Probate is a legal process for all estates valued over $166,250 (including real estate) when the property or assets are not held in trust. Simply put, a court case must be initiated in order for the State of California to determine several factors, including, but not limited to:
In California, if an individual dies intestate (without a will or trust) and owns a home, the entire estate enters into a process called Probate -> ***Link to What is Probate?***. Their estate will enter into a lengthy, expensive and public court process to determine the full value of your estate and to whom it will go.
When someone dies with a Trust, there will be no Probate. However, specific legal requirements must be addressed quickly for the estate to be settled with no delay in distributions.
When you choose to join the Vanguard family for this process, we will guide and direct you seamlessly through an experience that typically goes like this:
According to a recent study by the NIH, adults reaching 70 years of age have approximately a 30% chance of suffering from dementia, losing the capacity to make decisions for themselves. Including other physical disabilities, adults living past 80 years of age have up to a 74% risk of incapacity or incompetence during their lives. According to the Department of Health & Human services, 72% of adults aged 70 or older will require Long term or palliative care. (https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5624986/)
Common law dictates that individuals possess autonomy and self-determination until the point of discapacity. Competency refers to the mental ability and cognitive capabilities required to execute a legally recognized act, rationally. So if we become irrational or discapacitated, what happens then?