Emotions run high when a relative dies. However, amid this grieving period, the surviving family must navigate multiple legal and financial matters. Aside from distributing the deceased’s assets, they also need to settle their remaining debts. If you are the executor...
Compassionate And Competent
Year: 2024
Executors must notify creditors about the estate on time
Managing an estate after a loved one passes away is a substantial responsibility. When the deceased person has left a will, an executor is chosen to handle the estate. The primary responsibility of the executor in this scenario is managing the deceased person's...
Can you remove the executor of an estate?
In California, executors or personal representatives wield considerable power but must act within the confines of an estate plan and the law. Straying from these guidelines may cause serious problems for the estate and its heirs. If the executor of your loved one’s...
What is a professional fiduciary?
When establishing a trust, you may need to make significant decisions concerning its details, including who will be the trustee. This role has various responsibilities crucial to how the trust works and what can happen to it in the future. For some people, choosing...
What happens to assets discovered after the probate process?
Probate is the legal process of distributing a person’s estate after death. A person’s estate will be distributed accordingly to their inheritors if they leave a will or trust. During probate, the designated representative must submit an inventory of the deceased’s...
Updating your estate plan: When, why and how
In simple terms, an estate plan serves as your final instructions for how certain people would handle your finances and assets when you’re incapacitated or dead. Having an estate plan also helps streamline the probate process so that your assets are properly...
What scenarios can require a pour-over will?
Creating an estate plan is a beneficial way to enforce your wishes over your estate after your life. It can involve various legal and financial arrangements that may work together to cover all your assets, including trusts and wills. If you establish a living trust,...
A good starting point for creating an estate plan
The future is unpredictable, which is why it is important for every adult to plan for the possibility of what will happen in case of incapacitation or after his or her death. It is not pleasant to think about these matters, but having a plan in place is beneficial for...
What happens when there is more than one will?
People often update their wills after a significant change occurs in their life, such as the birth of a child, marriage or onset of an illness. It is critical to destroy all copies of the old will after making updates, keeping only the most recent one on hand. Failing...
Understanding common disputes during trust administration
Though it is ideal for a trust’s administration to run smoothly, there is always a possibility for it to face some issues, such as disputes. Nonetheless, these issues do not have to be a problem with proper management. However, if not prevented or addressed promptly,...