 |
||||||||
|
 |
|
|
|
|
|
LEGAL NOTIONS Probate Avoidance A good estate plan promotes the goals of the person who has the estate plan. The reduction or elimination of any of the various wealth transfer taxes (often called death taxes) is a popular goal for the wealthy. For many, probate avoidance is a high priority in estate planning and is an achievable objective. The term "probate avoidance" is ambiguous because the word "probate" has multiple meanings. Nevertheless, the term "probate avoidance" generally denotes the avoidance of probate court in all aspects of estate administration. California offers simplified procedures for transferring certain small probate estates and certain property without the need to go to probate court. Furthermore, certain items (such as death benefit payments to living persons under a life insurance policy on the life of a deceased person) pass directly to the designated beneficiaries without use of any such simplified procedures and regardless of whether court probate is required. There are numerous devices that are used for probate avoidance. They include, but are not limited to, life insurance policies, pay-on-death accounts, joint tenancies, and living trusts. However, the mere use of any of such devices does not necessarily guarantee that probate court will be avoided. Furthermore, in California, the value and/or nature of a person's assets may be such that court probate procedures can be avoided without the use of probate avoidance devices. As people's circumstances vary it is important that one consult with a competent estate planning attorney for specific advice for their own circumstances. << back to columns >> The information provided in this column is not intended to be legal advice but merely conveys general information related to the topic. © 2004 2005 Scott J. Preble, A Prof. Law Corp., Antioch, (925) 756-7111. www.PrebleLawFirm.com.
|
|
[INTRO] [SERVICES] [FEES] [PROFILES] [FAQ's] [DIRECTIONS] [COLUMNS] |
|
|
|
The Preble Law Firm 3700 Delta Fair Blvd., Suite 210 Antioch, California, 94509-4074 Copyright © 2005-2007 The Preble Law Firm. All Rights Reserved. |
|
|