/2008/11/11/probate-fees-and-costs/ If the liquid assets of the estate are insufficient to pay administrative costs (executors fees, attorneys fees, costs of administration), then assets must be sold in order to pay the costs of administration and/or creditors to the extent the estate can pay them. Administrative costs of probating the estate ... http://caltrustattorney.com/2008/11/07/liquidate-assets-to-pay-estate-bills-if-necessary/ The Personal Representative give notice to those “reasonably ascertainable creditors” and determine the valid creditors of the estate. Generally speaking, a creditor of an estate has the latter of 4 months from the date “Letters” are issued by the court granting authority to the Personal Representative to act on ... http://caltrustattorney.com/2008/11/07/determine-estate-debts/ A bond is insurance against the malfeasance or neglect of a Personal Representative resulting in a loss to the estate up to the maximum amount of the bond. Bonds are required unless the will expressly waives bond or all beneficiaries of the estate waive bond. The bond amount will be based ... http://caltrustattorney.com/2008/11/07/establish-bond-amount/ The Probate process in California is designed to primarily accomplish the following: Open Probate in Proper Jurisdiction Establish Last Valid Will of Decedent, if any Establish and Empower Personal Representative Establish Bond Amount if Necessary Determine Probatable Assets of the Decedent Determine Valid Debts of Decedent Liquidate Portions of Estate if Necessary to Pay Costs of Administration ... http://caltrustattorney.com/2008/11/07/probate-summary/ The Petitioner will usually request to be appointed either executor or administrator of the estate (“Personal Representative”) and that he or she be empowered with certain rights.  Typically, these requests are for either full or limited authority to administer the estate under the Independent Administration of Estates Act (“IAEA”).  Full ... http://caltrustattorney.com/2008/11/06/establishing-and-empowering-a-personal-representative/ The person filing the Petition for Probate (“Petitioner”) will request that a will be validated or, if no will, that the estate be administered under the rules for intestate succession (the rules of who gets what when there is no will). The Probate Petition will typically have a copy of the ... http://caltrustattorney.com/2008/11/06/establish-last-valid-will/ Typically, a California probate takes place in the county where the decedent resided at death by the filing of a Petition for Probate (“Probate Petition”) by a family member.  However, where there is real property in a state other than where the decedent resided, an additional ancillary probate is opened ... http://caltrustattorney.com/2008/11/06/opening-probate-in-proper-jurisdiction/