Debt has become such an enormous feature of many people's lives that it is often overwhelming to consider how one might repay the debts of a person who passes away. In some cases, a person's debt may significantly overshadow his or her estate, causing those who may stand to receive some portion of the estate to worry about how these debts may affect the estate's dispersal of assets.
The loss of a loved one is a tragic event in a person's life. Even if you knew that the person wasn't going to be around for much longer, the actual death can be difficult to handle. Once you get past the final arrangements and funeral, you will likely have to deal with the estate.
One of the major concerns of family members who have lost a loved one has to do with the financial aspects of the death. People who are dealing with an estate that is a fairly nice size will have to determine what debts must be paid and in what order. The estate administrator is the person who will have to deal with these matters.
Creating an estate plan that truly protects your assets and makes your intentions known regarding the dispersal those assets is often far more complicated than one might expect here in California, especially when it comes to real estate.
If you have a close relative, such as your mother or father, who has recently passed away in the Torrance area, you may be able to claim that you are one of the heirs to the property in the estate. If your relative died without leaving a will, you might still be able to inherit. Simply because a relative does not have a valid will does not mean that you do not have a claim on one's property.
Dying intestate, or without a will, is a bad idea for many reasons. It's important for people of all ages to create wills, even if they cover only the most basic things. Wills dictate what happens to your assets, and they can make it simpler for your beneficiaries and family members to handle your estate.
If you are the executor of a loved one's will, you might have a challenging job ahead of you. The duties can often be time-consuming and usually include protecting the decedent's assets until it is time to dissolve the estate and distribute the remaining property to the beneficiaries. If you feel that these duties are too much to handle, you do have the option to request the probate court in Los Angeles to assign the duties to another individual.
Your loved one passed away, and you had to immediately clean out his home. It wasn't more than a few months later when you realized that while the home sat empty and you worked out the arrangements for it, someone else moved in. You don't know who it is, but now you want to get him or her out of the home so that you can sell it.
There may come a time when a loved one, such as a parent, is no longer able to care for him- or herself. As disappointing as this may be, you need to do the right thing by helping this person make sound decisions regarding their future.
Many people put off creating a last will or estate plan as long as they can, often until they approach retirement or start worrying about who will care for their children. Unfortunately, many people every year pass away without having any instructions regarding how their possessions and estate should be handled in the event of their death.