In most cases, probate is a relatively straightforward process in California. But unexpected twists and turns are commonplace. When they occur, it is much easier, and much less expensive, for a probate litigation attorney to hit the ground running rather than start from square one. A probate administration lawyer also relieves executors of the more mundane details while giving them peace of mind about the entire process.
Pasadena probate administration attorney Silvio Nardoni has a well-deserved reputation throughout SoCal for attention to detail. Since the process is very detail oriented, he is the kind of attorney your family needs. At the same time, your legal team never loses sight of the big picture. Our goal is the prompt and equitable resolution of your probate administration matter.
How Do I Wind Up Financial Affairs?
The judge usually issues letters testamentary shortly after the decedent’s will is filed in probate court. Once that happens, the executor or a representative can obtain an estate tax identification number and open a bank account.
Estate creditors must make claims within 120 days. During this period, the executor’s main responsibilities are paying claims and securing property. Creditors have the right to prompt payment or streamlined negotiations which occur in good faith. Securing the property typically means maintaining insurance on real property and any other possessions. Additionally, the executor must continue making payments on any mortgage or other obligations, while also paying medical bills or any related expenses. If there is not enough money in the estate to satisfy all these obligations, state law sets priorities.
After all current obligations are paid, including any estate taxes, and any creditors have been paid, the executor can distribute assets and ask the judge to close the estate.
What Are the Tax Consequences of Selling Inherited Property?
With regard to the capital gains tax, the IRS calculates basis differently for inherited property. The difference is often significant for clients of Pasadena probate administration attorneys.
While we don’t practice income tax law, Pasadena probate administration attorney Silvio Nardoni knows that advice from a seasoned tax professional may allow heirs to save thousands of dollars in taxes. We work closely with our clients to make sure they take advantage of every favorable tax treatment that is available.
How Long Does It Take to Probate a Will in California?
From start to finish, probate usually takes about twelve months. Common delays include a challenge to the will’s validity, difficulties locating all the named heirs, and issues with estate creditors. Individual executors often lack the resources to deal with these matters, but a Pasadena probate administration has the experience and wherewithal to easily overcome them.
As in many other areas of life, an attorney helps ensure that your probate administration is as efficient as possible in terms of time and treasure. For a free consultation with an experienced Pasadena probate administration attorney, contact the Law Offices of Silvio Nardoni. Our main office is conveniently located on E. Colorado Blvd. in Pasadena.