Why should you want to avoid probate? For one, the probate process can take up to a year to complete, and it can be quite costly. For example, if you have a million-dollar house in California with a $900,000 mortgage, the attorney's fees alone for probate could amount to $23,000, and court costs are around $3,500. Avoiding probate also helps maintain privacy.
To avoid probate in California, set up an estate plan involving a trust, pour-over will, power of attorney, health care directive, assignment agreement, and a change of ownership report.
Probate can be time-consuming and costly, with potential privacy issues. Smaller estates can consider joint tenancy, pay on death arrangements, or community property with right of survivorship. For advice on avoiding probate and setting up an estate plan, contact the law offices of Alice A. Salvo for a free consultation.
