What Is Probate?

Estate administration provides for the orderly distribution of real and personal property owned by a decedent. More specifically, any property which the decedent owned or in which the decedent had an interest at the time of death is collected into the estate and distributed to those entitled to it after all debts and expenses have been paid. The process of administering a decedent’s estate is referred to as “probate,” and is generally supervised by the probate court. A personal representative is the person or entity charged with the responsibility of administering a decedent’s estate. A personal representative is either an executor (executrix) who is named in a will or an administrator (administratrix) who is appointed by the court when there is no will, when the will does not name an executor or when the named executor is unable or unwilling to serve.

The personal representative is charged with the fiduciary responsibility of gathering the assets and paying the debts of the decedent in such a way that the beneficiaries or heirs of the decedent receive the maximum inheritance. The personal representative usually will hire an estate attorney to handle the legal aspects of the probate. Most business dealings are through the estate attorney. A Realtor is usually hired to market the estate property and monitor the sale in order to make sure that a successful closing is obtained.

Source: California Association of Realtors (CAR Online)

DISCLAIMER: Contact an ESTATE Attorney if you have specific questions regarding this matter. Only an Attorney is allowed to give legal advice.

ATTENTION Estate Attorneys!

Do you have PROBATE or LIVING TRUST real property in LOS ANGELES COUNTY or ORANGE COUNTY that needs to be sold?  If yes, please complete the “Quick Response” form below.  I will contact you immediately upon receipt.

Revocable Living Trust

A Revocable Living Trust covers three phases of the life of the maker of the Living Trust … while the maker is alive and well, if the maker becomes mentally incapacitated, and after the maker of the trust dies.

Phase One of a Revocable Living Trust:

While the maker is alive and well, the trust agreement will have specific provisions allowing the maker to manage, invest, and spend the trust assets for his or her own benefit. Thus, the maker will go about business as usual with regard to assets that have been funded into the trust, except that the maker will sign as the “Trustee” instead of as an individual.

Phase Two of a Revocable Living Trust:

The trust agreement will also specify one or more procedures to be followed if the maker becomes mentally incapacitated. If the maker is determined to be mentally incompetent and can no longer properly serve as Trustee, then the trust agreement will name a successor “Disability Trustee” to take over the management and investment of the trust funds from the maker of the trust. The Disability Trustee will then be able to take care of and manage all of the maker’s finances (assuming all of the maker’s assets have been funded into the trust) and pay the maker’s bills.

Phase Three of a Revocable Living Trust:

When the maker of the trust dies, the “Administrative” or “Successor Trustee” will be able to step in and pay the maker’s final bills, debts, and taxes. The trust agreement will then contain instructions about who will receive the balance of the trust funds after all of the bills have been paid and the Administrative Trustee will distribute the balance accordingly.

Source: About.com

DISCLAIMER: Contact an ESTATE Attorney if you have specific questions regarding this matter. Only an Attorney is allowed to give legal advice.