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Probate is the legal process through which the court makes sure that when a person dies their debts are paid and their property is distributed according to their will. If the individual does not have a will, the State will provide one for them, however it may not be what they would have wanted.
Probate is not an automatic procedure. In the State of California, probate only occurs if the assets in the estate of the descendant are greater than $150,000. Probate can even take control while the individual is still alive, such as if they become disabled or incompetent. Probate can also become involved with minor children if both parents die or become disabled or incompetent or if a minor inherits or becomes an owner of property.
Probate is the only legal way to transfer title of property when the person, whose name is on the title, cannot legally sign their name because of disability, incompetence, death, or because he or she is a minor. This includes any property, such as stocks, bonds, car, bank account or home. After death, the total market value of the descendant’s assets set the cost of the probate. The debts of the descendant are not subtracted from that total.
Learn more about Probate:
http://www.lacourt.org/division/probate/probate.aspx
http://www.nolo.com/legal-encyclopedia/probate-faq.html
Look at some of Wilson’s previously sold Probate listings: