There are many different reasons why it becomes necessary for people to go over their estate plan, whether they split up with their spouse, they want to remove a beneficiary or they adopt children. However, business issues, such as starting or closing a business, can also necessitate the revision of an estate plan. Whether you are an entrepreneur who is excited to launch a new business or you have decided to shut down your business after years of operation, it is pivotal to be mindful of how this move could affect your finances (and your financial future) and why it is so crucial to make sure that you adjust your estate plan accordingly.
When your parents move to an assisted living facility or pass away, you can be left with many personal items you have no room or use for. What can you do with the extra furniture, china and silver, clothing, jewelry and knick-knacks that your parents left behind? Like many California residents in the same situation, you can give these items to charity, put them in storage or haul them to the dump – or you can hold an estate sale.
The estate administration process in San Jose can often become contentious. While you and all others who are party to an estate may start out with the stated intention of avoiding discord, you may be surprised at how quickly it can arise when people fear that their interests may be affected. One area that many may disagree over is in the valuation of an estate's assets. If you have been asked to serve as the executor of an estate, then you may feel overwhelmed at the prospect of trying to come up with an accurate appraisal on your own. Fortunately, you do not have to; the state will typically assign a probate referee to handle that task.