To have a successful probate case, you must gather information about the decedent's assest, any debts, and any will or other estate planning document. An accordion folder can help you keep the information organized. You must also be able to communicate with the heirs and beneficiaries. You will need a list of heirs and beneficiaries, as well as their addresses, telephone numbers, and email addresses.
Preparing the initial Petition for Probate requires that you be able to reference the above data gathered about the estate and the decedent. If there is a will, you must take the will to the Clerk of the Superior Court and lodge the will for safekeeping, and obtain a receipt.
Publication in a local newspaper in the city where the decedent lived is a requirement in probate. There are only certain newspapers which are authorized to publish legal notices. In Los Angeles, there are many newspapers, but the major newspapers commonly used are the Los Angeles Daily Journal and Metropolitan News. They can also help arrange publication of a probate notice in other cities and localities.
You should consider hiring an experienced probate lawyer in Los Angeles to assist you if the probate is being filed in Los Angeles. There are many local Los Angeles Probate Rules that need to be followed for success in finishing your probate case.
Here is a list of various taxes which you need to inquire about from an experienced accountant. Decedent's last income taxes, property taxes, capital gains taxes if there is a sale, and Federal Estate taxes. Going to the decedent's own accountant can help you with information gathering and will make the probate process smoother.
Remember when we said you need to gather information about the assets? The information about the decedent's assest needs to be filed in Court. Some assets are exempt from probate, so you will need to be able to consult a probate lawyer on how to complete the court's inventory form. The Court will assign a competent appraiser called a Probate Referee to appraise assets that fluctuate in value.
When you become the executor or administrator of the estate, the Court will set a date called an OSC re accounting. This OSC is a Court deadline to complete the estate's accounting petition and submit all the data regarding what came into the estate and what left the estate during probate. Failure to timely file the final petition and do a probate accounting has major adverse consequences. Be sure to calendar the probate accounting file by date and the OSC hearing re the accounting.
When you finish your probate accounting and the court approves the accounting, you will ask that the court exonorate the bond upon filing of the receipts for distributions to the heirs and beneficiaires. There is an additional form that needs to be filed at the end of the case after you file the receipts which then closes the probate case.
If you need help with finishing your probate case, feel free to contact us below.