California residents who are being proactive about their estate planning and wanting to create or update their will may want to give careful consideration to who they will select to be the executor and even the backup executor of their estate. It might seem logical for one spouse to name the other or for a surviving spouse to name an adult child who happens to live near them but these may not necessarily be the best choices. It is very important that the person selected to be the executor actually be capable of carrying out all of the tasks involved in the job.
As an executor in the state of California, you'll likely need to go through the process of probate. This can be a complex and tricky procedure for anyone who hasn't experienced it once before. The Law Offices of Roshni T. Desai are here to help you through the entire process and explain exactly what you, as the executor, need to know.
Some California residents may not consider what will happen to their belongings if they die without a will. These assets are usually still given to a person's family members but it generally becomes the state's job to distribute these assets.
When you administer an estate in California, you may think that your job starts once your loved one has died. Sometimes, though, your duties may start before your loved one's death if you have been granted power of attorney.
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.