What do your kids want to inherit?

Are you wondering what your kids want to inherit from you? The answer may surprise you. A recent study on the inheritance expectations of Millennials and Gen Z reveals insights into the hopes and expectations of the next generations.

Key Findings:

  • Inheritance Expectations: A notable 68% of millennials and Gen Z members anticipate receiving an inheritance or have already received one.
  • Average Inheritance Value: On average, these inheritors expect to receive around $320,000.
  • Saving and Investment Plans: Among those receiving an inheritance, 76% plan to either save or invest the money.
  • Debt Repayment Goals: Approximately 40% plan to use their inheritance to pay off debt, with 69% of those carrying over $10,000 in debt hoping their inheritance will cover it.
  • Charitable Giving: A vast majority (92%) of those expecting an inheritance do not intend to donate any part of it.
  • Parental Support: One-third of respondents either already support or expect to financially support their parents.
  • Views on Wealth Transfer: Over half believe that the upcoming wealth transfer could exacerbate economic inequality.

What Millennials Value

According to an AARP article, Millennials place a high value on family heirlooms that carry sentimental value, particularly:

  • Personal letters
  • Cookbooks with family recipes
  • Jewelry with sentimental value
  • Furniture with family history
  • Artwork created by family members
  • Tools or items related to family traditions
  • War memorabilia or items of historical significance
  • Handcrafted items or DIY projects from ancestors
  • Vintage toys or games shared during childhood

What Millennials Don’t Want

An article from The Desert Sun highlights several items that Millennials typically do not want, including:

  • Large furniture
  • Formal dinnerware
  • Antiques
  • Silverware sets
  • Heavy cabinets
  • Bulky dining room sets
  • Fine China
  • Ornate rugs
  • Collectibles with no personal significance
  • Outdated electronics or gadgets

The Importance of Communication

Given these shifting preferences, it is crucial for Baby Boomers to have open and honest conversations with their children about inheritance. An article from Elder Law Answers emphasizes the importance of these discussions, with best practices for facilitating communication:

  • Start Early: Initiating these conversations sooner rather than later allows for ample time to address any concerns and make necessary adjustments to the estate plan.
  • Be Transparent: Clearly explain the reasoning behind your decisions, particularly if they diverge from traditional expectations. Transparency helps build trust and understanding.
  • Listen: Give your children the opportunity to express their preferences and concerns. Understanding their perspective can help in making decisions that are respectful of their wishes.
  • Involve a Professional: An estate planning attorney can provide valuable guidance and help mediate these conversations, ensuring that all legal aspects are properly addressed.

Contact a California Attorney Experiences with Estate Plannin

Estate planning can be very personal and individualized, with a focus on what will make your beneficiaries happy. We want to help you accomplish the estate planning goals that are right for your loved ones. For personalized legal advice on estate planning, visit www.davidknechtlaw.com or call us today at (707) 451-4502.

Filed Under: California Estate Plan, Living Trust , Probate Lawyer, Trust Administration Attorney , Vacaville Attorney, Vacaville Lawyer

Is A Living Trust the Right Tool for Your Inheritance?

When planning for the future, ensuring that your assets are distributed according to your wishes is a critical step. One popular tool for estate planning in California is the revocable living trust. But is it really the best way to pass on your inheritance? Let’s explore the benefits and considerations of using a living trust, integrating insights from recent discussions and guides with information sourced from The Motley Fool.

What is a Revocable Living Trust?

A revocable living trust is a legal entity created to hold ownership of your assets. Unlike a will, which only takes effect after you die, a living trust is operational during your lifetime and can be altered or revoked at any time.

Benefits of a Living Trust

  1. Avoiding Probate: One of the most significant benefits of a living trust is that it helps your estate avoid probate. Probate is the legal process through which a will is validated and the deceased’s assets are distributed. This process can be lengthy, costly, and public. By placing assets in a living trust, you can bypass probate, allowing for a quicker and more private distribution of assets to your beneficiaries.
  2. Flexibility and Control: A living trust provides flexibility and control over your assets. You can specify how and when your beneficiaries receive their inheritance, which can be particularly useful if you have minor children or beneficiaries who may not be able to manage large sums of money responsibly.
  3. Incapacity Planning: A living trust also offers protection if you become incapacitated. If you are unable to manage your affairs due to illness or injury, your designated successor trustee can step in and manage the trust on your behalf without the need for court intervention.
  4. Privacy: Wills become public record once they go through probate, exposing your financial affairs to public scrutiny. A living trust, on the other hand, remains private, protecting your family’s privacy and financial information.

Considerations and Drawbacks

While living trusts offer many benefits, they are not without their drawbacks and considerations:

  1. Cost and Complexity: Setting up a living trust can be more expensive and complex than creating a will. There are upfront costs for drafting the trust document and ongoing costs for managing the trust. Additionally, you must retitle your assets into the name of the trust. The complexity and cost are key considerations to weigh against the benefits.
  2. Ongoing Management: A living trust requires active management. You need to ensure that any new assets acquired are transferred into the trust.
  3. Not Always Necessary: For some people, particularly those with smaller estates, the benefits of a living trust may not justify the costs and complexity. In such cases, other estate planning tools, such as a will combined with payable-on-death accounts and beneficiary designations, might be sufficient. Financial Samurai suggests evaluating your specific situation to determine if a living trust is the best solution.

When is a Living Trust the Best Option?

A living trust may be the best option if you:

  • Own property in multiple states, as it can simplify the transfer process and avoid probate in each state.
  • Have a complex family situation, such as children from multiple marriages, where you need to clearly outline your wishes to avoid disputes.
  • Want to ensure privacy for your estate and avoid the public process of probate.
  • Have minor children or beneficiaries who may not be able to manage their inheritance responsibly.

Contact a California Estate Planning Attorney

A living trust can be a powerful tool for estate planning in California. To determine if a living trust is the best way to pass on your inheritance, it’s essential to consider your unique circumstances and consult with an experienced estate planning attorney. At the Law Office of David Knecht, we have extensive experience in creating tailored estate plans that meet your specific needs and goals. Contact us today at 707-451-4502 to discuss whether a living trust is right for you and how we can help secure your legacy.

Filed Under: California Estate Plan, Estate Planning, Estates, Fairfield Attorney, Living Trust , Trust Administration Attorney , Vacaville Lawyer

The Danger of Declining Estate Planning Rates

Do you have an estate plan? If not, you are not alone, and you may be responding to the latest trends affecting Americans and their estate planning practices. Statistics show that Americans are responding to financial trends including income inequality and rising inflation, and these factors are having an impact on estate planning nationwide.

This article will discuss the statistics and trends and potential impact these may have, with information derived from Caring.com’s 2024 Wills and Estate Planning Survey and an article about the danger of declining estate planning rates originally published by Forbes. See https://www.caring.com/caregivers/estate-planning/wills-survey/ and https://www.forbes.com/sites/matthewerskine/2024/03/20/the-danger-of-declining-estate-planning-rates/?sh=2db3b6924e33

What are the main estate planning trends?

  • As reported in a survey by Caring.com, for the first time since 2020, the number of Americans with a will has declined.
  • Only 32% of Americans have an estate plan in 2024.
  • security for loved ones.
  • For business owners, estate planning ensures business continuity.
  • For art lovers, a plan can preserve the value of art collections.
  • Estate planning can minimize taxes, preserve your legacy and facility philanthropic goals
  • Estate planning can involve more than financial assets.
    • It can control healthcare decisions
    • Designate what happens with your digital and social media assets
    • Provide guidance on how children are looked after in the event of an emergency

What can you do to address these estate planning concerns?

  • The obvious first step is to get your own affairs in order. At the Law Office of David Knecht, we have extensive experience in all aspects of estate planning, and we can help make this process easy. To get started or to freshen up a preexisting plan, contact us today at 707-451-4502.
  • Talk to friends and family. If you estate plan is prepared, talk to your loved ones about how they can get steps to be prepared for the future.
  • Get involved in your community and talk about estate planning with new friends and associates. You can look for opportunities to serve in local communities, on sites such as https://www.cityofvacaville.gov/i-want-to/volunteer

Estate Planning Does Not Have to Be Intimidating

Estate planning can be complicated and it does involve facing the inevitable occurrence of your passing on, but it does not have to be intimidating. All it takes to get started is one call to your estate planning attorney, and we will help you do the rest.

  • This is a 6% decline from last year.
  • 40% of people without a will attribute that to not having enough assets to leave to anyone.
  • The study found 16% notable decline among lower-income Americans.

What are other surprising niche trends?

  • Around 85% of successful business owners have outdated estate plans.
    • This can potentially lead to unintended consequences due to changes in tax law and personal circumstances.
  • Only about 10% of ultra-high net worth individuals with significant art collections have planned for their transfer.
    • This can potentially risk disputes among heirs or mismanagement of the collection.

Why is estate planning important?

  • Estate planning is crucial for distributing assets as to one’s wishes and providing financial security for loved ones.
  • For business owners, estate planning ensures business continuity.
  • For art lovers, a plan can preserve the value of art collections.
  • Estate planning can minimize taxes, preserve your legacy and facility philanthropic goals
  • Estate planning can involve more than financial assets.
    • It can control healthcare decisions
    • Designate what happens with your digital and social media assets
    • Provide guidance on how children are looked after in the event of an emergency

What can you do to address these estate planning concerns?

  • The obvious first step is to get your own affairs in order. At the Law Office of David Knecht, we have extensive experience in all aspects of estate planning, and we can help make this process easy. To get started or to freshen up a preexisting plan, contact us today at 707-451-4502.
  • Talk to friends and family. If you estate plan is prepared, talk to your loved ones about how they can get steps to be prepared for the future.
  • Get involved in your community and talk about estate planning with new friends and associates. You can look for opportunities to serve in local communities, on sites such as https://www.cityofvacaville.gov/i-want-to/volunteer

Estate Planning Does Not Have to Be Intimidating

Estate planning takes some time, and it does involve facing the inevitable occurrence of your passing on, but it does not have to be intimidating. All you need to get started is one call to your estate planning attorney, and we will help you do the rest.

Filed Under: Estate Planning, General, Living Trust , Living Will, Trust Administration Attorney , Vacaville Attorney, Vacaville Lawyer

How to Give Your Heirs Quick Access to Your Accounts When You Die

A recent article published by MarketWatch, https://www.marketwatch.com/story/how-to-give-your-heirs-quick-access-to-your-bank-accounts-when-you-die-11633038931?mod=home-page,  answered the question of how to give your heirs quick access to your accounts when you die.  This article will summarize the information in that article and give insights into various other estate planning tips for California estate plans. 

  •  Transfer on Death (TOD), Payable on Death (POD)

When opening a bank account or amending an existing account, you fill out a form either online or in person to make someone the payable on death beneficiary of the account. 

  • What if you have more than one person you want to designate?

Typically, you can designate as many people as you desire and you will allocate a percentage of the account that will go to each person. 

  •  What is the advantage of the TOD/POD?

While there is still some process involved (the beneficiary has to show the bank a certificate of death and the beneficiary’s identification), the advantage is that probate is avoided for this particular account. This saves time, money and inconvenience. 

  •  What about making your heir the joint owner on your account?

Another strategy is to designate your heir as the joint owner on your account. This has some advantages and disadvantages. On the upside, the heir can withdraw the money upon your death right away. The downside is that the heir can also withdraw the money anytime during your lifetime. It also subjects those funds to creditors of your heir during your lifetime. Because of these risks, a joint ownership plan is not the best for some families. For relationships with a very high level of trust, it might make sense. 

How to Help Your Loved Ones

There are many choices with estate planning in California, but the first step in helping your loved ones is to become informed of your options and get a plan in place. You’ll want to make sure any paperwork related to estate planning easily accessible to your loved ones and that it is up to date with any changes needed. At the Law Office of David Knecht we have extensive experience with estate planning in California and can help you get started or update your existing plan.  Contact us at 707-451-4502 for more information.  

 

Filed Under: California Estate Plan, Vacaville Attorney, Vacaville Lawyer

Revocable Transfer on Death Deeds

A Revocable Transfer on Death Deeds, also known as a  “TOD” or “beneficiary deed” is a simple way to leave your residence to beneficiaries without the need for probate. A free form for this deed can be found here:  https://saclaw.org/wp-content/uploads/sbs-tod-deed.pdf

Because there are potential pitfalls with this type of deed, this article is not intended as a recommendation of Revocable Transfer on Death Deeds. We provide this information as education on this option. 

  •  What is a Revocable Transfer on Death Deed?

The current owner during their lifetime names beneficiaries. The deed has no effect until the death of the transferor, so the deed can be changed, the property can be sold or refinances, etc. When you die, the property does not need to go through probate, but your heirs will need to file or record certain documents. 

  •  What type of properties are eligible for Revocable Transfer on Death Deed?

A Revocable Transfer on Death Deed can only be used with a property with one to four residential dwelling or condominium units or a single family residence with less than 40 acres of land. 

  •  What are the advantages of a Revocable Transfer on Death Deed?

You can potentially avoid probate, provided that it was done correctly and there were no unexpected family changes. It is a simple process. It can be revoked during the lifetime of the transferor if you change your mind. There are some tax advantages. 

  • Have there been recent changes to the laws relating to Revocable Transfer on Death Deeds?

A recent Bill which you can access in its entirety here, https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202120220SB315, addressed some of the problems with Revocable Transfer on Death Deeds. 

 It states:  This bill would revise and recast those provisions, and instead make them operative until January 1, 2032. Among other things, the bill would redefine and newly define terms for these purposes, including, but not limited to, “beneficiary,” “real property,” “subscribing witness,” and “unsecured debts.” The bill would make changes to how and when a revocable TOD deed becomes effective or revoked, and would instead require the deed or revocation to be signed by the transferor, acknowledged by the transferor before a notary public, dated, and signed by 2 witnesses, as specified. The bill would add additional provisions to the statutory forms for executing and revoking a revocable TOD deed to conform to these changes, and would add additional information to the statutory “common questions” pages. The bill would require, after the death of a transferor, that the beneficiary serve notice on the transferor’s heirs, and would create a new statutory notice form for these purposes.

 

  • Where can I find out more information on how to properly execute a Revocable Transfer on Death Deed or discover whether there is a better mechanism to transfer my property to heirs?

 

At the Law Office of David Knecht we have extensive experience with estate planning in California. We can evaluate your assets and give you an opinion on whether a Revocable Transfer on Death Deed is right for you and your family. We will listen to your concerns and customize an estate plan that is advantageous to you and your loved ones. Contact us at 707-451-4502 for more information.  

 

Filed Under: California Estate Plan, Vacaville Attorney, Vacaville Lawyer

5 Assets Not to Forget in a California Divorce

There are a few categories of assets that are sometimes missed by couples getting a divorce. This article will discuss five important asset classes to remember in a California divorce so that the division of assets is fair, accurate and equitable.  At the Law Office of David Knecht, at 707-451-4502, we have extensive experience in divorce in California and can help you with complex questions relating to valuation and division of assets in a California divorce.

Bitcoin, Ethereum, or other Cryptocurrency or alternative currency. 

With the popularity of investing in cryptocurrency greatly increasing, this is one important asset class to divide in a divorce.  Crypto assets can be missed because they can be traded through Venmo, or various platforms like Coinbase that the other spouse may not be aware of.  The timing on when it is purchased is important, as well as the issue of whether there were any gains made during the marriage.

Stock options. 

 

Stock options that are granted subject to employment can present a challenge when dividing assets in a divorce.  This can occur because the options may not have vested yet or the employment upon which the options were based may have occurred before the marriage as well as during the marriage.  Even though nonvested stock options may have no present market value, you may want to retain an interest in the shares and potential profits.  This area of family law can be very complex, and possibly the best way to position yourself well relating to stock options is to obtain advice from an experienced divorce attorney who can analyze and comment on your specific situation.

Stimulus money. 

 

If you received stimulus money during the course of your marriage, then this is an asset that can be split as part of the divorce settlement.

Pension plans. 

 

Some employers, particularly the state or federal government, still offer pension plans, and if these were earned during the marriage, it’s an important source of income not to forget in a divorce settlement.

Military Benefits. 

A service member’s military pension in an extremely valuable asset and can be divided just like any asset.  It is important to include military pensions and other military benefits in a division of assets.

Conclusion

At the Law Office of David Knecht, at 707-451-4502, we have extensive experience in divorce in California and can help you with complex questions relating to valuation and division of assets in a California divorce.

 

Filed Under: General Legal Advice, Vacaville Attorney, Vacaville Lawyer

Can I Get More Money if My Spouse Cheated?

A commonly asked question in divorce is whether cheating can be used as leverage for the other spouse to get more money or custody in a divorce.  Cheating is typically defined as a physical relationship with a person who is not in the marriage.  This article will discuss the legal consequences of cheating and explain why it is almost always irrelevant to financial or custody issues in a divorce.  

  1. Cheating is not one of the grounds for divorce in California. 
  • There are two grounds for divorce in California:  irreconcilable differences and permanent legal incapacity.  You don’t need to prove cheating to get a California divorce because irreconcilable differences covers all problems or differences that make one person in the divorce want to leave the marriage.

 

  • Typically cheating will not result in greater alimony for the other spouse. 

 

California does not consider marital fault when determining alimony payments, so cheating typically does not factor into alimony.

 

  • What are the factors a judge would consider in awarding alimony?

 

California has a list of the factors that a judge should consider when making a spousal support/alimony determination.  This statute can be accessed in its entirety here: https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?sectionNum=4320.&lawCode=FAM

(a) The extent to which the earning capacity of each party is sufficient to maintain the standard of living established during the marriage, taking into account all of the following:

(1) The marketable skills of the supported party; the job market for those skills; the time and expenses required for the supported party to acquire the appropriate education or training to develop those skills; and the possible need for retraining or education to acquire other, more marketable skills or employment.

(2) The extent to which the supported party’s present or future earning capacity is impaired by periods of unemployment that were incurred during the marriage to permit the supported party to devote time to domestic duties.

(b) The extent to which the supported party contributed to the attainment of an education, training, a career position, or a license by the supporting party.

(c) The ability of the supporting party to pay spousal support, taking into account the supporting party’s earning capacity, earned and unearned income, assets, and standard of living.

(d) The needs of each party based on the standard of living established during the marriage.

(e) The obligations and assets, including the separate property, of each party.

(f) The duration of the marriage.

(g) The ability of the supported party to engage in gainful employment without unduly interfering with the interests of dependent children in the custody of the party.

(h) The age and health of the parties.

(i) All documented evidence of any history of domestic violence, 

(j) The immediate and specific tax consequences to each party.

(k) The balance of the hardships to each party.

(l) The goal that the supported party shall be self-supporting within a reasonable period of time. Except in the case of a marriage of long duration as described in Section 4336, a “reasonable period of time” for purposes of this section generally shall be one-half the length of the marriage. However, nothing in this section is intended to limit the court’s discretion to order support for a greater or lesser length of time, based on any of the other factors listed in this section, Section 4336, and the circumstances of the parties.

(m) The criminal conviction of an abusive spouse shall be considered in making a reduction or elimination of a spousal support award in accordance with Section 4324.5 or 4325.

(n) Any other factors the court determines are just and equitable.

CONTACT AN EXPERIENCED DIVORCE ATTORNEY

An experienced attorney can help make the divorce process easier for you and help you make important decisions.  At the Law Office of David Knecht, at 707-451-4502, we have extensive experience in divorce in California.  Call us today!

 

Filed Under: Family Law, General, Vacaville Attorney, Vacaville Lawyer

5 Ways to Save Money on Your California Divorce

Many people considering divorce are fearful of the cost and how the expense of a divorce may negatively impact their future long-term.  This article will help provide suggestions on how to save money on a California divorce.     

  1. Prepare and Organize Your Information.  If you prepare and organize your information in advance of meeting with your attorney, your meeting with him or her will be more effective.  You can make a list of all your assets and liabilities.  You can do research online to assess the value of your home, vehicles, and other assets.  When you organize this information into a concise summary, you will be better prepared to have an efficient discussion.  
  2.  Give Consideration to Your Priorities, Questions and Concerns.  Many issues in divorce require careful thought and consideration so that you can establish your ideal outcome.  For example, what would be the best custody arrangement for your schedule?  Where would you like to live now and in the future?  What assets are important to you to keep and what do you not mind selling?  Your attorney will certainly be invested in helping you achieve your ideal outcome, but in order to do that he or she will need to work with you to find out what that target is. 
  3. Choose a Support Person.  Decide a support person who can be there for you when you need impartial advice, a shoulder to cry on, or just a listening ear.  This support person will be essential in helping you process the many emotions involved in a divorce.  This will save you money by helping you set reasonable goals, make good decisions, and keep the time you are paying your attorney focused.  
  4. Communicate in Writing When Possible.  One way to save cost in any legal case is to communicate in writing, when it makes sense.  If you need to send your attorney a quick thought or note, an email or text can be quicker and cheaper than a phone call. 
  5. Choose Your Attorney Carefully.  One of the most important ways to save money in a divorce is to hire an attorney who is experienced in family law.  Some people are tempted to hire a friend or family member who is a lawyer with the idea that they may get a better deal going with someone they know.  Unfortunately, when you hire someone who does not have experience, you may be spending more money because they may have to come up to speed on family law issues on your dime.  

Consult with the Law Office of David Knecht

If you want a lawyer who is effective, efficient and experienced, while still being cognizant of cost, please contact the attorneys at the Law Office of David Knecht, at 707-451-4502.  

 

Filed Under: Divorce Lawyer, Vacaville Attorney, Vacaville Lawyer

Do I Have to Pay My Spouse’s Attorney Fees in a California Divorce?

A question that often arises in a divorce is whether one spouse has to pay the other spouse’s attorney’s fees, and like many areas of the law, this legal question does not have an easy yes or no answer.  This article will talk about how the process works in determining whether the wife has to pay the attorney fees or whether the husband has to pay the wife’s attorney fees or whether each party pays their own.  

Family Code 2030

You can read the California Family Code Section 2020 that talks about this question here:  https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?sectionNum=2030.&lawCode=FAM

Each party needs to have equal access to representation

One key part of this law states that the court should ensure that each party has equal access to representation.  To accomplish this goal, the court can order one party to pay the other party or the other’s party’s attorney.  

What does “equal access to representation” mean?

A legal case from 2009, known as Alan S. v  Superior Court of Orange County, helps explain what “equal access to representation” means.  You can read the full opinion here:  https://scholar.google.com/scholar_case?case=9789715232219912999&q=divorce+attorney+fees+alan+s.+&hl=en&as_sdt=6,45

The Alan S. case clarified that a  common misconception is that the purpose of Family Code 2030 is to redistribute money from the greater income party to the lesser income party.  In other words, some people incorrectly believe that this law is in place to make the money “fair” by forcing the richer party to pay the fees of the poorer party.  The Alan S. case clearly explains that equalizing disparate incomes is not the purpose. The purpose is to equalize access to legal representation. 

The idea is that both sides should have the opportunity to retain counsel, not just the one with the greater financial strength.  In fact, the Court in this case was quite clear on that point, and even italicized the take-away message of the case with this explanation: “The whole point of this case, after all, is that each side should have an equal opportunity for legal representation in the upcoming child custody hearing.”

Does the party with greater financial resources always have to pay for the other spouse’s legal fees?

Another common misconception is that the party that is wealthier always has to poay for the other spouse’s legal fees.  That is not the rule, as the decision turns on access to legal representation and not just the difference in incomes between the two parties.  For example, in the Alan S. case, the lower court’s ruling that Alan S. had to pay his wife’s attorney fees was reversed because the court reviewed the  circumstances and concluded that the equal opportunity standard in this instance did not justify an attorney fee award.  

How can you find out whether one spouse will have to pay the other spouse’s attorney’s fees in your divorce?

If you have questions about paying a spouse’s attorney fees, please contact us at the Law Office of David Knecht.  We have extensive experience in all aspects of family law and can answer your questions.  Contact us at 707-451-4502 for more information.  

Filed Under: Family Law, Vacaville Attorney, Vacaville Lawyer

First Steps in Dealing with the Estate when Someone Dies

When a person passes, the family and friends left behind will often wonder what to do.  This article will provide an overview of how to deal with the estate.  Source: https://www.courts.ca.gov/8865.htm.  It isn’t uncommon for people to feel completely overwhelmed with the task of figuring out the estate when they are already overcome with grief and pain from the passing, so feel free to reach out to the Law Office of David Knecht for a consultation on how we can help you through this difficult time. 

 

  • Find out who will be the estate representative. 

 

The first step is to find out who will be the estate representative.  If there is a will, then the person named as executor in the will is the representative.  If there is no will, there are two possibilities:  Under certain conditions, the estate can pass through simplified procedures informally, and under other conditions, the case has to go through a formal probate court case where the court appoints an administrator. 

 

  • The estate representative should start gathering information and fulfilling duties. 

 

The role of the estate representative is to  are many important steps the estate representative is to take care of the estate and make sure it is distributed correctly.  This can include many steps, a few examples of which are as follows:  Get certified copies of the death certificate, find the will, collect and safeguard assets such as bank account funds, life insurance proceeds, veteran’s benefits, Social Security death and survivor benefit, real property (homes, cabins), collect the mail and any important papers, cancel credit cards and subscriptions, and manage digital assets (like a social media profile), notify the Franchise Tax Board, notify the Social Security Administration if the decedent was receiving monthly social security, prepare the decedent’s final income tax returns.  It’s a challenging task to identify and manage all of the duties involved. 

 

  • Identify the heirs and beneficiaries. 

Identifying the heirs and beneficiaries can be challenging.  It is usually decided by the terms of a will (if there is one), by state law if there is no will or if there is a problem with the will, or by other estate planning documents like beneficiary designations, living trusts or join tenancy arrangements.  There can be problems with a will.  For example, if a will is out of date, and a beneficiary has already died.  Many people find that an attorney can provide assistance in this key step of identifying heirs and beneficiaries. 

 

  • Inventory the property of the person who has died.

Make a list of assets and debts, which includes real property like a home or a farm, and personal which can be tangible property like cars, furniture, etc or intangible property, like stocks and bonds.  Find out how it is owned and the value of the property or debt on the date of death.  Consider whether the property is shared with perhaps a spouse or a business partner. 

 

  • Determine the best transfer process. 

 

When you’ve made your list of all the property, to whom it should be transferred, and what the value of it is, then final step is to determine the procedure for transfer.  There may be simplified procedures available or it may have to be done formally in probate court. 

Conclusion

Death is difficult, and the legal process for handling the estate can be confusing and stressful to deal with on your own. The Law Office of David Knecht, at 707-451-4502, can help you navigate the sometimes complex and confusing steps in settling the estate when someone dies.  Contact us today. 

 

Filed Under: Estates, Vacaville Attorney, Vacaville Lawyer
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