My question involves estate proceedings in the state of: California.
My father is deceased and I am currently designated as executor-to-be of my elderly mother's estate. She currently resides in California. Her will basically specifies that her estate is to be divided equally amongst her 3 children. All of her monetary assets are in pay-on-death accounts that will also divide the proceeds equally between her 3 children.
The value of her estate for probate purposes is planned to be less than $150,000 in order to avoid probate. My understanding is that (in California) if the value of the estate is less than $150,000 probate is not required. So, essentially, her estate will consist entirely of tangible, non-monetary property. How will we value these tangible items for purposes of estate valuation in regard to probate?
We are basically talking about her personal possessions which have no value of consequence. Since there will be no liquid assets in her estate how would any costs of administering the estate (funeral expenses, asset appraisal, etc.) be funded? Would it make sense to create a $15,000 non-pod account in her name only (that would then be part of the estate) to fund estate administration expenses? Could those funds be used in that manner before the estate is settled?
How are tangible assets in an estate divided "equally", as stipulated in her will? Will we have to sell/monetize everything in order to determine the value of all assets in order to "distribute equally"? As executor, in order to avoid possible future disputes, will I need a formal, legal agreement as to who gets individual items?
Part of her estate will consist of a large number (3 or 4 canvas bags full) of coins that my father accumulated in his travels. Any suggestions on how to "equally" divide these? I can see possibly appraising jewelry and the like but hundreds of coins that have been randomly accumulated over the years? Also, how should an estimate of their value be determined for purposes of estate valuation? If we cannot agree on how to distribute the tangible items in her estate, does that mean that we would have to go to probate?
Since there will be no monetary assets how will court and legal costs be paid? Would the judge typically mandate each beneficiary to pay an equal share of the costs? And finally, how is the estate legally considered "settled"?
TIA Luke
My father is deceased and I am currently designated as executor-to-be of my elderly mother's estate. She currently resides in California. Her will basically specifies that her estate is to be divided equally amongst her 3 children. All of her monetary assets are in pay-on-death accounts that will also divide the proceeds equally between her 3 children.
The value of her estate for probate purposes is planned to be less than $150,000 in order to avoid probate. My understanding is that (in California) if the value of the estate is less than $150,000 probate is not required. So, essentially, her estate will consist entirely of tangible, non-monetary property. How will we value these tangible items for purposes of estate valuation in regard to probate?
We are basically talking about her personal possessions which have no value of consequence. Since there will be no liquid assets in her estate how would any costs of administering the estate (funeral expenses, asset appraisal, etc.) be funded? Would it make sense to create a $15,000 non-pod account in her name only (that would then be part of the estate) to fund estate administration expenses? Could those funds be used in that manner before the estate is settled?
How are tangible assets in an estate divided "equally", as stipulated in her will? Will we have to sell/monetize everything in order to determine the value of all assets in order to "distribute equally"? As executor, in order to avoid possible future disputes, will I need a formal, legal agreement as to who gets individual items?
Part of her estate will consist of a large number (3 or 4 canvas bags full) of coins that my father accumulated in his travels. Any suggestions on how to "equally" divide these? I can see possibly appraising jewelry and the like but hundreds of coins that have been randomly accumulated over the years? Also, how should an estimate of their value be determined for purposes of estate valuation? If we cannot agree on how to distribute the tangible items in her estate, does that mean that we would have to go to probate?
Since there will be no monetary assets how will court and legal costs be paid? Would the judge typically mandate each beneficiary to pay an equal share of the costs? And finally, how is the estate legally considered "settled"?
TIA Luke
Valuation of Assets: Valuation and Distribution of Non-Monetary Personal Assets in Probate
Aucun commentaire:
Enregistrer un commentaire