Under ideal circumstances, you will know well ahead of time if someone plans to nominate you to be the executor in a Last Will and Testament. Of course we all know that life doesn't always present us with ideal circumstances. If you have recently been notified that someone died and nominated you to be the executor of the estate in his or her Will, you may be wondering what to do next. To begin with, you need to know that you are not required to accept the position of executor. You are free to … [Read more...] about So You’ve Been Named the Executor of A Will. Now What?
You may be wondering how your affairs will be handled after your death, whether you have an estate plan in place, or not. Take a look at some of the information below, to better understand how your affairs will be handled if you do indeed have a plan. Part 1 of this 2 part article discusses what happens if you do NOT have an estate plan in place. With an estate plan… If you only have a will in place, your affairs will likely still have to go through the probate process. This is … [Read more...] about What Happens After You Die…With or Without an Estate Plan (part 2 of 2)
When a parent dies, the surviving family members are typically at a loss as to what needs to be done legally, to handle their assets. Here’s a step-by-step guide to get you started on what you need to do when a parent dies. The best advice, though, is to first consult with an experienced and qualified estate planning attorney to make sure you have covered everything. He or she can help guide you through the process, comply with the many legal requirements of estate administration and help you … [Read more...] about Steps to Take When a Parent Dies
Part of an executor’s job is to account for everything the decedent leaves behind. Many of the items you have to account for, such as investment accounts, real estate, and bank accounts, are very easy to identify and value. One of the harder tasks you may face, however, is categorizing and valuing the mountains of personal property that some people leave behind. Here are some practical concerns you will need to be prepared to deal with when you begin the inventorying and valuation … [Read more...] about Practical Steps to Take When Dealing With Tangible Personal Property in an Estate
Many people put of their estate planning needs, and don’t even take the time to create a will. Depending on the size of your estate, a will can an important estate planning document that can allow you to achieve a number of things. If you choose to put off some of full estate planning, you should at least take the time to create this important estate planning document. Take a look at the information below, to learn more. If you have any questions, or if you’re ready to begin your estate … [Read more...] about Don’t Have a Will? Now is the Time to Make One!
We all hope never to be in this situation, yet it will likely happen to you at some point in your lifetime. You receive a telephone call telling you that a close family member has died. What do you do? There is no way to avoid the emotional reaction that follows the death of a close family member; however, there are also a number of practical and legal things that must take place after a death as well. While each situation is unique, there are some common steps that should follow in most … [Read more...] about What To Do Immediately After the Death of A Family Member
When a person creates a Will, he or she chooses someone to act as executor of the estate. An executor is responsible for administrating the estate settlement process. Even though a probate court will likely be involved in this process unless the estate is very modest, it is ultimately the executor’s responsibility to make sure the decedent’s wishes are carried out. While steps vary in each case due to the unique aspects of each estate, there are several steps you can take to make sure your job … [Read more...] about So You’ve Been Named an Executor . . .
In California, the Probate process includes appointing someone to act as the Personal Representative of the estate. The Personal Representative is either an executor named in someone's will or an administrator appointed by the court when there is no will or the will does not name an executor. This is the person who actually handles all of the affairs of the estate; the Court does not do it personally. If you serve as a Personal Representative, it is important that you know what your duties are … [Read more...] about Personal Representatives in California
The executor of your Will is the person you appoint to administer and oversee your Will. Your executor is legally and financially responsible for making sure your heirs, beneficiaries receive their property, and creditors receive payment for their debts. Your executor is also responsible for paying any estate taxes on the total value of your estate. Because your executor is responsible for complying with state laws and federal tax laws, you should choose one wisely. Your executor’s fiduciary … [Read more...] about What to Consider When Choosing an Executor or Trustee
Believed to be the first of its kind in the United States, the State of Nebraska has recently proposed legislation that would grant the executor of a decedent’s estate access to social media, e-mail, micro-blogging, and other similar accounts. The legislation would not apply to accounts that have been specifically addressed in a decedent’s estate plan with instructions regarding who should control the account; however, all other accounts would fall under the control of the estate executor if the … [Read more...] about Social Media and Estate Administration