Trustees, Executors & Fiduciaries Archives
California residents who have been designated as an executor of an estate have been given significant responsibilities in the handling of a decedent's assets. There are certain steps that they have to take to ensure that they administer the assets according to the decedent's wishes.
California residents who are named as executors of their mothers' and fathers' estates have several important tasks to complete. First, they need to talk with their parents and other family members to ensure that everyone is on the same page concerning how the assets will be allocated. After a parent passes away, the executor must locate documents such as the will, credit card statements or anything else that is needed to settle the estate.
People in California who are creating an estate plan might wonder under what circumstances they would be able to successfully challenge a will. In reality, wills are rarely challenged, and when a challenge is successful, it is usually one that is brought by a spouse on the grounds that a person was either incapacitated or influenced in some way.
Being an executor is an important, yet likely thankless job. Settling a person’s estate entails paying bills and distributing property according to the person’s wishes. But this may sometimes be easier said than done; especially for the uninitiated. The job of an executor can be demanding and time consuming because it involves having access to the correct records to administer the estate, as well as the patience to meticulously track down information.
With the second full week of January here, the question that many people are facing is whether they are still following through on their New Year’s resolutions. As we noted in a prior post, estate planning should be such a resolution if there are no documents in place to provide directions in the event of you are incapacitated. This may apply to how your assets are handled, decisions about you to treat you medically, and who may care for your children.