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The paperwork will ask for you to be officially acknowledged as the legal executor representing the estate.
A trust administration is NOT a court-supervised process,yet its ultimate goal is also the transfer of property from an individual who has died (the �decedent”) to that individual�s beneficiaries who are identified in the living trust It includes locating and determining the value of the decedent�s assets,paying his final bills and taxes,then distributing the remainder of the estate to his rightful heirs or beneficiaries Fair Oaks Probate Law Estate Planning Lawyer.
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Some assets are distributed to heirs by the court (probate assets) and some assets bypass the court process and go directly to your beneficiaries (non-probate assets) In addition to the petition,you will need to file a valid will,if one exists,and the death certificate Fair Oaks Probate Law Estate Planning.
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Once everything has been distributed,you will submit receipts and records of everything to the court and then ask for the estate to be closed and to be released from the role of executor Allow thirty years of experience to guide you through your California probate proceeding Fair Oaks Probate Law The significant loss of a decedent’s estate for the payment of attorney fees,executor compensation and court costs is a great motivator to put together a great estate plan.
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You’ll need to ensure the estate’s assets can cover all debts before paying them If not,the state will prioritize creditor claims include.
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In the case of a small estate,or if the decedent left his assets in trusts or gifted them prior to his death,probate may not be necessary Fair Oaks Probate Law (916) 864-1321 Living Trust Attorney You’ll also need to pay all applicable taxes,as well as file a final income tax return on the estate.
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With all claims,debts and expenses paid,you’ll give the remaining property to the rightful heirs and/or as the will directs essential.
If you�re approved as executor,the court will officially open the probate case and you will now be able to act on behalf of the deceased�s estate.
Estate planning isn�t about the end of life,it�s about preserving the life you love When a loved one or family member dies with just a Will,or no estate plan at all,his or her family is needed to put the estate through a court-managed process called probate Fair Oaks Probate Law

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