Posts tagged "Estate Administration"
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.
After people die, their social media accounts amay have to be dealt with by an executor or surviving relative. California residents may benefit from learning how this should be handled.
When Californian residents who have a will die and leave credit card debt behind, their executors bear the responsibility of dealing with the creditors. The executor may start by ordering the credit reports of the testator in order to find out what debts are owed.
Californians who are fans of early pop star Bobby Vee might be interested in learning that the late singer's children are fighting over his estate. Vee famously stepped in to cover for Buddy Holly who was killed in a plane crash and became a star himself as a result. He died from Alzheimer's disease on Oct. 24, 2016.
Most people put an immense amount of thoughtful effort into planning their estate in order to make its later administration as smooth as possible. Responsible estate planners in California typically update their wills, trusts and other important documents on an annual and as-needed basis to make sure that everything is still in order. However, even the most dedicated estate planner might be missing an important issue that can tangle the estate administration process.
Despite Michael Jackson's 2009 death, the late pop singer's popularity has actually risen in California over recent years, increasing the overall value of the estate that he left behind. Although the estate has already proceeded through the estate administration process, the IRS claims that it is owed some hefty back taxes. The conflict boils down to the value of Jackson's estate at the time of his death, a number that has eluded agreement.
Dealing with the death of a loved one can be difficult enough with the emotions that come with losing someone special. However, the emotional toils can pale in comparison to the responsibilities one might have as an executor to a person’s estate. Depending on your place in life and your level of care in your loved one’s life, it may be difficult to understand what is expected of an executor.
In a number of our posts, we discuss the importance of having a comprehensive estate plan so that your personal belongings, assets and property may be distributed according to your wishes. Most people think about tangible assets (i.e. furniture, heirlooms and clothing) when they think about what to leave people upon their death. However, they may not realize that digital assets must be considered as well.
Depending on your circumstances, you probably are not expecting to inherit property from your parents or another loved one. But in the event you do, it is particularly important to know what to do with it. This is especially important with regard to real property because of the unexpected costs and responsibilities that can come with it.