Law Offices of Kenneth E. Ostrove

Probate is a court supervised proceeding which takes place after someone passes away when there is a Will or no Will, and when the person leaves property in their name worth more than $100,000.  If the decedent leaves a surviving spouse, there are ways to transfer the property to the surviving spouse without having to initiate a Probate Administration.

To begin the Probate Administration, a Petition is filed with the local Superior Court to appoint the Personal Representative of the Estate, called the Executor (if there is a Will) or the Administrator (if there is no Will).  The Personal Representative takes control of all of the decedent?s property, has the property appraised, pays the debts of the estate, accounts to the court for all income and expenses, and then distributes the property to the beneficiaries or heirs of the decedent.

The process takes at least six months.  Costs involved in the process are a filing fee, publication fee, certified copy fees, appraiser fees, as well as the ongoing payment for bills and debts of the estate, such as mortgage payments, property tax, income tax, insurance, outstanding medical bills, and other expenses and debts.  The Personal Representative may sell property during the probate administration to be used to pay debts and expenses of the Estate.

The Personal Representative and the Attorney for the Personal Representative earn a fee based on the value of the estate, determined by a statute which limits the amount each will receive for compensation.  For example, an estate of $200,000 will pay a fee of $7,000 to the Personal Representative and $7,000 to the Attorney.  An estate of $500,000 pays a fee of $13,000 to each.  An estate of $700,000 pays a fee of $17,000 to each, and an estate of $1,000,000 pays a fee of $23,000 to each.  These fees are usually paid at the end of the probate process, from money in the Estate.

If the Estate is worth more than $1,500,000 (for the year 2005), $2,000,000 (for the years 2006-8), or $3,500,000 (for the year 2009), there will be Estate Tax to pay, requiring the filing of an Estate Tax Return if the decedent is a single person, widow or widower.

Kenneth E. Ostrove has been an attorney since 1983, and is very knowledgeable regarding the Probate process in Southern California Courts.  He will provide personal and professional legal services, and will guide you through the Probate Administration process to make it as smooth as possible.

If you are the Executor named in a Will or the spouse or other relative of someone who passed away without a Will, please contact the Law Offices of Kenneth E. Ostrove to handle the Probate Administration for you and your family. (818) 505-9532.

Estate Planning is the best way to make sure you leave your hard earned assets and treasured possessions to those nearest and dearest to you.  A Will directs to whom your property will be distributed, including any Charities to which you may wish to leave property.  A Will has to go through Probate Court before the property is distributed to your beneficiaries.  A Trust is a substitute for a Will, in which you hold your property as your own Trustee.  On your death, the property is transferred to your beneficiaries without any kind of court proceeding.

A complete Estate Plan consists of a Will, Revocable Trust, Power of Attorney for Financial Matters, Advance Health Care Directive (for Medical decisions), Certification of Trust, Property Agreement, and asset transfer documents.  A complete plan will avoid Probate and avoid the need for a Conservatorship should you become temporarily incapacitated.  In your plan, you can name the people who will be the Guardians for your minor children, in case something happens to you.  You also name the Executor and Trustee who will administer your estate after you pass away.  We put all of the documents in a binder, along with deeds, insurance policies, and your other important documents, thereby organizing all of your important documents in one place for easy review, updating, and for your family when the time comes to administer your estate.

Mr. Ostrove meets personally with each client to review and discuss the client's assets and wishes, in order to determine what type of plan is best suited for each client.  Mr. Ostrove also advises clients on different methods of avoiding Probate, eliminating or reducing estate tax, and setting up gifting programs to compliment the estate plan.  When the law changes with regard to Trusts and Estate Tax, Mr. Ostrove will notify you of any changes affecting your Estate Plan.

There is no charge for the initial consultation.  Please give us a call for an appointment.  Law Offices of Kenneth E. Ostrove.  (818) 505-9532.  5200 Lankershim Boulevard, Suite 850, North Hollywood, California 91601