After your parents’ deaths, you may have been stuck with a lot of possessions you have no use for. The figurines and art? Expensive, but not your style. The fine china and silver? You already have your own sets. The living room furniture and the sports equipment in the garage? You don’t have room for all of it. Like other California residents who have inherited items they don’t need, you may be considering holding an estate sale.
Californian residents who are handling an estate after the passing of a loved one will have to deal with state taxes as well. These matters can get complicated quickly and making mistakes can be costly, so it's best to have some guidance throughout the process.
Californian residents who are dealing with matters of the estate are likely hearing numerous terms they may not be familiar with. For example, what's the difference between an heir and a beneficiary? Some may think the terms are interchangeable, but they aren't.
The holiday season is a special time of year in California. Families get together, friends celebrate and workers across the state get some much-needed time off. However, as much as you may want to enjoy your holidays and expect them to be happy, not everything happens on a regular schedule.
Death can be expected and planned for, or a sudden surprise leaving loved ones struggling with the deceased’s financial affairs. Whatever the case may be, there are often a number of financial issues that may arise once a loved one passes. As an estate executor, you may have been named in the will or appointed by a court to oversee affairs involving the estate. You are responsible for ensuring any remaining debts and expenses owed by the deceased are repaid using the value of the estate. While it is critical that some expenses must be paid, there are others that you are not required to pay at all.
If you have recently lost a friend or loved one, you may be dealing with a host of emotions. It can be difficult to make critical decisions during such a hard time, especially when it comes to dealing with the final matters of the deceased’s estate. In some cases, the estate may enter into the probate process in California, which could add to the complexity of the situation. Probate is designed to ensure the validity of the will, if one was left behind, and to aid in the distribution of the property to beneficiaries.
As someone dealing with matters of the estate in California, you will simultaneously be dealing with someone else's assets. But what exactly are the assets you're meant to handle? How do you know what is or isn't an asset, and how do you distribute said assets?
As we have discussed in recent posts, your will planning can be more complex than the straightforward end-of-life wishes you may be accustomed to hearing about. There are some types of wills that can be upheld in California probate court but may still not be a good idea because they can be easily contested.
When people become the executor of an estate in California, they may be overwhelmed at the task ahead of them. There are a few ways people can make this task manageable for themselves and keep track of their duties.
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.