If you recently inherited a large sum of money, you may be wondering what your next steps should be. Coming into millions of dollars can be life-changing, but it can also result in new and unexpected financial obligations. That’s why it’s crucial to carefully consider the implications of your actions before making any decisions about …
What Do You Do If You Inherit Millions of Dollars? Read More »
If you have a valid legal claim against a deceased person, you may still be able to receive compensation by filing a lawsuit against the deceased person’s estate. However, you will typically need to direct your efforts at the estate rather than the individual heirs. Under California Probate Code §9050 and §9051, the personal representative …
A trustee is a fiduciary, which means that they have a legal duty to act in the best interests of the trust’s beneficiaries. A “breach of trust” occurs when a trustee violates their fiduciary duties. In general, trustees have a duty to act in the best interests of the beneficiaries, to manage the trust property …
A fiduciary duty is a legal obligation that one party has to another to act in their best interests. This duty is typically seen in relationships where there is a power imbalance, such as between the trustee and beneficiaries of a trust or an executor and the beneficiaries of an estate. When acting as a …
To file an objection, you or your attorney must submit an Objection to Probate Petition to the probate court where the petition for probate of the will was filed. In doing so, you will need to follow the local filing rules for that court. Because objecting to probate and contesting a will typically involves technicalities …
How long after a person dies will it take for beneficiaries to be notified depends, in part, on the estate planning that the deceased person did. If you are the beneficiary of a trust, you are supposed to be notified within 60 days of the death of the trustmaker. If you are the beneficiary of …
How Long After a Person Dies Will Beneficiaries Be Notified? Read More »
Inheriting real estate with other people can be challenging, particularly when one of the beneficiaries is living in the house. This scenario commonly occurs when siblings jointly inherit their parent’s home, which can lead to increased family tensions during an already emotional time. It is always preferable for siblings to work out an arrangement that …
What Happens When a Beneficiary Is Living In an Inherited House? Read More »
When a beneficiary or heir is either left out of a probate petition or believes they should be entitled to receive some benefit from an estate, they can file a Petition for Determination of Descent and request that the court issue an order that they are entitled to receive a distribution from the estate. California …
What Is a Petition for Determination of Descent? Read More »
When someone dies, their property must be passed on to their heirs and beneficiaries. Everything that a person owns individually will be considered their property upon their death. This includes personal property such as cash, stocks, vehicles, clothes, furniture, and jewelry, as well as real property such as land and buildings. Some assets will be …
What Is Considered Property for Someone Who Died? Read More »
If an executor is not communicating with beneficiaries, it can lead to trouble. An executor owes the beneficiaries of the estate they are administering a “fiduciary duty.” This means that the executor must exercise reasonable care and act in the best interests of those beneficiaries. As part of that fiduciary duty, an executor has a …
What To Do If an Executor Is Not Communicating With Beneficiaries? Read More »
When comparing a trustee and a beneficiary of a trust, it is difficult to say who has “more rights,” as they each have completely different roles, powers, and responsibilities. While the trustee has a great deal of authority to administer the trust and manage its affairs, they also are bound by a fiduciary duty to …
Who Has More Rights, a Trustee or the Beneficiary? Read More »
When people pass away, they often leave behind bank accounts, investments accounts, retirement accounts, real property (homes, rental properties, etc.) and other personal assets as inheritance for their survivors. But how do two or more siblings divide up inherited real estate and other property? This question has caused countless family quarrels. However, you can take …
How To Divide Inherited Property Between Siblings? Read More »