A. File Probate Petition to be heard by court;
B. Publish notice of Petition for Probate and notice to creditors in local newspaper;
C. At hearing, court issues Order admitting estate to probate;
D. File Letters of Administration authorizing Executor (if there is a will) or Administrator (if no will) to act on behalf of estate;
B. Unless otherwise ordered by the court, creditors have 4 months after the issuance of Letters of Administration in which to file claims against the estate. Known creditors must be given specific notice;
C. File Inventory and Appraisal of estate assets;
D. File Final Account and Order for distribution at least 4 months after Letters issued to Executor or Administrator;
E. Distribute assets to beneficiaries & file their receipts;
F. File Final Discharge of Executor or Administrator;
Total Elapsed Time: minimally approximately 6 months.
California Probate Fees for Attorneys, Executors & Administrators
Statutory amounts to be paid to both the probate attorney and the executor or administrator:
4% on first $100,000;
3% on next $100,000;
2% on next $800,000;
1% on the next $9,000,000;
1/2 of 1% on the next $15,000,000;
The court decides a reasonable amount for all amounts above $25,000,000;
PLUS the probate attorney and the executor or administrator may be entitled to extraordinary fees for real estate sales, litigation, etc.
It is usually far less costly in the long run to prepare a living trust than it is to have your estate go through the probate court process. The trust will almost certainly provide that more money be distributed to your heirs.
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