Taking on the job of being the executor to one's estate in Woodland Hills can be a daunting task. Thus, for many of those estates whose disbursement we here at The Law Offices of Alice A. Salvo assist with, we recommend executors learn all that they can about estate distribution methods. If you have been tasked with executing the wishes outlined in a family member or friend's will, you may be happy to learn that you have plenty of resources available to help you understand the job you are about to do.
Certain methods for the disbursement of assets through a will, trust, or other estate planning tool are outlined in the California Probate Code. You may find that the assets in your case are to be dispersed "in the manner provided in" a certain section of the code. The details of these commonly referenced sections are as follows:
- Section 240: Assets will be divided into as many equal shares as there are members of the testator's direct lineage. If one of the members has preceded the testator in death, his or her share will be divided equally amongst his or her descendants.
- Section 246: Assets are divided into as many equal shares as there are children of a designated ancestor. Again, any who have already died will have their shares dispersed in the same manner provided in Section 240.
- Section 247: Assets are divided in as many equal shares as there are members of the testator's nearest lineal generation. Living members are given one share, and those of deceased members are once again divided equally and then dispersed amongst the remaining lineal descendants.
You can find more information on estate asset disbursement by continuing to explore our site.