Encino Law | Encino Probate | | Asher Levin, Esq. |

What is Probate?

Probate is the name of the court proceeding for supervision of the transfer of the assets left after your death (your "estate"), to your heirs or beneficiaries. If you have a properly drafted and funded living trust, probate can usually be avoided.

A typical probate will take about a year from the date of filing to the date of distribution to your beneficiaries. Probate involves a number of steps: the appointment of an administrator or executor, notice to creditors, collection and appraisal of estate assets, payment of valid creditors claims and payment of other estate expenses. When all of this is completed and the estate is ready to close, the administrator or executor must file an accounting with the court showing all assets received, gains or losses upon the sale of any assets, claims paid, tax returns filed, provisions for payment of the administrator or executor and the attorney for the estate and, finally, the proposed distribution to the beneficiaries.

Sometimes, we can avoid probate. For example, if the estate assets are worth less than $100,000, there are alternate procedures that are less time consuming and less costly than a probate.

In addition to the time factor, probates have other disadvantages, including their public nature and the fees charged (pursuant to a statutory schedule). Probate fees will usually total (between the executor and the attorney) in the neighborhood of 6-7% of the gross value of the probate estate.

Many firms use outside contractors (paralegals who work for other attorneys) to assist with their probates. We have found that, by doing all of the work in house, we can be more responsive and can move the probate process along in a quicker manner than other firms. Probate takes long enough without having to wait for paperwork that should have been prepared and filed in a prompt manner.