Probate

What is Probate?

Probate is a “legal bridge” so to speak , that provides for the transfer of the decedent’s property to the people who are to inherit it. It is the legal process that includes:

  • Filing the deceased person’s will with a local court;

  • Identifying and inventorying the deceased person’s property;

  • Having the property appraised;

  • Paying off debts, including death tax (if applicable);

  • Having the will “proved” valid to the court;

  • And eventually, distributing what’s left over as the will directs.

If there is no will, and the property has not been distributed in another way (such as a revocable living trust, joint tenancy, P.O.D. accounts, etc.) then the property will still go through probate but will be distributed to family members as state law directs through intestate succession.

 
How long does probate take?

It takes time, usually 9 months to 2 years.

 
How much does probate cost?

Chapter 1, Article 2, Section 10810 of the California Probate Code sets the compensation for the attorney for conducting ordinary proceedings (probate) as follows:

(a) Subject to the provisions of this part, for ordinary services the attorney for the personal representative shall receive compensation based on the value of the estate accounted for by the personal representative, as follows:

(1) Four percent of the first one hundred thousand ($100,000) dollars.
(2) Three percent on the next one hundred thousand ($100,000) dollars.
(3) Two percent on the next eight hundred thousand ($800,000) dollars.
(4) One percent on the next nine million dollars.
(5) One half of one percent on the next fifteen million dollars.
(6) For all above twenty-five million dollars a reasonable amount to be determined by the court.

(b) For the purposes of this section, the value of the estate accounted for by the personal representative is the total amount of the appraisal value of property in the inventory, plus gains over the appraisal value on sales, plus receipts, less losses from the appraisal value on sales, without reference to encumbrances or other obligations on estate property.
The Personal Representation is entitled to the same compensation.

  • Keep in mind that when settling a decedent’s estate, probate is sometimes the only method available to transfer the decedent’s assets to his or her heirs.

Law Office Of Rosetta N. Reed

4900 California Ave, Bakersfield,

Bakersfield, CA 93309

Phone. 661-377-1869

Email. Lawyer4wills@usa.com