June 2018 Archives
Every will needs an executor. However, the person writing the will should get consent from the individual named as executor prior to signing the document. It could also be beneficial to name an alternate in case the original person is unable to fulfill the duties for some reason. People most commonly choose someone close to them, such as a spouse or adult child, who is likely to follow their directions. An executor of a will has several duties in California probate.
If you’ve lost a loved one and serve as the personal representative of their estate, you likely have plenty of unanswered questions. As a personal representative, you will need to work hands-on to administer the estate. Often, the average person is unfamiliar with the probate process. One of the first tasks you will have to complete is filing an Inventory of Assets sheet. During this process, the decedent’s real property will need to be appraised.
Californians who die without wills may have their estates probated after they die. As the death of Texas tycoon James Cotter demonstrates, the probate process may be very complex and heavily litigated when people leave behind large estates without wills.
When a California resident dies without a will, the process of settling their estate can get complicated. However, it is possible that the individual actually had a will and neglected to tell anyone about it. Even if an estate owner never mentioned a will, there could still be one saved on a computer or located in a filing cabinet.
Being the executor of an estate can be an overwhelming experience. However, California residents can make the experience easier on themselves by being organized. The first steps in the process of settling an estate are to obtain the death certificate and to locate a will or trust if one exists. Multiple copies of a death certificate may be necessary; executors are advised to order twice as many as they anticipate needing.
California residents who are interested in inheritance laws and concerned about ensuring that their children can inherit their estate may be interested to learn about a ruling issued by the West Virginia Supreme Court. The judges ruled in a 3-2 decision that children are unable to inherit from the estate belonging to a biological parent if the parent dies without completing a will and after having their parental rights terminated.
California residents may have read recent media reports about an ongoing inheritance dispute involving Alan Thicke's heirs. Celebrity gossip outlets reported in September 2017 that the late actor's two sons, who are co-trustees of the estate, had filed a court petition to prevent his widow from challenging the provisions of the couple's prenuptial agreement, and articles published on May 9 suggest that the dispute is far from settled. According to the reports, Thicke's widow is claiming that her late husband's sons are spending money recklessly and have refused to disburse assets that are legally hers.