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Friday, January 1, 2010

Probate Lawyers Southern California

The probate lawyers southern California explain that Probate is a process wherein the assets and the estate of a deceased person are distributed to the legal heirs/beneficiaries. If the deceased had left a will clearly indicating the beneficiaries, the court validates the same and looks for any loans, liabilities, taxes, debts etc to be realized from the assets. After clearing the debts and expenses, the balance is transferred to the beneficiaries. The probate lawyers southern California can help people to create wills as well as during probate.

When a person dies, the will is made open and anyone can get a copy of the same. If the estate is big, lot of other people may claim the ownership apart from the actual beneficiaries whether listed in the will or not. The probate lawyers southern California follow up with the court to ascertain that the will is actually the latest and there are no other wills and also who the beneficiaries are.

If you are the legal heir as per the will, your probate lawyers southern California will also try to prove, during probate, that the will was made by the decedent and that he was of sound mind when he signed it. This is ensure that the court is satisfied when it starts probing the possibility of fraud or pressure on the deceased to sign the will.

The costs involved in probate are Appraisal costs, Executor�s fees, Filing fees for the court, Surety bond fees, Legal fees, and Accountancy fees. If you hire any of the probate lawyers southern California, then you need to bear them yourself and it will not be the part of probate.

The total cost of probate may be around 4% to 7%, if the will is not contested. If there is no will or if the will is contested the costs will go up dramatically. Hence it is important to consult probate lawyers southern California, who may advise the beneficiary to sort out the issues with the contestants outside the court, if possible.

The probate is generally handled in the probate courts in the area where the decedent permanently resided. Hence consult probate lawyers southern California, who can let you know whether they can take up your case or may refer to the concerned lawyer in the probate court.

If the estate is reasonably big, be prepared to wait for seven months atleast to get the estate is handed over to you if you are beneficiary. Even if there are no contestants for the estate, court need to give tind to the creditors to file their case f recovery, if they have given some financial help to the deceased. The court takes care of all the dues to the government in way of taxes or loans by the financial institutions. However, the probate lawyers southern California can help you go through this legal battle. If the estate is small, the probate lawyers southern California may ensure that the probate is not initiated.

When a person dies, the deceased tax year expires too and all the taxes are referred to the court. The probate lawyers southern California explain that the following forms are required to be completed for tax purposes when a person dies:
� A federal income tax return (1040)
� A federal fiduciary income tax return (1041)
� A federal gift tax return (709)
� A federal estate tax return (706)

If you are beneficiary and also was the executor in the will, you are responsible for filing the tax returns of the deceased an you need to take care of gift taxes and inheritance tax apart from Property taxes, Business taxes, Real estate taxes. Hence consult the best probate lawyers southern California, who can help you in the process.

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