When someone passes away, there are almost always many loose ends to tie up. Probate is the process used to transfer legal title of property from the deceased’s estate to their proper beneficiaries and usually involves multiple steps. Probate is usually overseen and accomplished by the executor if there is a will or by a representative of a San Francisco probate court if no will is present.
The term probate refers to proving who a deceased person’s legal heirs are if there is no will. And considering the fact that the deceased cannot take their belongings with them, probate is the process used to determine who gets their property. The process of probate typically includes the identification of property owned & making an inventory of it, the accounting and appraisal of the property, the payment of taxes and the paying off creditors.
How long San Francisco probate will keep an estate tied depends upon the size and complexity of the estate and the difficulty involved with locating the beneficiaries. It’s important to know that typically, your beneficiaries will not receive anything until all your debts are paid off. This means that your family members’ immediate financial needs such as the payment of your home loan and even money needed for paying off monthly utility bills and weekly grocery bills could be jeopardized. A way to avoid this happening to your beneficiaries is to set up a gift-giving strategy prior to your death that will transfer enough money to your loved ones that they can use to help cover their living expenses during the probate process.
If your estate is complicated, it can take a considerable period of time to determine exactly what assets you have and what debts you owe. There also could be difficulty locating your beneficiaries or even some legal challenges that could cause delays in the probate process. Generally, if the estate has no out-of-the-ordinary problems, the probate process can be wrapped up in less than a year. Some problems that could slow the process are issues with paying off your debts, taxes or will contests. When a probate process gets underway in California, state law requires that notices be sent to beneficiaries and this notice will inform your beneficiaries when and where the hearing will be heard.