http://www.assetprotectioncenter.com When someone passes away, there are some legal procedures that must take place for an estate to be properly administered. This Video gives the overview of the process in CA. If you would like more information about Estate Planning, please visit me at www.assetprotectioncenter.com, and ask for our complimentary report and CD outlining the process. If you have a pressing matter, then feel free to call me at 714-966-2646!
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When someone passes away, as if that wasn't bad enough, you must handle that decedent's estate. Now despite all the warning and all the videos that have been played on my behalf, imagine that that decedent did not do a revocable living trust. You as the administrator or the executor are left to handover the probate process. In this video, I am going to take you through all these types that you need to handle when handling the probate matter.
Greetings, my name is Patrick Phancao with the Asset Protection Center. I am an estate planning attorney focused in the field of Asset Protection and Elder Law out in the state of California and Florida.
So here we go, let's just jump right into it. A person passes away and either failed to handle the revocable living trust or only did what is called as the will or last will testament. So as the administrator, you will be left with a little bit more of a, you will be left with kind of an important role and you will see that there are steps that need to be handled. So first and foremost, what do you do? You need to file a probate petition with the court, ensuring that you notify all interested parties such as the beneficiaries at least 15 days prior to the hearing. That's step #1. You must then do what's called, publication notice. The concept is simple. You basically put the world on notice that someone passed away and you're requesting authorization to administer the estate.
Following that, the bond is the issue that needs to be addressed. Now unless you were specifically waived in the Will or any type of document where it's clearly requested that bond be waived, which is unlikely because otherwise you wouldn't be in the probate court. But if that language wasn't left in the will, then you as the administrator must ensure that bond is actually posted. You actually do so through some type of insurance company and when you are in court or if you hire an attorney to do so, there is array of options that's available to you.
Then assuming that everything goes well, courts will grant what is called letters of testamentary. This is where you are given the authorization to handle the estate assuming there are no oppositions from interested parties. Now comes the administrative portion that comes into play. The first part is inventory and appraisal. The court sees the Will, what do they do, what are they dealing with? You must give them an accounting of what that decedent's estate entailed. Primary residence, bank accounts, safety deposit boxes, bonds, stocks, things of that nature. Following that are the formalities to 706, notifying creditors and things of that nature. You want to make sure that each step is handled properly because every time you mess up for lack of better terms, there is a delay in the administration process. And in California, even when all things go smoothly, you are looking at least a one year turn around. So as you can tell it's slow and the fact that human error comes into play, you can transform that one year process into a 2 to 4 year ordeal. So make sure not to fall into that.
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