Singer Whitney Houston's only child, Bobbi Kristina Brown, recently died, after inheriting only a fraction of her late mother's fortune. The 22-year-old woman had access to 10 percent of her estimated $20 million inheritance, which was placed in a trust. Bobbi Kristina's father, Bobby Brown, was divorced from Houston in 2007, five years before his wife's death.
Probate can be an extended process, and it is important to know key facts about it. Here are the answers to some questions.
On one hand, estate administration sounds simple, as the will just needs to be followed so that everything is split up according to the desires of the deceased. However, the reality is that this process can be very difficult, especially when the two sides do not agree on how things should be divided and a legal battle ensures. It is not as easy as just following the will.
Being an administrator of an estate that is in probate can be taxing. It can mean a commitment of six months or several years. Having an attorney to assist while you are going through this can be a huge help. The legal representative will mean that you won't waste time on things that are not necessary. This legal professional can help you make decisions and brief you on what your next steps are.
Estate representatives in California may want to learn about the availability of using probate referees during the administration of estates. Unique to the state, the probate referee system provides licensed professionals who are able to appraise property and assets at an affordable cost. These individuals have to pass a state test in order to be qualified to work as probate referees.
As some California residents may know, there are times when a will is challenged. The petitioner's reason for doing this is filed in probate court and served on a personal representative or other individuals who may answer the objection to the will within a predefined time limit. The contestant is then able to answer the response in probate court. Understanding the reasons a will is usually challenged and the likelihood of success may be beneficial prior to entering the objection in court.
In California, some estates are probated when a person dies and leaves behind property and assets. When there is a will, a probate case can be opened to obtain a court's determination of the validity of a will, which is normally automatic in most cases.
When a person dies, all their property becomes part of an estate. A person's debts do not simply go away when a person dies. Credit card debts usually must be paid out of these assets before any of the assets can be distributed to heirs.
When a person dies, his or her estate goes through probate. Probate is a public process that verifies that a will or trust was created legally and without duress. It may be challenged by family members or others who may have a reason to do so. Is a life insurance policy subject to the probate process?
Heirs of the American artist best known for inventing kinetic sculpture recently had a court rule against them in a fraud claim against the estate of the artist's longtime dealer. At least three of Alexander Calder's moving sculptures, known as mobiles, are housed not far from Fullerton, in Los Angeles.