It goes without saying that it takes a lot of hard work and dedication to build financial security over one’s lifetime. This includes making wise decisions financially to ensure a surplus in the end, rather than a deficit. When a loved one, like a parent, passes away, their estate may have to go through the probate process. However, there may be some reasons why a person in California would want to avoid probate.
First, it is important to understand what probate is. Probate is the process of distributing and overseeing a loved one’s property after he or she passes away. The purpose of probate is to identify the heirs of the deceased, pay any debts owed and to distribute the property according to the decedent’s will or through the laws of intestate succession if the decedent did not have a will or trust at the time of their death.
Not all probates in California are subject to probate. For example, small probates in California of less than $100,000 are permitted to skip the probate process. Probate can cost time and money in search of the correct outcome in terms of a person’s estate, their wishes and any circumstances surrounding their life and death. Methods to avoid probate exist, so if possible, one should seek them out when settling a loved one’s estate.
There isn’t a guarantee that probate can be avoided. However, it’s certainly worth a shot. At the very least, a person could potentially expedite the process to a faster solution in terms of a loved one’s estate. There are several steps and each person’s estate has unique needs that will need to be addressed.