The executor of a California estate has a lot of responsibilities. Because it is important to know exactly what assets are part of the estate, many states require that the executor complete an inventory of the remaining assets during probate proceedings. The parties who are entitled to copies of the inventory depends on state laws.
After a loved one's passing, many California residents may wonder how the remaining assets will be distributed. Hopefully, the decedent will have created an estate plan while he or she was still living, and the information in that plan can determine what process is needed for transferring assets. Commonly, probate proceedings handle these affairs.
It can take a lot of work to close an estate. Some California residents may not want to place that responsibility on a loved one or may not feel that a loved one wants to take on the role of executor. Fortunately, individuals can appoint almost anyone to handle their probate proceedings, and in some cases, parties choose to utilize banks or other professionals.
Though many people like to think that they know their loved ones, it is often impossible to know every detail. Of course, when a person is in charge of handling the probate process for a deceased loved one, it is often necessary to find out as many details as possible in order to properly settle the decedent's final affairs. In particular, an executor may need information about the person's creditors.
Many surviving loved ones appreciate when a family member has created a will. This and other estate planning documents can make settling the estate easier, but it is important that the will is valid. In fact, ensuring the validity of the will is the first step of the probate process.
Settling a person's final affairs after his or her passing can be a difficult experience. Those individuals close to the decedent may have many questions about what will happen to remaining assets and other factors associated with the estate. Typically, probate will focus on handling these remaining affairs, but not every asset has to go through probate.
Acting as the executor of an estate is not an easy task. Because it's a complicated endeavor, it is often useful for the executor to know about the role and the required duties before the time to probate the estate comes about. In fact, it is can be useful to gain certain information before the testator passes away.
For California residents who have never had a close loved one pass, they may think that surviving family members still gather in a room and hear someone reading the deceased's dying wishes. While the reading of the will sometimes still takes place in fictional settings, it is not an action that happens in reality anymore. Instead, copies of the will are typically provided to applicable parties in association with the probate process.
Many California residents expect some type of inheritance after a close loved one passes away. If these individuals are not acting as the executors of those estates, they may not fully understand when asset distribution will take place. Distributing assets is part of the probate process, but it typically comes as one of the last steps. However, beneficiaries must still be notified of the proceedings.
The death of a loved one can make emotions run high. If a family already has a tendency toward conflict, it may be even more likely that disputes will occur because they are in such an emotional state. In some cases, probate proceedings can become tense due to difficult family relationships.