Probate

Probate is a court controlled process whereby the estate of a decedent is distributed to the rightful beneficiaries or heirs under the supervision and approval of a California Superior Court.  When a person dies, the legal title of property or accounts from their estate has to be transferred either with or without a will. While this process assures that the assets of the estate are distributed in accordance with the wishes of the decedent, it is seldom done, if ever, in a timely manner.  The filing of the petition for probate to the closing of the probate can take from six months to two years.  The actual length of time required to complete a probate is based on a number of different factors, such as the assets of the estate, the complexity of the estate, and the number of beneficiaries. In addition, it is estimated that the total cost of probate can amount to around 3% to 8% of the deceased's gross estate, although this does depend on the complexity of the process. If the will is contested, the cost of probate can substantially increase, and you will find that the process will be far more costly both in terms of time and money.

SPOUSAL PROPERTY PETITIONS & SMALL ESTATE PETITION

When it is determined that the value of the decedent's estate is small, or consists of property passing to the surviving spouse shorter summary proceedings may be utilized rather than formal probate proceedings.  The deceased interest in property that passes directly to the surviving spouse with or without a will can be distributed through summary procedures. The personal property and California real property may be set aside to the surviving spouse or minor children of the deceased if the net value of the entire estate does not exceed $20,000.00.  In addition, when the gross fair market value of the decedent's California estate, including real and personal property, does not exceed $100,000.00, the beneficiaries can receive the assets of the deceased by an affidavit procedure rather than through formal probate proceedings

The Law Offices of Ripley & Associates can assist you in choosing the proper type of probate proceedings. Contact our office for more information and to make an appointment.

ESTATE PLANNING

Estate planning is a proactive method to ensure your wishes are known and adhered to following your death. Without the benefit of estate planning, your assets and finances could wind up in probate court, which is a more complicated process where you essentially lose your say in how your possessions are distributed among your heirs. Whether your estate is small or large, advance planning is always a good idea for communicating your desires and attempting to quell family disputes from occurring after your death.

Estate planning includes drafting a detailed will on how you want your finances and assets distributed.  A will is a legal document which is effective only at your death.  The will documents for the court and your executor how your estate is to be managed and distributed upon your death.  You can also assign durable powers of attorney to a trusted friend or family member for your financial affairs, properties that you may own, and medical directives to be carried out should you become incapacitated.

Setting up a trust as part of your estate plan can mean more than providing money for your heirs after you have passed away. A trust is also commonly referred to as a revocable inter vivos trust. A trust is a written agreement between the settlor or settlors, the individual or individuals establishing the trust, and a trustee.  The settlor transfers his or her interest in their assets to the trust to be managed by the trustee.  The trust may be revoked or amended at anytime during the settlors life, provide they remain competent. Upon the death of the settlors the trust becomes irrevocable and the assets are maintained or distributed by the successor trustee in accordance with the trust instructions.

GUARDIANSHIPS

Guardianship is a legally binding, permanent supervisory relationship between an adult (or adults) and a child. In California, the court appoints a temporary or permanent guardian to be responsible for a person under the age of eighteen. Guardians are commonly appointed when a parent is terminally ill, unfit, or upon the death of both parents. Guardianship is found in three categories; guardian of the person, guardian of the estate, and guardian of the person and the estate.  A guardian may be a relative or may be unrelated to the child, and the parental rights of the child’s parents may or may not have been terminated.