Posts tagged "Estate Administration"
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.
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.