January 16, 2014 by generationsprobate
Probate law is a set of governing rules regarding wills, trust, asset management and distribution, and similar proceedings that a citizen can plan for when he passes away. As in civil laws like this, each state often have their own variances on which is legal and acceptable.
In California, people know that the state’s probate code isn’t always favorable to them, especially when considering the outcome of some high-profile cases about inheritance and litigation, such as the case of J. Howard Marshall. With that in mind, California Assemblyman Mike Gatto is proposing the country’s first-ever “Wiki Bill” which allows you to give your inputs on how the California probate code should be changed.
Considering that inheritance disputes can ruin family relationships when handled poorly, the Wiki Bill aims to make probate, real estate, and inheritance planning and settlements easier and fairer, particularly from the point of view of California residents. A good example is the matter of inheritance taxes, which many find too prohibitive.
Probate proceedings are not always needed, particularly if the assets involved are not too large, or are held in some form of joint tenancy. Likewise, some assets with named beneficiaries, like retirement accounts or life insurance policies, may not have to go through probate court. Even in seemingly cut-and-dried cases like these, however, disputes among heirs could still arise, necessitating the services of trusted probate attorneys.