Most of us have an idea of what we want to happen to our belongings when we die. We want our beloved nieces and nephews to receive special jewelry or see our house (usually our most valuable asset) bequeathed to our children. But many of us don’t know how this happened. This article will explain what happens when we die and what happens to our possessions (the legal term for our possessions is our ‘treasures’).
A PLAN
If we have a plan to distribute our belongings, it usually means we have a will or trust. A Will is a legal document that lets everyone know who will be the executor of your estate; who should receive your property; and how you want your plantation to be managed. A will in California must be witnessed by at least two adults and signed by the person making the will. It doesn’t have to be long. It doesn’t have to be notarized. The original copy of your will must be easily accessible to your family members after your death. The endorsement process is a legal procedure to carry out the wishes you have stated in your will. Without it, the court will implement its backup plan. True and valid beliefs are not required to go through the probate process unless they are challenged. Also, more informal plans such as ‘pay for death’ accounts do not have to go through probate.
Petition
Submitting a Letter of Intent to the court is the first step in the probate process. This is done with a petition asking the court to recognize the Will as your last wish. The petition also asks the court to authorize the person you named in your will as your executor, to carry out your final wishes. Usually the person you call the executor will take on the task of preparing the petition or hire a lawyer or legal document expert to do so. The person who requests the court’s authority is called the applicant.
The applicant must identify all your immediate family members, your spouse who died before you and everyone you name in your will. The petition should also state your assets, the approximate value of your property, the type of authority the potential executor must grant (limited vs. independent control) and whether a bond is required. An application is a form that the court requires and when it is filled, it must be submitted to the court along with a copy of the will. The original copy of your will must be submitted to the court which is kept in the court file.
Once the petition is completed and a copy of the Will is attached, the petition is filed with the court with the necessary filing fees. Currently, the filing fee in California is $435 for probate petitions. After the fees are paid, the clerk will set a trial date so the judge can decide on the application. The court calendar varies from region to region. Some countries set court dates within 15 or 20 days while other courts are so congested that applicants may not get a court date for two months. Prior to the trial date, court staff will review the petition and present it to the judge with any questions or comments.
Hearing
Before a judge makes a decision on a petition, a summary of the petition must be published in your local newspaper. In fact, the petition must state the specific name of the newspaper where the publication will be posted. This publication is required to notify potential interested parties that someone is seeking court approval to certify your estate. This public notification then provides an opportunity for anyone to come forward and object to the appointment of an executor or against the Will itself. Family members and next of kin must receive separate notices which must be sent directly to them. Just as newspaper notifications provide the public with an opportunity to raise objections, mail notifications offer family members the same opportunity.
Assuming no objections are made and all procedural steps have been followed (such as notices), the judge will grant the probate request at trial and your executor is officially appointed to manage your property. It is at this time that the executor’s bonds must be brought to court, if necessary. After the hearing, your executor will receive a signed copy of the probate order and letter of appointment. As with the petition, the applicant is also responsible for preparing these documents for signature by the judge. Your executor will need these two documents as proof that he or she is authorized by the court to pay your debts, collect all monies owed to you at the time of your death, access all of your bank accounts or brokerage accounts and administer them. your property. Almost all third parties such as bank representatives, mortgage companies, holding companies, and government officials will require copies of orders and letters before releasing any information about your dealings. Your implementer may need certified copies of these documents. Certified copies are available from court clerks for an additional fee.
Once appointed, your executor will not only control your estate, he will also be accountable to the courts and beneficiaries for how your estate is managed. In fact, any action taken during the administration of your estate must eventually be reported to the courts. And some actions, such as selling your home, require prior notification to the beneficiary and/or the court of the sale. But most importantly, your executor is responsible for carrying out your final wishes. The best thing you can do to facilitate this is to make sure that your will is properly executed, make sure your loved ones know where the original will is and lastly make sure your wishes are clearly stated. Taking these steps will ease the process of fulfilling your final wish.