The Hayes Law Firm - Estate Planning & Probate

YES. But your family may not like it. The government’s estate plan is called “Intestate Probate” and guarantees government interference in the disposition of your estate. Documents must be filed and approval must be received from a court to pay your bills, pay your spouse an allowance, and account for your property–and it all takes place in the public’s view. If you fail to plan your estate, you lose the opportunity to protect your family from an impersonal, complex, governmental process that can become a nightmare. Then there is the matter of the state and federal government’s death taxes. There is much you can do in planning your estate that will reduce and even eliminate death taxes, but you don’t suppose the government’s estate plan is designed to save your estate from taxes, do you? While some estate planners favor Wills and others prefer a Living Trust as the estate plan of choice, all estate planners agree that dying without an estate plan should be avoided at all costs.

Yes. Portability must be elected on a timely-filed federal estate tax return. This is the case even though a federal estate tax return would not otherwise be required, such as if the estate of the deceased spouse is below the threshold for federal estate taxation.

Most of us spend a considerable amount of time and energy in our lives accumulating wealth. With this, there comes a time to preserve wealth both for enjoyment and future generations. A solid, effective estate plan ensures that your hard-earned wealth will remain intact as it passes to your beneficiaries, instead of being siphoned off to government processes and bureaucrats.

Our firm believes that the role of the attorney is to support, guide and assist our clients throughout the probate process. We will take most of the burdens and obligations of probate off your shoulders and put them onto ours. Our job is to make sure you are protected from financial and legal exposure throughout the probate administration.

When someone dies without a Living Trust, their estate will be distributed to their heirs pursuant to a will or in accordance with state law (if no will is present). This process is known as Probate and is handled through a court process. If there is no will, the estate will be passed to the beneficiaries in accordance with the distribution order established by state law. California has set certain rules as to how attorneys, as well as the administrators, of probate estates must be paid. Since pricing will generally be the same between attorneys, it makes sense to find the most experienced Probate attorneys in your respective county to handle your matter.

The probate court process is heavily weighted with rules, codes, and policy requirements. A select few may already possess the foundational knowledge necessary to handle the probate administration process on their own. However, few people are confident enough in the process, rules, and time requirements to want to risk doing probate themselves. Since probate fees are statutory, meaning the fees are standardized. Since probate attorney fees are the same regardless of which attorney you choose, it makes sense to select a more experienced probate attorney. The Hayes Law Firm has over 30 years of experience handling Probate matters in Los Angeles and San Bernardino counties.

There are many steps to the probate process. First, the court must decide if a will exists and if it is a valid will. Then, they must figure out who the heirs and beneficiaries are, if any. Next, they will determine how much the decedent's property is worth. The court will then identify any remaining financial assets. Lastly, the court will transfer the property to the rightful heirs and beneficiaries. The executor, if there is a will, or the administrator if there is no will, is the court-appointed personal representative to collect all of the assets, pay any debts and distribute the estate. The court oversees the entire process.

Although there is nothing wrong with having your checking account in the name of your trust, some people like to have their names on their checks. You can do so even if the account is in the trust. Or, you can simply choose to leave a small checking account outside of the trust. Other assets which should NOT be funded into the trust are IRA's and pension plans. What's important is to coordinate the appropriate beneficiary designation with your overall estate plan. This is a complex area of planning, and must be based on each person's individual family circumstances and the size of the estate.

Under California law, all persons with an interest in the estate must be notified. Heirs, beneficiaries, and executors named in the decedent's will all must be notified. This notice will include the date, time, and location of the case hearing.

There is a state mandated dollar value ($166,250 in California) that an estate must have before it is deemed to be subject to probate. If you do not have a Trust, or if your estate is larger than $166,250, you will be required to go through the probate court process.

If you die without a will, the state determines who will be your ultimate heirs. In California, the law requires that, without a valid will, community property goes entirely to the surviving spouse. Separate property goes to the surviving spouse and children in this order: If the decendent had only one child, the spouse gets hald and the child gets half. If the decedent had more than one child, the spouse gets one third, and the children divide two thirds among them equally. The children of predeceased children take their parents' share. If the decedent leaves no spouse or direct lineal descendants, parents would take the estate.

Even the most simple of probate estates these days are taking 8 months to a year. There are many probate cases which can go on for years depending on the issues involved.

California has set certain rules as to how attorneys, as well as administrators of probate estates must be paid. The fees are generally 4% of the first $100,000, 3% of the next $100,000, 2% of the next $800,000. After $1,000,000, the fee will be 1% up to $10,000,000. We encourage you to visit our California Probate Fee Calculator! https://www.losangelestrustlaw.com/probate-estate-planning-calculator/

This is also known as a "will contest". Not everyone can challenge a will. Only people with an interest in the estate are permitted to do so. The person contesting the Will, must prove that they have an interest in the estate. If there is no Will, the challenger must prove that he or she would have received something. If the remaining family members agree, the court can throw the Will out.

YES. In fact, all real estate should be transferred into your Living Trust. Otherwise, upon your death, depending on how you hold the title, there will be a death probate in every state in which you hold real property. When your real property is owned by your Living Trust, there is no probate anywhere.

Portability is where the surviving spouse can use the amount of federal estate tax exclusion that their deceased spouse left unused at their death. Portability has been part of the law since 2011, though it was temporary until 2013.

A state estate tax is a tax levied by a state government upon the estate of a deceased person. It is levied in much the same way as the federal estate tax. A state inheritance tax is a tax levied by a state government that varies depending upon the relationship of the inheritor to the deceased person. Many states have a separate state estate or inheritance tax which kicks in at a lower level than that of the federal government.

The federal estate tax is a tax levied by the federal government upon the estate of a deceased person. The federal government gives certain exclusions and deductions and then taxes everything above a set level.

NO. A Living Trust can help anyone protect his or her family from unnecessary probate fees, attorney’s fees, court costs and state and federal estate taxes. In certain circumstances even individuals with small estates can derive meaningful benefits.

YES. In fact, people who create most Living Trusts act as their own trustees. If you are married, you and your spouse can act as co-trustees. And you will have absolute and complete control over all of the assets in your Trust. In the event of a mentally disabling condition, your hand-picked successor trustee, not the court’s appointee, assumes control over your affairs.

A Will is a legal document that describes how your assets should be distributed in the event of death. The actual distribution, however, is controlled by a legal process called probate, which is Latin for “prove the Will.” Upon your death, the Will becomes a public document available for inspection by all comers. And, once your Will enters the probate process, it’s no longer controlled by your family, but by the court and probate attorneys. Probate can be cumbersome, time-consuming, expensive, and emotionally traumatic during a family’s time of grief and vulnerability. A Living Trust avoids probate because your property is owned by the Trust, so technically there’s nothing for the probate courts to administer. Whomever you name as your “successor trustee” gains control of your assets and distributes them exactly according to your instructions. There is one other crucial difference: A Will doesn’t take effect until your death, and is therefore no help to you during lifetime planning...