Probate is a legal proceeding that is used to finalize a person’s legal and financial affairs after death.  The will becomes a public document making a decedent’s personal affairs public and therefore increasing the chances of a will contest.

Probate can take on average between six months to several years depending on the size and how complicated the estate may be.  Additionally, depending on the size of an estate probate can be very expensive. California law sets statutory fees that an attorney and an executor can charge for a probate based on the total value of the estate (assets minus liabilities). Higher fees can be ordered by a court for more complicated cases.

The Proceedings are controlled by a judge, who can decide disputes between heirs or between the heirs and the executor.  The problem however is that a judge’s decisions may not coincide with the wishes of the decedent.  Also, creditors have the right to seek access to the estate assets by submitting their claims against estate.  It will be up to the executor and the probate attorney to defend against such claims in order to preserve the estate assets for the beneficiaries.

The executor charged with numerous duties and responsibilities.  The executor will have to decide which assets to liquidate in order to pay creditors and estate expenses, and how to best distribute the assets according to the decedent’s intent. The executor is also required, in most cases, to prepare an accounting and report the executor’s activities.

At Gokal Law, we provide support and advice to the executor every step of the way.

Entrepreneurs achieve success through focus, determination and perseverance combined with an ability to provide high quality goods and services. As a small business owner you cannot afford to allow the distractions of day to day legal matters take away you from your goal. Gokal Law gives small businesses the ability to focus on what they do best by negotiating agreements, preparing contractual agreements, addressing claims and disputes as well as various other general corporate matters. We provide sensible advice that balances the legal risks with the business opportunity.

What is a will?
A will is a document containing your instructions and wishes as to how your property and assets are to be distributed after your death. Each state sets different formal requirements for the creation of a legal will. In California, a person must be at least 18 years old and of sound mind. Leaving a will is generally less expensive that creating a trust, however, there are significant disadvantages of a will.

Young (but over 18) and single
Even if you do not have a lot of assets but have some material possessions, you should write a will. If you don’t, the wealth you leave behind if you die will likely go to your parents, and that might not be what you would want. A will lets you leave your possessions to anyone you choose for example, your significant other, siblings, other relatives, or favorite charity.

What happens with my will after my death?
Before the assets of a decedent can be distributed, a decedent’s estate must go through the probate process.

In 2009-2010 the average tuition and fees for a private university was $26,273 per year and $7,020 for in-state public universities. Some private school charged in excess of $35,000 per year. These figures are expected to rise significantly in excess of inflation over the foreseeable future. Furthermore, there figures do not take into account the additional expense of room and board and other living expenses.

There are numerous options available to families to help save and pay for higher education costs while providing significant tax benefits. These methods include:

• Sec. 529 College Savings Plan
• Sec. 530 Coverdell Education Savings Account
• Outright payments of tuition without gift tax or generation-skipping transfer (GST) tax effect
• Using penalty-free withdrawals from a regular IRA for education
• Establishing savings vehicles under a custodianship account and Crummy Trust.

As part of your estate plan we can incorporate a plan to meet the educational needs of your children and grandchildren.