Probate and Estate Law
Probate and estate law deal with the entire value and contents in a persons ownership. This includes land, vehicles, heirlooms, possessions, money, stocks, and intellectual property among other types of property and value. Probate and estate law are especially relevant in matters of death, inheritance, marriage, and property transfers.
What is an Estate?
Net worth is the value of a person or business minus debt and costs. An estate is a persons net worth. This is a combination of a persons money and all of their possessions. The persons debt is subtracted from this total value, the result of which is a persons net worth. Net worth is the value of a person or business minus debt and costs. Sometimes an estate refers to land owned by an individual regardless of whether or not there is still debt attached (such as real estate).
What is Estate Planning?
Every person has an estate of some kind, whether it exists in their possessions, money, or other property. Estate planning is the legal management of a persons estate in preparation for death, commonly known as a Will. When still alive, a person can plan his or her estate to control how property, money, and all parts of the estate are distributed and who receives this property. Estate planning gives you control over how to manage your assets after your death and how to control the inheritance of others.
What is Probate?
Sometimes people die without an estate plan to explain their wishes with the estate. Probate is the legal process of totaling a persons assets and figuring out how to distribute them. Probate involves the collecting of the assets, paying their debts with those assets, and then giving the rest of those assets to decided parties.
Manage Your Estate or Probate
Roybal-Mack & Cordova, P.C.’s attorneys are here to help you in both estate planning and probate after the death of a loved one. Contact us for a consultation on managing an estate after death occurs.