Not sure where to begin? Use our simple Estate Planning guide to get started.
      Singh Law Firm LogoSLF_new_logo_colour_smallSingh Law Firm Logologo 2
      • Home
      • Estate Planning Attorney
        • Estate Planning
          • Revocable Living Trusts
          • Revocable Living Trust vs. Will
          • Wills
          • Pour Over Wills
          • Financial Powers of Attorney
          • Advanced Healthcare Directives
          • Guardianship Lawyer
          • Living Trust Lawyer
          • Power of Attorney
          • Probate
        • Advanced Estate Planning
          • Irrevocable Trusts
          • Irrevocable Life Insurance Trusts
          • Special Needs Trust
          • Dynasty Trusts
          • Grantor Retained Annuity Trusts (GRATs)
          • Qualified Personal Residence Trusts (QPRTs)
          • Business Succession Planning
          • Charitable Trusts
          • Gifting Strategies
        • Trust Administration
      • About Us
      • Our Team
        • Kern D. Singh
        • Sharmila K. Singh
        • Sharon Gucor
        • Gavin Brar
        • Michelle Alexandra Gonzales
        • Esteban Santillan
        • Duke Singh
      • Areas We Serve
        • Alameda County
          • Fremont
          • Castro Valley
          • Dublin
          • Newark
          • Pleasanton
          • Union City
        • Monterey County
        • Santa Clara County
          • San Jose
          • Cupertino
          • Los Gatos
          • Milpitas
          • Mountain View
          • Santa Clara
          • Saratoga
          • Sunnyvale
        • Contra Costa County
          • Danville
          • San Ramon
          • Walnut Creek
        • San Mateo County
          • Burlingame
          • Redwood City
      • Blog & Media
        • Blog
        • Videos
        • Radio Announcement
        • FAQ Estate Planning
          • FAQ: Non-US Citizens
          • FAQ: Real Estate Owners
          • FAQ: Families with Kids
          • FAQ: Single Young Professionals
      • Contact Us
        • Privacy Policy

      What is Probate

      • Home
      • Estate Planning
      • What is Probate

      If a person executes only a will or fails create Estate Planning documents, then at their death their estate will be subject to probate. Probate is a court procedure that oversees payment of debts and transfer of assets following an individual’s death.

      Probate is an option you do not want to take because of the costs and delays associated with the it. Probate fees (payable to the attorney and the executor) are set by statute. They are based on the gross fair market value of the estate, not on the complexity of the case. Further there are additional fees if the attorney or executor prepares or files tax returns, sells real estate, or does other extraordinary work on behalf of the estate. Also, the probate process takes a lot of time, generally lasting between nine months and two years from a decedent’s death.

      Statutory Probate Fees

      Size of EstateTotal Compensation
      $04% of amount
      $100,000$4,000 + 3% of amount above $100,000
      $200,000$7,000 + 2% of amount above $200,000
      $1 million$23,000 + 1% of amount above $1 million
      $10 million$113,000 + ½% of amount above $10 million
      $25 million$188,000 + reasonable amount

      Probate costs include filing fees, newspaper publication fees, costs for certified copies, and probate referees (appraisers), and can easily exceed $1,000.

      In most cases, there is no probate if a person dies and leaves his assets to his surviving spouse. Therefore, the pitfalls of probate occur at the death of a single person (including the death of a now-single surviving spouse), when the assets pass to his children or other heirs.

      In addition to trust assets, certain other types of assets are not typically subject to probate because, under California law, the assets automatically are transferred to the designated beneficiary on the account. These types of assets include:

      • Joint Tenancy – Assets are distributed to the surviving joint tenant
      • Community Property – Assets are distributed to the surviving spouse
      • Beneficiary Designation – Assets are distributed to the named beneficiary
        • Life Insurance
        • Retirement Accounts
        • Annuities
        • Other beneficiary designated accounts
      • Social Security Benefits – Benefits are distributed according to law and cannot be changed by designation

      Although probate can be avoided by adding a joint tenant to your assets, there may be unintended income or gift tax consequences associated with the addition. It is always advisable to speak with an attorney before changing the title or beneficiary to your assets.

      If you have any questions, contact The Singh Law Firm, Fremont, California Estate Planning Attorneys. We are more than happy to discuss all the Estate Planning options available to you.

      Share
      0

      Related posts

      estate planning
      January 17, 2021

      What to Look for in an Estate Planning Lawyer?


      Read more
      power of attorney lawyer
      January 12, 2021

      Power of Attorney Lawyer: What Can They Do for You?


      Read more
      Advance healthcare directive
      January 7, 2021

      What is an Advance Health Care Directive and What Does it Include?


      Read more

      Leave a Reply Cancel reply

      Your email address will not be published. Required fields are marked *

      Estate Planning Lawyers

      Create A Will

      Revocable Living Trusts

      Charitable Trusts

      Power of Attorney

      Healthcare Directives

      Business Succession Planning

      Probate Court Lawyer

      43480 Mission Boulevard,
      Suite 270
      Fremont, CA 94539

      (510) 742 9500

      Thanks for visiting Singh Law Firm!

       

      The information contained here has been prepared for informational purpose only and not legal advice. The use of this website and the sending or receipt of information does not create an attorney-client  relationship between you and Singh Law Firm.

       

       

      © 2019 Singh Law Firm, A Professional Corporation
      All Rights Reserved | Privacy Policy