San Diego, CA -- (SBWIRE) -- 07/14/2014 -- Estate planning is a continuing process which should be begun as soon as an individual has any measurable asset base. It is an approach by which a person or blood relations plan the transfer of assets in anticipation of a death in family. Basically an estate is the entire property, real and personal maintained by the person prior to division through a trust or will. A will is a legally enforceable statement of how a person would want his or her property to be shared out after death. This document revolves around four fundamental points like whom do you want to be your Executor, who is to collect and accept your assets upon your death, whom do you wish to be guardian of your children and what wishes do you have regarding funeral or cremation.
It does not have any legal authority and it is only an affirmation of a person’s purport and therefore it must be administered through the Probate Court in order for it to reach full legal status for estate administration purposes. On the other hand, a living trust has a full legal authority and can debar the probate system completely. Probate is a division of the Superior Court of the State of California. The obligation of the Probate court is to defend people and their assets.
In most of Southern California, Probate can occupy from eight months to two years to carry through hinging upon the complexness of the case. Throughout this interval, the assets are subject to court supervision. San Diego Estate Planning Attorney, Steve Bliss works assiduously to get people’s case through the court system as promptly as possible to downplay the contrary effect on family members. Probate fees begin as 4% of the first $100,000.00, 3% of the next $100,000.00 and 2% of the next $800,000.00.
The attorney receives a probate fee for example on a $500,000.00 estate; the total probate fee for services would be $13,000.00 for the attorney and $13,000.00 for the executor. Law in California suggests that if a person owns a home, then perhaps they are going to probate as most homes are worth at least $550,000.00. Individuals who have a small estate of less than $150,000.00 then a small estate affidavit is normally all that is needed. In case if the individual does not have a will, their estate will transfer to their inheritors or descendants under the laws of Intestate Succession via a full probate proceeding.
Their partner will be presented with all the community property and either half or a third of the separate property determined by how many children they own. In case if there is no partner then the children will be given the entire estate once they turn 18. And if there are no children, the jurisprudence will then expect the next closest relative to be awarded with the estate.
For more information on San Diego Probate Lawyer, please visit: http://steveblisslaw.com. Interested folks may also check Steven F. Bliss' Google+ page.
Steven F. Bliss, Esq.
Attorney at Law
3914 Murphy Canyon Rd. Suite A202
San Diego CA 92123