If you have recently been named the executor of an estate, you may be feeling undue pressure and stress at the task that looms before you. You may feel that you do not have time to undertake the position while juggling your normal day-to-day responsibilities. Becoming organized and aware of what is going on around you can help simplify this somewhat complicated process.
If you are a California resident who is serving as the personal representative of someone’s probate estate, you already may know that one of your last duties is to prepare the estate’s final accounting and file it with the Superior Court. You must do this so the court can officially close the estate.
While many people avoid probate if possible in California— often through the use of robust estate planning and trusts— you might be in a position where it is either preferable to go through probate or unavoidable to enter probate considering the final configuration of the estate. Many people in your position have the same first question: How much will probate cost? While this price varies depending on the complexity of your estate holdings, there are some legal guidelines that might give you an idea of how much you should expect to pay for the resolution of the estate.
At the Law Offices of Alice A. Salvo, we are acutely aware that individuals seeking our services in California probate law are, more often than not, experiencing intense emotional distress following a personal loss. As you might expect, the typical mindset of a bereaved individual is not conducive to absorbing fine points of legal procedure or processing complicated financial arrangements. This is why we make it our priority to help clients organize their thoughts if and when they find themselves involved in either formal probate or summary proceedings.
The main goal of estate planning is to allow Woodland Hills residents to share their assets with beneficiaries according to their own wishes. Yet that happening may depend largely on the competency and trustworthiness of whomever one chooses to be his or her personal representative. There are a number of things that a personal representative can do that may be prejudicial to an estate and can disqualify him or her from the role. A breach of fiduciary duty in this regard includes any actions (or inactions) that go against those rights and responsibilities conferred on the personal representative (provided they were done in bad faith).
When you hear terms like "community property" being used, you likely assume that one is referring to divorce proceedings occurring in Woodland Hills. Regarding estate planning, most that we here at the Law Offices of Alice A. Salvo assist are surprised to learn that such principles also apply. You might think that the law gives you the freedom to dispose of your property however you wish. Unfortunately, that may not exactly be the case.
Many come to see us here at The Law Offices of Alice A. Salvo seeking assistance with probate cases in Los Angeles County because, even though such proceedings can be complicated and drawn-out, they are often necessary in order to effectively distribute a decedent's assets as he or she intended. If you have recently completed the probate process, you are likely glad that it is over. Imagine what you might face if you had to go through it a second time?
Whenever someone living in or with ties to Woodland Hills passes away, those close to him or her typically begin to prepare for the process of administering his or her estate. Aside from ensuring that a personal representative has been named to handle the matter, one of the first things to be considered is which probate court would have jurisdiction over the case.
Many in Woodland Hills might assume that the matter of estate administration involves simply sitting down at a table, reviewing a decedent’s assets, and then divvying them out to beneficiaries. In reality, the process is much more involved. In fact, one assigned as the executor of an estate (along with any interested parties to it) might even have to go on a search for property that might rightfully belong to the estate, yet are in the possession of another. In some cases, those parties may even have to go as far as initiating legal action in order to recover such assets.
It is not uncommon for Woodland Hills residents to die in debt. When one who has outstanding liabilities passes away, those obligations remain with his or her estate. Whomever is appointed to administer the estate must settle those debts out of its assets before funds can be dispersed to beneficiaries. One form of debt that many may not view as such are promised donations. While it may seem counterintuitive that a financial gift could be viewed as a debt, when one pledges a donation, he or she is essentially promising to pay money to an organization. That agreement is viewed as a contract.