California Inheritance Loans and Probate Advance Law
Dec 14 2018The purpose of probate law is to ensure the wishes of the deceased in regards to their property are carried out. Debts and tax obligations are resolved during this process as well. Each state is allowed to create its own laws for the probate process, timeline for probate and what property must go through probate.
What are California Probate Laws?California probate laws are different than in some states. In California, you may be able to go through a simplified probate process or even transfer property without going through the process. In other cases, full probate may be necessary. An executor or administrator may be assigned to the estate to manage the process. You may need the assistance of a California probate attorney to navigate the process and ensure you follow all the laws for the estate. They stay up to date on current laws and changes with the law. When you hire an attorney, they will help you fill out paperwork and file all documents within the deadlines. You may be limited on how long you are able to file on an estate. In many cases, if the value of the property is $150,000 or less, you may not be required to go to probate.
What is the Probate Process in California?The probate process in California has several steps. If it is determined that the estate must go to probate, you will need to follow specific procedures. They include the following steps:
- The custodian of the will must present the original will to the probate court clerk’s office within 30 days after the person’s death. They will also provide an additional copy to the executor of the estate. If there is no will, the court will appoint an administrator for the estate.
- An interested party must file a petition for probate with the court in the county where the deceased lived.
- A hearing date is set, and notice must be given to all interested parties to the estate along with all surviving members even if they are not named in the will.
- Notice of probate must be published in the newspaper.
- An examiner from probate court will review the paperwork to ensure the case has been handled correctly. Corrections must be made if there were any errors.
- The representative for the estate will prepare an inventory of all assets with an appraisal for the value of the listed items.
- Notice is given to all creditors with a Notice of Administration to Creditors.
- A personal income tax return must be prepared for the deceased person.
- The court determines who is to receive the assets of the estate. Once this determination is made, the representative handles the disbursement and files a report with receipts. The judge reviews this information to ensure the estate has been handled properly.
What Property Will Go Through Probate in California?Many times, the property will not need to go through probate in California. It will depend on the amount of money that is involved in the estate as well as the type of property and the type of ownership. The need for probate may also depend on who has a claim to the property or if anyone is contesting the will. The type of contract will also impact whether the estate needs to go through probate. For example, a life insurance policy may not be processed through probate if there is a beneficiary named. Retirement and death benefits usually also have beneficiaries and do not need to be part of probate. If there is joint ownership for a property, it will generally go to the other person listed as owner automatically. This may include real estate, vehicles and other property that allows for ownership.
How Can You Avoid Probate in California?It is possible to avoid having an estate in California go through probate. It takes careful planning and foresight to avoid the cost and time involved in probate. A living trust will allow the assets to be transferred to the heir without taking it to court. Probate is a complex and often lengthy process. It can take months or even years for the estate to be settled, especially if there are complications or the will is contested. A living trust will often make the transfer of assets straightforward.
How Can You Gain Access to California Inheritance Funds Immediately?You may be wondering how you can gain access to California inheritance funds immediately. You may find you need the money or would like to use it right away, but it is tied up in court proceedings. There is a way you can gain access to those funds to which you are entitled. An inheritance advance will allow you to take part of your inheritance now even while the proceedings have not been completed. ProbateAdvance allows you to have your money when you need it or want it. There are no hidden fees or other charges with no interest accruing or payments to be made. You do not need to worry about credit history or any other requirements as seen with more traditional financing. You might not have to wait for months or years to get the money to which you are entitled. Rather, you may have the money in your hands in just a matter of days.
What Do You Need for a Probate Advance in California?For a probate advance in California, you will need to provide basic information and supporting documentation to show that you are the rightful heir to the estate. You will also need to determine how much of your inheritance you want to receive now. In just two days, you could have access to the money.
What Areas of California Qualify for an Inheritance Loan?You can receive an inheritance loan no matter where you live in California, including the following cities:
- Los Angeles
- San Diego
- San Jose
- San Francisco