Estate Planning - What Is Probate?

What does Probate mean?
Technically it means 'proving a will' through a formal proceeding.

To settle an Estate you can either do it through formal proceedings (probate) or non-formal methods (non-probate). These methods vary from state to state. Avoid Probate at all cost. Literally. It could cause your immediate family thousands of dollars if you took time to plan your estate. Why not cost you? Because you will be dead. But don't leave a financial nightmare to your love ones.

What is entailed in settling an estate?
-Determines what property is owned by the decedent
-Pays the decedent's debts and taxes, if any
-distributes all property that is left to the appropriate beneficiary.

To get this property out of the name of the decedent and into the names of the people who inherit it requires a legal bridge.

Most of the decedents estate will be passed to the persons named in his or her will. If there is no will, then to certain close relatives according to priorities established by state law (called interstate succesion)

See California Probate Code Section 6400-6414 (click here) for interstate succession

Check list for Settling a Simple Estate
1. Locate the Will if any (make copies)
2. Order Certified Copies of the Death Certificate
3. Determine who will be the Estate Representative -
4. Determine the beneficiaries
5. Determine the decendent's legal residence
6. Collect Insurance Proceeds, Social Security Benefits, and other Death Benefits
7. Arrange for final income tax returns and estate fiduciary income tax returns if required
8. Assemble and List assests such as (see list)
9. Determine whether each item of property is community property or separate property
10. Estimate the Value of each assest
11. List Debts and Obligation
12. Determine priority of debt
15. Determine method of transferring assets:
-transfer estates under $100,000 without formal probate administration (California).
-Begin simple probate court proceedings in necessary to transfer other property.

This information is found verbatim from NOLO 17th Edition on How to Probate an Estate in Califnornia