RICHARD Q. HUYNH, ESQ.,           LOS ANGELES & SILICON VALLEY        (818) 380-3043          (408) 412-1183        RICHARD@RQHLAW.COM

IRS Circular 230 Disclosure: Any discussion of or advice regarding United States tax matters contained herein (including any materials made available for download) does not meet the requirements necessary to be a "covered opinion" as defined in Internal Revenue Service Circular 230, and therefore, is not intended or written to be relied upon or used and can not be relied upon or used for the purpose of avoiding federal tax penalties that may be imposed or for the purpose of promoting, marketing, or recommending any tax-related matters or advice to another party.

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Richard Q. Huynh

Trusts & Estates Attorney

PROBATE

RICHARD Q. HUYNH, ESQ., J.D., LL.M.

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“What is Probate? Can I do it myself? Isn’t a will sufficient to avoid probate?”

Probate is the process by which a court supervises the transfer of property from a decedent's estate to the decedent's heirs. Without a trust, probate is required where the decedent's assets are valued at more than $150,000.

The probate process is multifaceted, time consuming, and can be a source of great stress for those unfamiliar with it. Thus, an attorney is often needed to represent the executor of the estate of the decedent. The probate process usually involves, among other things:

  • Petitioning and appearing in court

  • Marshaling assets of the estate

  • Contacting and tracking creditors of the estate

  • Opening the proper accounts to hold any cash of the estate

  • Preparing accountings of the estate

  • Managing the sale of the decedent's assets

  • Filing the decedent’s tax returns and assuring all taxes are paid, if any

“How much does probate cost?”

The cost of probate is often more expensive than creating even the priciest of living trusts, let alone a basic living trust. If an attorney is involved in the probate process, probate fees are based on the gross value of the estate. For this purpose, debts will not reduce the value of the estate. Mandatory probate fees are calculated as follows:

  • 4% of the first $100,000

  • 3% of the next $100,000

  • 2% of the next $800,000

  • 1% of the next $9,000,000

So, if your gross estate is worth $1,000,000, independent of any debts, the estate would owe $23,000 in attorney's fees. Additionally, there may be associated court related fees and costs.

Contact Richard to have an experienced attorney guide you along the exhaustive probate process.

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Estate planning need not to be complicated and stressful. I can help you devise an estate plan that works for you and your family.

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(818) 380-3043 - Los Angeles

(408) 412-1183 - Silicon Valley