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.
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It is usually a good idea to set up an estate account for paying the estate’s final bills and expenses Estate Planning Law Experience of Over Thirty Years Rocklin Probate Law 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.
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Rocklin Probate Law Estate Planning Lawyer 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.
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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 If additional space is needed,attach a separate page File the signed Proof of Service by Mail with the court Rocklin Probate Law With all claims,debts and expenses paid,you’ll give the remaining property to the rightful heirs and/or as the will directs.
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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 The main reasons for setting up an irrevocable trust are for estate and tax considerations Rocklin Probate Law Most living trusts are �revocable� because you can change them as your circumstances or wishes change.
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Notice must be given by first class mail or by personally delivering a copy to each person or entity at least 15 days prior to the hearing Each person should receive a copy of the “Notice of Petition to Administer Estate” showing the hearing date information The main reasons for setting up an irrevocable trust are for estate and tax considerations Rocklin Probate Law Living Trust Attorney.
You’ll also need to pay all applicable taxes,as well as file a final income tax return on the estate Rocklin Probate Law Probate Attorney Lawyer Steven F Bliss offers personalized estate planning and help with probate-related issues.
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.
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