What to discuss with your Wills Lawyers?

WILLS LAWYERS ATTORNEYS AT LAW – LOS ANGELES GLENDALE PASADENA WOODLAND HILLS

WHAT IS A WILL?

A will is a set of instructions or wishes left by a person who is deceased as to how to distribute his or her assets.   In a will, an executor is named to handle the responsibility of collecting the assets, paying the creditors, and distributing the estate assets with Court approval.     Attorneys at Sirkin Law Group have over 26 years of experience preparing wills and administering wills in probate courts in Los Angeles Ca.

WHAT IS THE MONETARY THRESHOLD FOR PROBATE -UPDATED 2020?

2019 Numbers Small Estate : In California, if the non-beneficiary assets of the person are at least $150,000 in 2019, the will must be probated.  Ask us what is subject to the $150,000 in 2019.    If all assets fall below $150,000, then the assets may be collected by an Affidavit of Small Estate in California.    The $150,000 is comprehensive, it includes real property and personal property, which does not have a beneficiary, and was not in a trust. See below for 2020 Small Estate numbers.

Small Estate California Probate Threshold Amount is $166,250 as of 2020

13100.

Excluding the property described in Section 13050, if the gross value of the decedent’s real and personal property in this state does not exceed one hundred sixty-six thousand two hundred fifty dollars ($166,250), as adjusted periodically in accordance with Section 890, and if 40 days have elapsed since the death of the decedent, the successor of the decedent may, without procuring letters of administration or awaiting probate of the will, do any of the following with respect to one or more particular items of property:(a) Collect any particular item of property that is money due the decedent. (b) Receive any particular item of property that is tangible personal property of the decedent. (c) Have any particular item of property that is evidence of a debt, obligation, interest, right, security, or chose in action belonging to the decedent transferred, whether or not secured by a lien on real property.

WHAT KINDS OF WILLS ARE THERE?

There are several different kinds of Wills:

1.  Holographic Will:   This type of will is entirely written in the decedent’s handwriting, signed and dated. A hand-written will of the decedent does not require witness’ signatures.

2.  Statutory Will Form:   A statutory type of will can be used in limited situations where there are no beneficiaries who are disabled, and where there is no trust.  This type of will does not provide for too many alternatives and has limited use.   

3.   Attorney Prepared Will:   A general will (or a traditional will) has to be witnessed by at least two witnesses in California.   Attorneys will question their clients regarding beneficiaries’ abilities and disabilities.   An attorney-drafted will is flexible in that it can provide for many different alternatives.  

4.  Pourover Will:  A Pourover will is a type of will, which normally comes with a trust.  It is a catch all instrument (much like a funnel), for a trust in the event the decedent has left an asset out of the name of the trust and without a beneficiary designation.

To learn more about wills in Los Angeles California or for an appointment to consult with our skilled wills attorneys, call us. Find out more about the various types of wills available for your special situation, call the lawyers at Sirkin Law Group, P.C. in Los Angeles, Glendale, Woodland Hills and Pasadena Ca.   We have a specialist on staff to assist you with any situation involving Los Angeles wills in California.

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