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Estate Administration Archives

The challenges of selling a parent's home after they're gone

Did your elderly parent insist on remaining in their home until their death, surrounded by the furniture, trinkets and other items they could never bring themselves to clear out? If so, you may be facing the daunting task of cleaning out that home and selling it.

Giving up your inheritance: Assignments vs disclaimers

You've inherited part of a family member's estate. Maybe they designated you as a beneficiary in their will. Perhaps they died without a will ("intestate") and you are due a portion of the estate under California's probate laws. What if you don't want or need the inheritance? You'd prefer that someone else receive it -- or at least a portion of it? Maybe you have a sibling who has greater need for the money (or property) than you do.

Important estate planning precautions to protect your assets

By having a thorough, professionally-developed estate plan, you can ensure that your affairs will be looked after responsibly if you become physically and/or mentally incapacitated and unable to do so. You also can plan for your assets to be disbursed as you've designated after you're gone.

The importance of receipts in estate administration

Serving as the executor of someone's estate is a difficult job. Many people find that they have to take a leave from work in order to handle everything involved. Depending on the size of the estate and the level of preparation undergone by the testator, you could have several weeks or even months of bookkeeping, asset location and distribution ahead of you.

5 things to know if you are an estate executor

It is common for an individual to choose a relative or close and trusted friend to serve as executor of the estate when the time comes. For example, your parents or another loved one may have asked you to be the executor of their estate when they pass. While you probably felt honored at being entrusted with such an important task, it is important to remember that an executor's duties can be extremely complex and time-consuming.

What you should consider before contesting an estate plan

Sometimes, people make decisions when drafting their estate plan that they don't discuss with their family. They may want to avoid the conflict inherent in telling a child that their sibling is getting more money than them or that they're leaving the bulk of their estate to their favorite animal rescue group instead of their children and other family members. They may feel that a friend or caregiver has done more for them in their old age than any of their kids and want to reward them accordingly.

4 important steps for estate accounting

When a loved one passes away and leaves you in charge of their estate, you need to start with a general accounting process that focuses specifically on all of the little details. Every penny matters. You need to know where it went, how it got used and why it got used that way. Leave nothing out.

How much should the executor of a California estate plan be paid?

Your older sister was named the executor of your father's estate. Your dad was your last living parent. You were fine with her having that job. She's a retired realtor who at one point in her life worked on Wall Street. Therefore, she had the time and the skills to handle the job.

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