In our earlier post series, we discussed why Avoiding Probate is important for your family.
We discussed the Top 5 Reasons to Avoid Probate in California:
- The extremely High Cost of Probate
- The public nature of the proceedings
- The length of time involved in Probating an Estate
- The bureaucratic, Court-driven nature of the Probate process
- The requirement for Minor Children to be put on a Family Allowance
However, it is important to know which Assets are not ordinarily Subject to Probate.
First, under California Law, there is a provision for handling smaller estates known as the California Small Estate Affidavit procedure. Assets are not subject to Probate if they qualify for this procedure.
Next, there are certain assets that pass By Operation of Contract – such as IRA’s, 401(k)’s, life insurance, etc. – generally are not subject to Probate.
Finally, Joint Tenancy assets are not subject to Probate, except in certain circumstances.
We will address each of these in separate posts, which you can access by clicking on a link above.
As always, we look forward to serving your family’s Estate Planning needs.
Contact Our Firm to see how we may help you.