What is Probate?
Probate is a court legal process, that is used when you die. Your debts are paid and your assets are distributed according to your Will. If you don't have a valid Will, your assets are distributed according to state law.
What's so bad about probate?
Remember a Will only goes into effect when you die.
Does a durable power of attorney prevent this? No.
Durable power of attorney lets you name someone to manage your financial affairs if you are unable to do so; durable power of attorney dies when you die.
Many financial institutions will not honor your durable power attorney unless it is on their bank form.
If durable power of attorney is accepted, it may give someone a "blank check" to do whatever he/she wants with your assets.
Durable power is very effective when used with a living trust, but risky when used alone.
Under California law, probate of an estate is generally necessary, when an individual passes away leaving assets in excess of $150,000 that do not pass via beneficiary designation, joint tenancy, or if such assets were not held in trust.
For example, under the following circumstances, a probate would not be necessary:
A probate of an estate, however, would most likely be necessary under the following events:
Please call (916) 923-2345 for appointment.