Funding your California living trust with your property while you are alive results in the direct transfer to heirs and beneficiaries when you die without the time and expense of a probate proceeding.
There are times when people don’t include all of their property in their living trust before they die. When this happens, a simpler type of probate referred to as a Heggstad petition may be available for the California property left outside of the trust that should have been in the trust but for some reason wasn’t.
While a full probate proceeding in Los Angeles can take up to nine months and cost up to 6 percent of the full value of the property in the probate estate, a Heggstad petition can be completed in just a few short months and costs much less. Some probate attorneys erroneously refer to a Heggstad petition as a Hegsted, Hegstead or Heggstead petition.
California probate law says that if you die leaving property worth $100,000 or less, then the proper person may claim the property without using the and no probate lawyer is necessary.
For probate help or to file a Heggstad petition, call a probate attorney – call Mitchell A. Port at (310) 559-5259. Want to discuss how to probate a will in California or find out more about death and taxes? Call now.