When an individual plans their estate, they often create a will that determines exactly who will inherit their assets. The person or group of people chosen to receive assets after a decedent passes away are known as beneficiaries. Often, the decedent will leave them money or other assets, such as meaningful tokens, jewelry, or larger items such as real estate properties and automobiles. Of course, it all depends on the assets that are included decedent’s estate.
During the probate process, the executor of the will is granted the power to administer all of the assets to the beneficiaries that were named. In the event that a dispute arises during this process, it may be a good idea to seek methods of dispute resolution such as mediation. Litigating these matters is often very painful, especially after the death of a loved one, and expensive.
If a minor child has been named the beneficiary of more than $5,000 through either a life insurance policy, a trust, or the estate, a Guardian of the Estate may have to be appointed by the court. The Guardian of the Estate will oversee these funds until the child turns 18.
If you have questions as a beneficiary, contact our firm today.
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.