WHAT IS PROBATE?

Probate means that there is a court case that deals with:

• Deciding if a will exists and is valid;
• Figuring out who are the decedent’s heirs or beneficiaries;
• Figuring out how much the decedent’s property is worth;
• Taking care of the decedent’s financial responsibilities; and
• Transferring the decedent’s property to the heirs or beneficiaries.

In a probate case, an executor (if there is a will) or an administrator (if there is no will) is appointed by the court as personal representative to collect the assets, pay the debts and expenses, and then distribute the remainder of the estate to the beneficiaries (those who have the legal right to inherit), all under the supervision of the court. The entire case can take between 9 months to 1 ½ years, maybe even longer.

California law provides a statutory fee for the administrator of an estate. The Public Administrator is allowed the same compensation as private administrators. The allowable fees are based on the value of the estate are as follows:

• 4% of the first $100,000
• 3% of the next $100,000
• 2% of the next $800,000
• 1% of the next $9,000,000

Have questions about this topic? We're here to help. Book your free consultation here: https://calendly.com/forwardestateplanning/aristov-law-pc

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