Estate Administration Archives
After a loved one in California passes away, loved ones and will beneficiaries may wonder about the powers of the estate's executor. Named in the will and confirmed in probate court, the executor is responsible for carrying out the wishes of the person who wrote the will as well as addressing debts, taxes and other estate issues. As part of his or her tasks, the executor has the right and indeed the responsibility to protect and potentially expand the assets of the estate. Therefore, the executor can use the estate's funds to defend lawsuits against it such as those filed by potential beneficiaries not named in the will seeking a stake in the distribution of the assets.
Often, a California resident will choose a friend or family member to oversee an irrevocable trust. This is because a friend or family member is generally someone who the grantor of the trust can rely on. However, a trustee will have a fiduciary responsibility to many parties after taking on such a role, especially after the grantor has died. For instance, a trustee will have to be sure to act in the best interests of a trust's beneficiaries.
Families in California may face a difficult situation after the death of beloved family members, especially if the executor named to oversee the estate and the probate process is incompetent or lazy. A poor executor can make it difficult to settle the estate quickly and easily, causing probate costs to rise and delays to become the norm. When planning their estates, many people name friends or close family as executors without considering the consequences. Once the executor is already in place, families may wonder what they can do to improve the situation.
California residents may be interested in learning about the current standing of singer Glen Campbell's estate. Facing deadlines, the interim administrator of Campbell's estate is asking the judge to expand his power. This will give him the ability to hire accountants and financial experts in order to accurately estimate how much the Campbell estate is worth.
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.
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.
In California, an estate that is not worth more than $150,000 is eligible for a simplified probate process. This is a faster process that does not include a court hearing and gets assets to beneficiaries more efficiently.
After California residents die, spouses or others who are left behind may wonder if they are responsible for the decedent's credit card debt. In most cases, they are not. However, it is possible that debt collectors or others may try to convince a surviving loved one to pay it.
Californians who are fans of Prince might be interested in learning about the latest twist in the administration of his estate. Recently, the new special administrator who was appointed by the court to oversee the estate submitted findings that Prince's estate should seek the recoupment of legal fees and costs that the estate paid to its former attorneys in a failed $31 million deal with Universal Music Group.
When a California resident passes away, friends and loved ones may not be thinking about deceased's social media accounts. However, these can be a permanent reminder that the deceased once impacted the lives of so many people. In some cases, that person's account may appear on a suggested friend's list or on a timeline unexpectedly. This could trigger bouts of grief or sadness for those who knew the individual.