Probate is a court-supervised process that validates a deceased individual’s will and oversees the administration of that person’s estate. The probate court may only distribute property that was solely owned by the deceased individual. In other words, some assets, such as property that was owned jointly, are not subject to the probate...
Can You Sue an Executor for Mismanaging an Estate?
As a beneficiary of an estate, you rely on the estate’s executor to perform his or her duties in accordance with the probate laws. Unfortunately, however, executors don’t always act in accordance with the law. In this article, we discuss whether you can sue an executor for mismanaging an estate.
How Probate Affects Life Insurance Policies
One type of asset many people have when they pass away includes life insurance policies. People take out life insurance to provide their loved ones with financial assistance after they pass away, including help with funeral/burial costs and making up for the loss of the decedent’s income and monetary contributions to the...
How Probate Affects Small Estates: Streamlined Processes and Exemptions
Probate refers to the court-supervised process of administering a decedent’s estate. It is often a costly and time-consuming business, which can frustrate heirs and beneficiaries as they wait to receive their inheritances. However, small estates may take advantage of streamlined processes that facilitate property transfers much more efficiently than traditional probate.
Dealing with Probate for Out-of-State Assets: A Guide for Executors
Many people pass away while owning assets in multiple states. Unfortunately, this can complicate the estate administration process for executors, who must open probate cases where a decedent left assets in each state. Executors should familiarize themselves with probating out-of-state assets to ensure a smooth estate administration.
Understanding...
How to Minimize Estate Taxes: Strategies for Preserving Wealth
Estate taxes can play an important role in the estate planning process. Understanding the impact of estate taxes on your ability to pass along your wealth to your beneficiaries is a key component of estate planning. In this article, we discuss how to minimize estate taxes.
California Estate...The Executor’s Guide to Handling Retirement Accounts in an Estate
An executor is the individual or entity tasked with administering a deceased party’s estate as directed by his or her will. An executor’s duties include settling the estate’s debts, selling estate property, and distributing the estate’s assets to heirs and beneficiaries according to the decedent’s will. In this article, we discuss how...
How to Prepare for Estate Administration: A Checklist for Executors
Being named an executor is an important responsibility that reflects the trust and confidence your loved one placed in you. It’s a role that comes with unique challenges but also a chance to ensure their final wishes are respected and their affairs are settled smoothly.
This responsibility can...
Guardianship and Conservatorship Proceedings in Estate Administration
When loved ones face challenges managing their own affairs, families often step in to ensure their well-being and financial stability. Guardianship and conservatorship offer legal paths to provide that protection, whether it’s for a minor needing guidance and care or an adult dealing with illness or other limitations. These roles allow family...
Estate Administration for High-Net-Worth Individuals and Addressing Complex Financial Structures
Estate administration can be a challenging process regardless of one’s financial situation, but high-net-worth individuals (HNWI) often face additional complexities due to the scope and diversity of their assets. Understanding the nuances of estate administration requires careful planning and expert legal guidance.
Biddle Law has many years...