You’ve been named the personal representative in a will, and then the day comes that the will must be administered in probate court. You have a set list of tasks you must accomplish as the newly named executor of the will, which can be formidable enough, but then a spat erupts among the heirs, and there’s a dispute over the contents or validity of the will.
When a person dies, the personal representative or executor will settle the decedent's final affairs and distribute assets to the heirs and beneficiaries. However, prior to that, the executor must pay all debts and taxes.
It is an honor to be named executor of someone’s estate. The will’s creator, or the probate court, is entrusting you with the responsibility of making sure the estate is administered according to the laws of California. It is not an assignment to be taken lightly.
According to a 2021 Wills and Estate Planning Study by Caring.com, 58% of respondents who don’t have a will said that they haven’t started thinking about it or making a plan.
While everyone should strive to have a positive outlook on life, it is still important to protect your assets and make sure that your wishes are known to your loved ones. Life is full of unexpected twists, which is why a well-drafted estate plan can protect you and your family during turbulent times.
Many young adults assume that they do not need an estate plan at such a young age. This is evident from estate planning statistics among young adults. According to SeniorLiving.org, one in four people aged 18 to 29 believes they do not need an estate plan or are unsure if they need one.
According to an annual survey conducted by the website Caring.com, the pandemic brought home the message that people need to plan for any contingency in their lives. Nothing is guaranteed, so everyone needs to put in place a plan for the future of their loved ones and for themselves. This is what is known as estate planning.
Estate planning involves not only making arrangements to care for your loved ones, but also expressing your wishes in case of your own incapacitation or death. You can create an advance health care directive to express your desires when facing end-of-life issues.
According to a 2018 study by EstateExec.com, on average, settling an estate takes the executor about 16 months or approximately 570 hours of effort. Being appointed as the executor of an estate is a great honor that comes with huge responsibilities.
According to a new Caring.com survey, only 32.9% of U.S. adults currently have estate planning documents such as a trust or will. Settling the final affairs of a deceased person and distributing their assets to inheritors without a will, trust, or estate plan can bring about several challenges.
