Providing Clients With Quality, Compassionate Legal Guidance
Losing a loved one is a difficult situation – not only are you grieving your loss, but you also have to deal with a variety of tasks you may not feel prepared for, such as taking care of your loved one’s estate administration process. This is when having the help of a skilled estate administration lawyer can truly make a difference for you and your family. The legal team at the King Law Office is here to provide you with all the legal guidance and services you need to navigate this difficult time and go through the estate administration process with ease. If you have questions about your particular situation, contact the King Law Office at 530-221-2640.
What Is Estate Administration, and Why Is It Important?
Estate administration is the process of managing the assets and debts of a person who has passed away. It typically requires an inventory of the decedent’s debts and assets, the payment of debts, and the distribution of the decedent’s assets to their rightful beneficiaries. This process is usually overseen by a probate court and carried out by an executor or personal representative of the estate.
If the decedent left a last will and testament, the assets will be distributed according to the terms of the will. If the decedent died intestate and left no will, the assets are distributed in accordance with California’s intestate laws. Before any assets are distributed, the decedent’s debts and taxes must be paid using estate funds. The remaining assets can then be passed on to beneficiaries, and the estate can be closed out.
What Is the Role of a Personal Representative?
A personal representative (also called an executor) plays a critical role in the estate administration process. The personal representative is responsible for carrying out all the tasks required to administer the estate – from submitting the decedent’s will to the probate court to inventorying the decedent’s assets and debts, communicating with beneficiaries and creditors, managing the estate assets, filing taxes for the estate or for the decedent, distributing assets and closing out the estate.
Being a personal representative is no minor task. The representative has a fiduciary duty to properly manage the estate assets and finances, communicate with beneficiaries every step of the way, and maintain organized financial records for the estate. Many people who find themselves in this position benefit from the legal guidance of an estate attorney to help make the estate administration process less stressful and overwhelming.
Is Estate Administration Still Required for Small Estates in California?
Estate administration is a crucial process for any estate, regardless of its size. However, the administration and probate process may look different depending on the size and complexity of the estate.
In California, small estates can go through simplified probate or be transferred through other means that do not require a full probate process. In general, estates valued under $20,000.00 or $150,000.00 may simply be transferred to their beneficiaries through the signing of certain forms, such as California Judicial Council Form DE-305, or through a set-aside order. If you are unsure of whether your loved one’s estate qualifies for a simplified probate, be sure to consult an attorney before proceeding.
Why Should I Hire an Estate Administration Attorney for My Case?
While hiring an estate administration attorney is not a requirement in California, many individuals who find themselves in charge of handling their loved one’s estate find it beneficial to be able to count on the legal guidance and experience of a skilled attorney during the entire process. Having a trusted legal advisor on your side can enable you to carry out estate administration tasks more confidently and efficiently while avoiding common mistakes that could later lead to costly probate litigation and more stress during an already difficult time.
The legal team at King Law Office provides legal services, representation, and advice on all aspects of estate planning and administration in Redding and throughout Northern California. If you need legal advice concerning your loved one’s estate or have questions regarding probate matters, contact King Law Office at 530-221-2640 and schedule a free consultation.