Q: What is an heir?
A: An heir is a natural person that has an inheritable right in the decents's estate. The level at which an heir may take an interest in the decedent's estate, in California, is goverened by California Probate Code Section 6400 et. seq.
Q: Can I avoid probate?
A: Yes. Many times some form of a trust is used to accomplish this purpose. When assets are transferred over into a trust it then becomes the property of the trust and not the individual. There is, however, a difference in legal and creditor treament among trusts based upon whether the trust is regarded revocable or irrevocable.
Q: What is the role of a probate referee?
A: A probate referee is an individual assigned by the court to assess the value of certain assets of the probate estate. These values are used during probate administration to determine whether the probate estate may have estate tax exposure, or whether the probate estate can be concluded summarily.
Q: What is a pour-over will?
A: A pour over will is an estate planning document that is designed to pour assets over into an existing trust during the adminstration of the decedent's probate estate. Specifically, it captures all assets that may have been acquired after establishment of a trust, but which, were not added to the trust later. Accordingly, its sole purpose is to pour-over into a trust those assessts decedent would have wanted added to the trust, but for whatever reason were not.
Q: Do I have to take an inheritance?
A: No. Often times individuals do not want to take a share of the decedent's probate estate because of tax reasons, or simply because it will lead to litigation. To accomplish this a disclaimer of interest is usually filed by the person during the administration of decedent's probate estate.
Q: Why must creditors be notified?
A: Probate is a process of winding up the legal affairs of the decedent. That being said, a major step in doing so is to resolve the debts that the decedent had accumulated during his or her lifetime, but were outstanding and due at his or her death. Creditors must be notified during administration of decedent's probate estate because they have a legal right to file a claim and be paid pursuant to a preexisitng legal obligation between them and the decedent.
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