How can I minimize or avoid probate proceedings?

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By mediating your estate plan Peace Talks, can help you create a plan that will avoid costly, time consuming probate proceedings.

• Probate is the court proceeding in which the authenticity of your will is established, your executor or administrator is appointed, your debts and taxes are paid, and your property in your probate estate is distributed according to your will.
• The probate process can be costly and time consuming. Going through the probate process could require payment of attorney’s fees, executor fees, court costs, publishing fees, filing fees, and appraisal fees.
• In California, an estate worth up to $100,000 is exempt from normal probate. However, for estates over $100,000, all property left by a will must go through probate.
• There are several ways to reduce or eliminate probate fees by transferring property outside of probate. When you mediate at Peace Talks, we can help you choose which avenue is best to meet your goals.

• Living Trusts: Property held in a living trust does not need to go through probate. A living trust has the power to do all the basic functions of a will with the huge plus of avoiding probate. Please see “Making a trust"

• Joint Tenancy: This is a form of share property ownership. At the time of one owner’s death, the surviving joint owner or owners automatically inherit the deceased owner’s share. The property does not go through probate.
• Pay-on-Death designations: This is an easy way to transfer monies in your bank account at your death without probate. The bank will provide you with a form where you designate one or more persons to receive any money in the account at the time of your death.
• Life Insurance: Life insurance is a good way to provide quick cash for debts, living expenses, and estate taxes for surviving family members. Because beneficiaries are named in life insurance policies, the proceeds do not go through probate.
• Individual retirement programs: Individual retirement programs allow you to name beneficiaries to receive any money left in the account at the time of your death. Therefore, the money goes directly to your beneficiaries and is not subject to probate.

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