Important Documents Related to Final Distribution of a Trust Estate NOTICE OF PROPOSED ACTION In the course of settling a Trust estate, the Trustee may need to make a significant decision that might affect the interests or desires of the beneficiaries. The most common decision would be to sell a piece of property or borrow money secured against trust assets. It may also involve a … [Read more...]
Should You Distribute Your Estate Equally Among Children In Unequal Circumstances?
Sample Case Study: Client in their mid 80’s with an estate of approximately $9,000,000. Children are three daughters in their early 60’s. Two of the three daughters have received substantial help (+/- $500,000 from the parents over the past 30 years). The third daughter has received little or no help as she has been financially successful and responsible. The two daughters that … [Read more...]
Administering an Estate through Probate With or Without a Will
Only a Trust Avoids the Probate Process In California, a probate process will need to be initiated in order to administer the estate if the decedent passed with no estate planning at all or only a Will. Probate is a Court-Supervised process that involves a 6-9 month minimum process (more often 15 months or more) in order to properly transfer assets from a decent to beneficiaries. Please … [Read more...]
Can a Creditor Go After Non-Probate Assets?
When someone dies, one of the first questions that close relatives usually have is whether they are personally responsible to pay the credit card bills of the decedent. They may even start getting telephone calls from creditors asking them to pay outstanding balances. Close relatives may also want to know: Who is responsible for paying the mortgage of the decedent? If they are entitled to … [Read more...]
