As an executor in California, it's your duty to oversee many different aspects of your loved one's estate. This includes going through probate if necessary. Though probate can be tricky, the Law Offices of Roshni T. Desai is here to help you through it.
If you are a trustee, you may have a lot of questions about your role. As a trustee, you are the legal owner of the assets in the trust. Your core responsibility is to handle all manners involving the assets, including distributing them to beneficiaries.
As the executor of someone’s California probate estate, you must perform many duties. Depending on the estate’s size, extent and complexity, you may well find that administering it takes substantial time and effort on your part.
Once you have completed your will or made trusts for your loved ones, you might continue to worry if you have significant debt. Will your relatives be forced to pay off your credit cards or medical bills? What happens if there is not enough left after your creditors are repaid to give your loved ones a decent inheritance? At the Law Offices of Roshni T. Desai, we understand that these are valid concerns for you and other Californians.
If you are the personal representative of a California probate estate and coming to the point where you can close it and distribute its assets, you must prepare and file a final accounting before the Probate Court can actually close the estate. Per the Superior Court of Orange County, California, your final accounting must outline all the financial transactions in which the estate has been involved. The only exception is if all of the estate’s distributees sign written waivers to the accounting or written acknowledgments that they have received their respective estate shares during one or more preliminary distributions.
A loved one has passed, and the funeral service has given time and place for memorializing. Out-of-town family members have returned home, and the executor has begun making plans to settle the decedent's estate. California residents who have established a will might believe that is enough for all the relatives to distribute belongings without conflict following their passing. However, loved ones can - and sometimes do - contest wills.
When a loved one dies, family members feel the weight of the loss in many ways, not the least of which is the emptiness in the home they once shared. Memories abound even months later when movers await. Estate executors oversee the process as family members decide on what to distribute, what to give away and what to sell. The process is not easy, but in California, the Law Offices of Roshni T. Desai has assisted many families in making probate proceedings more straightforward.
If you are an executor over a California estate, you may feel pressure to cover all necessary steps, and you may, too, have concerns about whether you are doing everything the job entails correctly. Making mistakes in an executor role can prove extremely costly, and the decisions you make and the steps you do and do not take can have serious and considerable financial and tax implications. At the Law Offices of Roshni T. Desai, we have a firm understanding of the duties required of an executor, and we have helped many people in estate planning roles take necessary steps to protect their loved ones.
America is a country of do-it-yourselfers - people who are handed a difficult task and say, "I don't need help. I'll figure this out myself."
If a California loved one ever names you as an executor over his or her estate, you may find yourself involved in the probate process, which is a common, yet often-misunderstood, aspect of estate planning. Essentially, probate refers to the court-supervised process of proving the accuracy of a will, and there are typically a number of different steps involved in the procedure.