Posts

What Estate Expenses Must Be Paid?

Mar 13, 2019

Let’s assume the following fact pattern: you are one of two equal heirs in an Estate.  The Estate is home worth $370,000 with a remaining mortgage of about $150,000.  If the house were sold and the mortgage paid off, that will leave about $200,000 available to the Estate.  But what other costs will have to be paid before you and the other heir receive the balance? Often times, the deceased has left substantial medical bills,Read more

The Sale Of Estate Property

Jan 21, 2019

The State of CA continues to lead the nation in rising resale property values. This has been the result of two issues. The first is a result of the dwindling backlog of available inventory. As the supply drops, the pricing tends to rise. The second is that the cost of new construction spirals ever higher. This is due to higher construction costs due to CA regulations and building codes, and the small amount of availableRead more

The Statute of Limitations

Oct 10, 2018

A Statute of Limitations is in effect, a law that sets the maximum time after an event, such as a legal proceeding may be initiated. When this period of time passes, a claim may no longer be valid (i.e. any claim would be “time-barred”). The intention of this code is to facilitate resolution of a matter within a “reasonable” time period. In California, most Probate Estates are Court supervised, and there is a complicated setRead more

Aretha Franklin

Sep 24, 2018

The recent death of famed entertainer Aretha Franklin came with a startling surprise. It seems that she left an estate worth about $80 million, but she died without leaving a will. Some other rich and famous individuals, like Howard Hughes, the entertainer Prince, and artist Pablo Picasso reportedly also died without a will. A recent 2017 survey, reports that a majority of Americans do not have a will or trust. Those dying without a willRead more

A Rock and a Hard Place

Jul 11, 2018

If you know of someone who recently passed away, and who was the breadwinner for their family, the family may find themselves in an awkward position of protecting the remaining Estate assets, but not knowing much about the assets and/or how to protect them. Bills may be piling up. A mortgage and property taxes must be kept current. Creditors may be adding unwarranted pressure. Although the estate has sufficient assets (i.e. equity in a home;Read more

Who Is The Manager Of An Estate?

May 9, 2018

There are two different terms for the individual that manages the process of an estate; either an Executor or Administrator. If there is a Will, the manager will be referred to as the Executor, and the estate is deemed to be Testate. If there is no Will, the manager will be referred to as the Administrator, and the Estate is deemed to be Intestate. Generally, a Will names an Executor. If an Executor is notRead more

What Is The Difference Between A Trust And A Probate Estate?

Mar 19, 2018

In the state of California, the estate of a decedent will normally be managed and distributed by either a Trust or a court supervised probate process. One exception is that if the net value of the estate is less than $150,000 (in personal property), the administrator may choose to bypass both and simply pay the debts of the estate and distribute the remaining assets to the heirs. For real property valued at less than $150,000Read more

Inheritance Loan vs Inheritance Cash Advance

Jan 11, 2018

You may be an Heir or an Administrator in a Probate Estate that is expecting or in need of cash. In general, a Court appointed Administrator may take out a secured loan (secured by the Estate home) for the benefit of the Estate. An Heir has no authority to encumber the Estate home or take out any such loan. But an heir can receive a cash advance on his/her inheritance. When you see a cashRead more

Am I A Probate Heir?

Sep 9, 2017

How are heirs in a probate estate determined? Often times, the deceased has left behind a Will, in which the beneficiaries are specifically identified.  The respective amounts or percentages for the beneficiaries may be equally shared, or the deceased may have determined different percentages or amounts, or other various options.  If there is no Will, then California Probate Code establishes entitlement per a family tree scheme.  This default entitlement scheme (called intestacy) can be aRead more

What Are The Benefits Of A Probate Cash Advance?

Jul 11, 2017

The probate process in the State of California, now takes about 18 months.  It is not uncommon for this to take considerably longer.  The Courts maintain strict oversight over the process, but are extremely overburdened. Hearing dates are constantly pushed out, and there are often other matters that delay receipt of an inheritance.  Meanwhile, the heirs may have pressing financial needs, such as 1.Immediate need for burial expenses 2.Cash to clean up and upgrade EstateRead more