When someone is named as executor of a California estate, the tasks they are faced with may be confusing and substantial. The executor, who is named in the will, must file and pay remaining taxes from the estate, handle creditors, value assets and distribute property to the named beneficiaries. Being named executor is often an honor and an expression of trust from the deceased person, but it is also a serious legal responsibility that requires a significant amount of preparation and work.
Stan Lee, the man behind many of the superheroes that entertain both kids and adults in California and around the world, passed away in November, 2018 at the age of 95. But the end of Lee's life has led to an entirely new saga involving the comic book writer, editor, and publisher's estate. Hints of possible issues came even before Lee's death. In early 2018, he signed a declaration expressing his concerns about his daughter's spending habits. In the document, Lee also talks about three men with "bad intentions" whom he believed were influencing his daughter.
Family members may not view a will the same way as the person who wrote it. For instance, a son or daughter may believe that a parent left more for his or her siblings than for that child. Family members may also have a lack of trust for the brother, sister or other relative named the executor of the estate. Fortunately, there are ways that California residents can avoid these and other issues.
California residents who are asked to be the executor of an estate or serve as a trustee of a trust should understand the many financial and administrative duties they will have. Individuals who accept those positions should be prepared to spend a significant amount of time fulfilling their duties, which may take away time from their family and interfere with their career.
Aretha Franklin died without a will or any sort of estate plan in place despite being worth an estimated $80 million at the time of her death. California residents may be able to learn something from the problems that this may create for her heirs. Her sons have listed themselves as interested parties to the estate and chose Franklin's niece to become the personal representative to the estate.
Digital assets, such are cryptocurrencies and online accounts, are one of the issues California residents have to consider when they are creating an estate plan. There are legal concerns that have to be addressed regarding financial accounts and other types of digital assets. It is always important for the executor of an estate to be aware of what type of assets the decedent left in the estate and how to gain access to them, which is a crucial step in ensuring that the heirs receive the digital assets as intended.
When a loved one dies in California, the beneficiary of a will needs to take a few important steps. The first step is to contact the executor or appointed administrator of the decedent's estate. It is important to ask the executor for a copy of the person's will and read the fine details.
California residents who have been designated as executors of an estate will want to consider the following tips toward making the process easier. As long as the executor is methodical and organized, the tips will not be hard to follow.
California requires that certain property go through the probate process. This process ensures that any will a person has is valid and that a personal representative for the estate is appointed. If an individual did not have a will, he or she is said to have died intestate. The same is true if the document is declared invalid because of an error or because of a successful challenge.
A major goal for many California estate holders is to prevent probate issues after their passing. However, when issues arise with a will after a person's death, the primary way to resolve the dispute is by filing a probate claim. Once the estate of the deceased individual has been entered into probate, a person making a claim can file a statement with the court that is handling the estate's probate process.