Wednesday, December 23, 2009

Probate Attorneys Southern California

John and Allen meet with an accident and die in the crash. The relatives of both start the process of sharing the assets of John and Allen. Then it is realized that John took the help of the probate attorneys southern California and made a will. He listed all his stocks, cash, investments, real estate and nominated the people and the amount of share each gets, where as Allen never bothered to make a will.

The legal cases of accident are handled separately. Let us see what happens to the individual assets of John and Allen. The probate attorneys southern California start the process of probate for John�s assets.

The probate validates John�s will and appoints an executor as nominated in the will. In Allen�s case, the court appoints an administrator as there is no will. This step is to get letters of office announcing to banks etc. that they are safe in accepting the executor�s signature to handle John's accounts. So is the case with the administrator�s right to handle Allen�s accounts till the same are disbursed to the beneficiaries.

As John has made the will, probate attorneys southern California will not have much problem are getting the accounts cleared to the people indicated in the will. There could be some validity issues, but then the transfer will be smooth.

In Allen�s case, it gets complicated as all the beneficiaries and heirs have to be informed about the will. And many more land up claiming to be successors. All the claims are to be looked into carefully by the court. The probate attorneys southern California may contest a larger share for the heirs. The share of the assets and estate for the beneficiaries will be decided by the court.

In both the cases (with will or without will), the probate is designed to disburse the decedent�s assets as well as deal with any debts and taxes that the deceased owned at the time of death. Creditors can file a claim within six months from the date of notification of probate. The probate takes care of the total assets and liabilities/expenses/taxes after this period and the reminder is distributed to the legal heirs/ beneficiaries. The probate attorneys southern California say that the probate process usually takes at least seven months.

The efficient probate attorneys southern California try to reduce the period which depends on various factors. The factors include the number of bank accounts, size of the estate, time to validate the will, delay in appointing an executor, and the time taken to notify all heirs and beneficiaries.