LA Probate Law – Understanding Probate and Non Probate Assets
Transferring your assets or wealth after your death is a topic that would not be desirable for many people. Though, it is an important part of our life and hence, should not be overlooked. It takes a lifetime to acquire assets and wealth and then we pass away to a parallel world may be, leaving all our assets behind. As a responsible family member it is your duty to provide happiness to your family mates, by making sure that even you will leave this world, your near and dear ones do not have to struggle. In order to do this, many people compose their wills or testaments with the help of the lawyers. Whereas, many of us do not care to compose such things, and leave the belongings in the difficulties of distribution amongst the family members or relatives! So, if someone dies without having a will, what will happen? Every state of the USA has legal frameworks to determine the successful descendant of the assets of the deceased. This legal framework is termed as probate law, which comes into the picture when deceased does not have any will or testament, has a faulty will or has a will which has several disputed, as accused by someone in the family. Although, probate law of each state is more or less the same, depending upon the state regulations and norms of the probate process varies a lot. In this article, we will mainly focus on the LA probate law that means probate law of Los Angeles. It has to be noted that probate process will only take place if it is reported in the local judiciary panel. That means if deceased used to live in California, then you have to submit your legal letters and petition in the court of the state of California.
Understanding Probate Process – When There Is No Will
The distribution of the property of the deceased when there is not the will is carried out through the legal process. After the death of the person, probate court intervenes and investigates first whether a will or testament is present or not. In case the will is not present, then the court determines the property descends in a legal process. In such cases, spouse is considered as the prime nominee for the property of the deceased. However, if the deceased person was not married, but was in a relationship or was living together with the partner, then partner becomes the nominee. But, what if the spouse of partner of the deceased already passed away? According to LA probate law, after a spouse or partner, children are given priority as nominees. In other cases, nominees are selected from the following order of the relatives, such as – grandchildren, niece or nephew, siblings, parents, etc. Undergoing the probate process is necessary for the proper distribution of the properties of the deceased. How many times have you seen property distribution conflicts between the family members of the deceased? Well, in a lot of cases, it happens and in truth it is unfortunate. But, practically, probate law is imposed to settle down such conflicts, providing the rights to the people who are in need and who deserve to be the nominees indeed.
What Is Probate Asset and Non Probate Asset?
We acquire our assets in different forms and probate law also determines the nature of the assets. Before delving into the significance of such assets, we need to realize what are they? Mainly, the probate court or according to the LA probate law, the court divides the assets of the deceased in two broad parts, one is non-probate asset and the other one is probate asset. Probate assets are those which were held by the deceased in his or her name particularly. Such assets are transferable through a will or testament or even without any will or testament. Home or real estate property of the deceased falls under this category. If there is a will, then it will be transferred to the person’s name directly, as mentioned in the will. If there is no will, the probate court will determine the nominee and will transfer the asset. Now what is non-probate asset? Non probate assets are identified as assets of the deceased which do not require a undergoing probate process in order to transfer. For example, if the deceased had property which is jointly owned, then there is no need for LA probate law to intervene as the property will automatically go into the hands of the other owner of the property. Jointly held properties, joint bank accounts, etc. are the examples of non-probate properties. In such cases, no nominees are required to be sought after if the other owner is still alive.
Probate Process – If There Is a Will
If the deceased person has a will or testament, where the descendants are mentioned after the death of the person, then probate process is still required. You must be thinking why? Well, the court will determine the will is valid or not. Legitimate will or testament will only be considered for the property transfer. In case, the will is ruptured or not properly maintained, then probate process will start as considering that the deceased has no will or testament. Clearly, the LA probate law is complicated and thus for dealing with such law or legal framework, one needs expert opinions and seamless legal advices. For this hiring an experienced as well as an expert probate attorney or lawyer is required to carry out the process seamlessly and to settle down the property distribution properly.
LA Probate Law – Understanding Probate and Non Probate Assets
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