I've been trying to understand the distribution process, and you answered everything! I've been searching everywhere for an understanding. Thank you so very much for this short and straightforward video! Blessings upon blessings to you and your family!
There is a lot involved. My Dad died 3 years ago, and I am only adult child living in his house. He left no Will, and I am just starting the probate process with an Attorney. (I live in California). My Dad had a lot of credit card debt. I would like to stay in house, although it needs quite a bit of work.
Yes, probate can be a complicated process, but the good news is that you've already hired an attorney which is the first step to successfully managing your fathers estate! Since you're planning on staying in the house it would be helpful to speak with a lender to see if you qualify for the remaining value of the mortgage, before you get too deep into the process. Good luck Lily Cat, I know it is a long arduous process but you can do it!
Hi 3 heirs can't agree on who will be personal rep for an estate. No other family to do it. Attorneys recommend a 3rd party to the judge. Any idea who I can ask to be the personal rep ?? Like do attorneys do it ? Realtors ? Someone none of us know is preffered
Hi Carmella, you can hire a fiduciary to fill the role of personal representative. I'm not sure where you're located, but in California you can look up PFAC (Professional Fiduciary Association of California) and find a fiduciary that way, or if you're out of California you can search "professional fiduciary services near me." Hope this helps!
Rachael, Creditors are paid first, then the distribution of the remaining funds will be to all the known beneficiaries. I recommend that as the Executor, you hold back some funds for any unknown expenses that may pop up after distribution. After six months to a year, you’ll want to finish the distribution. There are companies that can search for beneficiaries, you can probably find one online. Good luck!
Thank you for sharing. I am currently at the 5 month mark post death. I have 2 outstanding CC payments in which both cards were notified directly by the executor about the clients passing. All accounting has been submitted to probate. What is the statute of limitations with regards to the CC company asking for the money at this point? I think its a bit egregious for the executor to chase a CC Company to ensure they file a claim, but what is the stance on that?
Good question! An Attorney could answer to your question. And, some attorneys are able to negotiate a lower amount with credit card companies. So that may be an option.
Do i need probate if have will and my name only name onit im onlyliving sibling blood have step sister dont get along both parent dead lost what i do if want keep living house help running out money house been living her home taking care her last year nowwrong she gets involed trying do me
Hi Michael, even if you're the only beneficiary, if the estate meets the minimum value requirements (i.e. it is worth $184,000 or more). you will still need to go through the probate courts to take full possession of the property. Look for an attorney who will help guide you through the process, they will be your best bet for getting it done quickly and for the least cost to the estate. good luck!
