WHAT IS PROBATE?
If you die with only a Will, or no Will (intestate), your estate will probably go through Probate. Probate is a court supervised process to transfer property to a deceased person’s heirs. Probate generally takes more than a year to complete and is expensive. Probate fees are set by statute and are based on the gross value of the estate (see chart). For example, if you own a home with a $700,000 market value, the Probate fees for that asset are $34,000 regardless of the amount of your equity. Certain assets such as your life insurance, IRA, 401k, jointly owned assets with right of survivor-ship or pay on death accounts may avoid Probate if the beneficiary on the account is properly designated.
Complimentary Consultations
& House Calls
Estate Planning, Living Trusts,
Trust Administration & Probate
9 Libra Drive
Novato, Ca 94947
Tel: (415) 898-5958
Fax: (415) 892-5446
rkpollak@trustus.net
michele@pollakandcusack.com
