Probate is a court supervised proceeding which takes place after someone passes away when there is a Will or no Will, and when the person leaves property in their name worth more than $100,000. If the decedent leaves a surviving spouse, there are ways to transfer the property to the surviving spouse without having to initiate a Probate Administration.
To begin the Probate Administration, a Petition is filed with the local Superior Court to appoint the Personal Representative of the Estate, called the Executor (if there is a Will) or the Administrator (if there is no Will). The Personal Representative takes control of all of the decedent’s property, has the property appraised, pays the debts of the estate, accounts to the court for all income and expenses, and then distributes the property to the beneficiaries or heirs of the decedent.
The process takes at least six months. Costs involved in the process are a filing fee, publication fee, certified copy fees, appraiser fees, as well as the ongoing payment for bills and debts of the estate, such as mortgage payments, property tax, income tax, insurance, outstanding medical bills, and other expenses and debts. The Personal Representative may sell property during the probate administration to be used to pay debts and expenses of the Estate.
The Personal Representative and the Attorney for the Personal Representative earn a fee based on the value of the estate, determined by a statute which limits the amount each will receive for compensation. For example, an estate of $200,000 will pay a fee of $7,000 to the Personal Representative and $7,000 to the Attorney. An estate of $500,000 pays a fee of $13,000 to each. An estate of $700,000 pays a fee of $17,000 to each, and an estate of $1,000,000 pays a fee of $23,000 to each. These fees are usually paid at the end of the probate process, from money in the Estate.
If the Estate is worth more than $1,500,000 (for the year 2005), $2,000,000 (for the years 2006-8), or $3,500,000 (for the year 2009), there will be Estate Tax to pay, requiring the filing of an Estate Tax Return if the decedent is a single person, widow or widower.
Kenneth E. Ostrove has been an attorney since 1983, and is very knowledgeable regarding the Probate process in Southern California Courts. He will provide personal and professional legal services, and will guide you through the Probate Administration process to make it as smooth as possible.
If you are the Executor named in a Will or the spouse or other relative of someone who passed away without a Will, please contact the Law Offices of Kenneth E. Ostrove to handle the Probate Administration for you and your family. (818) 505-9532.
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For more information call
Kenneth E. Ostrove, Probate Law
818 505 9532
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