Personal representatives have many tax-related obligations during probate administration. Finding a CPA to help with these tasks may be beneficial.
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Personal representatives must complete an Inventory and Appraisal form as part of the probate process. The mechanics of the process require attention to detail.
Under California trust law, trustees have a fiduciary duty to act in good faith with respect to the management of trust assets. When a trustee misappropriates funds from the trust for his or her own benefit or the benefit of another, he or she is committing theft.
Ancillary probate proceedings are initiated when an individual passes away owning property in a different state. These proceedings are conducted under the probate laws in which the property existed.
The answer to this question depends on several factors. In some cases, when a decedent had a living trust that owned all of his assets, it may be possible to conduct a trust administration that does not involve the probate court. In other cases, some assets may require a probate administration.
People listed as beneficiaries who are not members of the family of the deceased will usually be informed by the California probate court. However, this only applies if the will has been filed with the court upon death, which is the case if the assets have to go through probate.
In California Probate, the assets of a deceased person need to be inventoried. The Probate Code requires a referee appraise the assets listed on the inventory.
If you are unsure of whether or not your parents had a will or trust when they died, know what steps you can take to find out. Probate may be necessary.
If the trustee of a family member’s trust won’t give you any information, send a written request to them. The trustee is obligated to provide each beneficiary with information.
During an estate administration, you may need appraisals for some or all of the estate property. It is important to know when an appraisal is necessary.