When you pass away with no estate planning, your estate may need to go through the probate process in California. A new study reveals that many people underestimate the impacts of the probate process. A study from Trust and Will shows that most people do not have a good handle on the emotional toll, the timeline, and the cost of an estate going through probate.
Probate is the formal and legal procedure for estate administration settlement. Just over 60% of Americans understand its definition, whereas nearly 20% say they are unclear about its meaning. Further, another 35% not aware of the process at all.
The average timeline for probate in the United States is 20 months, but only 2% of survey respondents felt that it would take that long. Over half of people who responded to the study did not have a good understanding of the costs involved in probate. Over half of Americans believe probate is very or somewhat difficult, but only 40% believed they had a decent understanding of the process.
If you have ever been involved in the process of closing out someone else’s probate, you know how challenging it can be if the paperwork and planning was not done in advance. You can make this difficult process easier for your loved ones with some advanced planning. A lawyer can advise you about all aspects of estate planning, including if you need something like a will or something more complex.
The cost and length of the probate process can be problematic for your entire family. Working with a Pasadena estate planning lawyer is one of the best ways to minimize these impacts and to ensure the most streamlined transition of your assets possible.
If you still have more questions about this process, our lawyers can walk you through what to expect and answer those questions for you.
If you’re concerned about getting a conservatorship for someone in California, California has set up a time to speak with our Pasadena estate planning lawyers.
