Day, Pace, York & York ESTATE PLANNING & PROBATE SOLUTIONS TAILORED TO YOUR NEEDS 2026-08-11T12:18:44Z https://www.dpyylaw.com/feed/atom/ WordPress /wp-content/uploads/sites/1201749/2021/11/cropped-Favicon_New-32x32.png On Behalf of Day, Pace, York & York <![CDATA[Who gets your crypto? Estate planning for digital assets]]> https://www.dpyylaw.com/?p=47084 2026-08-11T12:18:44Z 2026-08-11T12:18:44Z Why digital assets need special planning Standard estate plans often omit private keys, hardware wallets and exchange credentials. Without explicit fiduciary authorization, an executor may face inaccessible accounts with no practical recovery mechanism. Decentralized networks lack a central bank or government authority empowered to restore access. One lost private key can permanently forfeit wealth because no court order can alter a blockchain ledger.

California's legal framework for fiduciary access

California passed the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) to tackle this exact gap. A subsequent Senate Bill, effective in 2025, widened its reach. Conservators and agents under a power of attorney now hold the same authority that once belonged only to executors and trustees. The statute sets up a three-tier order of priority. An online platform's own tool, like Google's Inactive Account Manager comes next in the hierarchy. A properly drafted trust or will then forms its own separate tier, with each serving a distinct role in managing your digital assets.

Steps to protect digital wealth

Legal counsel frequently walk clients through these steps for cryptocurrency holdings:
  • List every wallet and exchange account, including rough values and access notes, and keep them somewhere safe and apart from the estate plan itself.
  • Add clear language to trusts and wills that names a fiduciary and spells out authority over crypto holdings.
  • Turn on legacy contact tools wherever a platform offers them.
  • Keep private keys apart from passwords, using a method the designated representative can find without guesswork.
None of these steps stand alone. Skipping just one, such as creating an inventory with no matching trust language, means a fiduciary may still hit a locked door despite everyone's best intentions.

Avoid the cost of passive planning

Billions of dollars in crypto sit locked away today behind forgotten passwords. California families do not have to add to that toll. An estate planning advocate who understands digital assets can turn technical complexity into a solid, legally sound plan, giving both the owner and future heirs real peace of mind.]]> On Behalf of Day, Pace, York & York <![CDATA[What is the priority order of debts and expenses during probate?]]> https://www.dpyylaw.com/?p=47082 2026-07-16T11:18:40Z 2026-07-16T11:18:40Z What are the first priority expenses? Administrative expenses come first in probate. These are the costs of running the estate through the probate process. They include court filing fees, attorney fees, executor compensation and appraisal costs. The probate court must approve these costs to ensure they are reasonable and necessary. California law requires the personal representative to retain enough funds to pay these administration expenses before paying any other debts. This ensures the estate can complete the probate process properly.

What does the estate pay after administration costs?

Secured debts receive second priority. These are debts tied to specific property, such as mortgages or car loans. If the estate does not pay these debts, lenders can claim the property securing the loan. Funeral and burial costs receive third priority under California law. This includes costs for the funeral service, burial plot, headstone and cremation if applicable. Afterwards, you must pay medical expenses from the final illness. This covers hospital bills, doctor fees, nursing care and prescription drugs. California law defines the "last illness" as the medical condition that led to death, regardless of how long that illness lasted.

What happens to tax debts and other claims?

Tax debts owed to federal and state governments receive priority treatment. This includes any unpaid income taxes or property taxes. General unsecured debts are paid last. These include credit card balances, personal loans and utility bills. If the estate lacks enough funds to pay all debts in one category, creditors in that group share what is available.

Preparing for estate settlement

Understanding the payment priority system in California probate can help families set realistic expectations. The law ensures that costs and debts receive payment before beneficiaries get their inheritance. Maintaining thorough documentation can help ensure the estate settles properly according to these legal requirements.]]> On Behalf of Day, Pace, York & York <![CDATA[Determining the value of assets during estate administration]]> https://www.dpyylaw.com/?p=47081 2026-07-09T15:41:28Z 2026-07-09T15:41:28Z Some assets require professional insight Some assets, such as vehicles, are relatively easy to value. Inputting information on a trustworthy website can help people estimate the resale value of a vehicle based on its mileage and condition. Resale marketplaces online can provide an idea about the value of various personal possessions. People can infer the fair market value of assets based on how other people value similar assets. Other resources can be much more difficult to value. Real estate, businesses and other especially valuable resources may require the insight of a professional. A collection of art or wine could hide hidden treasures that could net the estate a substantial amount when sold for an appropriate value. Ensuring that the sale price of key resources is appropriate helps maximize what beneficiaries inherit and makes it easier for personal representatives to justify their financial decisions. An attorney can help personal representatives manage the various obligations inherent in estate administration, including valuing and selling assets.]]> On Behalf of Day, Pace, York & York <![CDATA[Not having an estate plan increases the odds of disputes]]> https://www.dpyylaw.com/?p=47079 2026-06-29T13:40:20Z 2026-06-29T13:40:20Z One thing that significantly increases the odds of a dispute between family members after a parent passes away is if that parent did not have an estate plan. This can lead to numerous conflicts and disputes between surviving family members and beneficiaries. The problem is that these beneficiaries do not have any guidance. They have to make decisions based on what that person would have wanted, but they may not see eye-to-eye on these issues. When two people firmly believe the elderly person would have wanted a different outcome, it can lead to long-term disputes.

The division of sentimental assets

Even if financial assets can be split up equally, things can become complex regarding family heirlooms or other items with sentimental value. For example, say that an elderly parent owned a vacation property. One beneficiary believes that they would have wanted the property to stay in the family and that everyone should be joint owners. Another beneficiary thinks that it is unaffordable and that the property should be sold so that the proceeds can be divided. Without an estate plan, they do not actually know what the elderly individual would have wanted.

Making medical decisions

Issues can also arise when family members have to make medical decisions for an elderly person who has become incapacitated. One person may believe that they would want to be kept on life support, for instance, while another believes that is something they never would have wanted. Without a living will or other advance directives, the family has to guess about their preferred medical care, and this can certainly lead to disputes. For all these reasons and more, drafting an estate plan is a very wise step to take. It is important to know what legal options there are to set up an appropriate plan and provide adequate guidance.  ]]> On Behalf of Day, Pace, York & York <![CDATA[How the probate courts can help with an intestate estate]]> https://www.dpyylaw.com/?p=47078 2026-06-11T23:33:02Z 2026-06-11T23:33:02Z Family members have a right of inheritance As noted above, dying without a will is a relatively common issue. As such, there are state statutes already in place to address this exact scenario. In many cases, the person who died has a surviving spouse and children. Spouses have a right to the community property included in the estate, but they must share the separate property of the decedent with other family members, including children and the parents of the deceased spouse. For those with children but no spouse, their children receive the entirety of their estate. When an unmarried person without children dies, their parents may inherit their property. Siblings and more distant family members may also have a right of inheritance in cases where there is no immediate family to inherit real estate. While some assets have protection from intestate succession rules, such as accounts with valid beneficiary designations, most property is subject to state law if there is no will. Working with an attorney to search for a will and to learn about intestate succession law and be helpful for those concerned about estate administration. Without a will, state law typically determines what happens with the property that belongs to a deceased party.]]> On Behalf of Day, Pace, York & York <![CDATA[Irrevocable trusts are beneficial in many estate plans]]> https://www.dpyylaw.com/?p=47077 2026-06-04T17:02:09Z 2026-06-04T17:02:09Z irrevocable trust, which is a legal tool that allows you to spell out who will get your assets and how it will happen. An irrevocable trust is one that can’t be changed or canceled once it’s created and funded unless the beneficiaries or court approve the changes. While that may seem off putting, it comes with considerable benefits.

What happens when an irrevocable trust is created and funded?

After you create the trust, you will put the assets into it, which is known as funding it. At that point, the trust and assets within it transition to the control of the trustee. You won’t maintain any control over the trust, which is what allows some of the benefits to become possible. One of the main benefits of an irrevocable trust is that creditors can’t stake a claim to the assets held by the trust. This makes an irrevocable trust a good idea for people who have high-risk jobs or may have other factors that increase the chance they’ll face claims against them. Another benefit of irrevocable trusts is that the beneficiaries will have privacy that’s not possible if they had to go through the probate process. Trusts bypass the probate process, which also means that beneficiaries may be able to access their inheritance in a timelier manner. A trust is only part of an estate plan, so it’s critical to ensure that you have everything set up in a way that reflects your wishes. Working with a legal team that is familiar with your situation can help you to ensure that everything is set up in a legally enforceable manner.]]> On Behalf of Day, Pace, York & York <![CDATA[The advantage of using a special needs trust]]> https://www.dpyylaw.com/?p=47076 2026-05-21T17:49:49Z 2026-05-21T17:49:49Z As you make your estate plan, if you have a beneficiary with special needs, it may be wise to set up a special needs trust. This is a way to give them an inheritance. Instead of giving it to them directly, as you would with a will, you put the money into a trust and name that individual as the beneficiary of the trust. You will also have to select a trustee who can access the account and make appropriate distributions. In a general sense, trusts are useful because they give you more control. You can specify the terms of the distributions, and you get to choose the trustee who will ensure that your instructions are followed. But with a special needs trust in particular, it is critical to consider that person’s access to government benefits.

Passing a means test

For instance, maybe the beneficiary who has special needs is unable to work. Because they have no income and limited assets, they can pass a means test and qualify for government benefits. But if you gave that person a large inheritance, even though you may think that you are helping their situation, it may actually mean that they no longer pass the means test. Their benefits could be revoked. They would then have to spend down the inheritance that you left them before reapplying for benefits. When you put the same inheritance into a special needs trust, however, the beneficiary still passes the means test. They retain their benefits, and the trustee can help use the money to cover any additional costs.

Planning in advance

As you can see, it is important to carefully plan in advance when drafting an estate plan so that you can avoid any unintended negative consequences. It can help to work with an experienced attorney at this time.  ]]> On Behalf of Day, Pace, York & York <![CDATA[4 common mistakes executors make during probate]]> https://www.dpyylaw.com/?p=47075 2026-05-07T23:16:16Z 2026-05-07T23:16:16Z to make mistakes that can slow things down or create unnecessary complications. Understanding where others often stumble can help you navigate the process more confidently.

1. Paying beneficiaries before settling all debts

This is one of the fastest ways to land in legal trouble. Creditor claims must be satisfied before distributions go to heirs. If you pay beneficiaries first and the estate runs short, you could be personally on the hook for the unpaid debts. Wait until the creditor claim period has closed before making any distributions.

2. Commingling personal and estate funds

Mixing your personal finances with estate funds is ill-advised. Even if your intentions are harmless, depositing estate money into your personal account or using your own account to pay estate expenses can raise serious legal and accounting concerns. The best way to avoid this is to treat the estate as a completely separate financial entity. If necessary, open a dedicated estate account and ensure that all estate transactions flow through it.

3. Letting estate assets sit unprotected

Your duty as an executor isn’t just administrative. You also have a fiduciary duty to preserve and protect the estate’s assets until distribution. This means keeping real property insured, staying current on mortgage payments and safeguarding valuables. An estate vehicle left uninsured or a home left unmaintained could expose you to liability if something goes wrong.

4. Going it alone to save money

It's understandable to want to keep costs down, but navigating probate without proper guidance can backfire. What initially seems like a cost-saving decision often ends up costing far more in time, stress and potential legal complications. Missed deadlines, improper filings and procedural errors can lead to unnecessary delays and expenses that even outweigh any initial savings. Experienced legal support should not be viewed as an unnecessary cost. Think of it as an essential measure to protect your interests and help ensure a smooth probate process.]]> On Behalf of Day, Pace, York & York <![CDATA[Don’t overlook your residuary estate when reviewing a will]]> https://www.dpyylaw.com/?p=47072 2026-04-18T20:40:39Z 2026-04-18T20:40:39Z What constitutes a residuary estate? The residuary estate of a testator is any property they own directly that they do not specifically address in their estate plan. Frequently, the residuary estate consists of personal items, ranging from home furnishings to clothing. There are numerous ways to address the residuary estate in an estate plan. People can allocate the residuary estate to a specific family member or leave instructions for its donation to a charitable cause. They can ask a personal representative to hold an estate sale and distribute any sale proceeds among their beneficiaries in a specific fashion. They can even leave instructions to divide their property among their beneficiaries. Just a few lines in an existing will can reduce opportunities for disagreements among beneficiaries or stress for a personal representative. Making an effort to address property not already included in an estate plan can help people limit opportunities for disputes after their passing. Even if a residuary estate does not have much financial value, it can be a source of conflict if left unaddressed.]]> On Behalf of Day, Pace, York & York <![CDATA[Delivery of a will to the court is a key probate obligation]]> https://www.dpyylaw.com/?p=47071 2026-04-02T23:17:47Z 2026-04-02T23:17:47Z Lodging the will should happen as soon as possible Submitting or “lodging” the will with the probate court is a critical early step in the probate process. Restrictions on will submission help limit opportunities for fraud and similar misconduct. Under the current court procedures observed in Napa County and across California, personal representatives or family members typically only have 30 days from when an individual dies to locate a will and submit it to the local probate court. Failing to do so can significantly complicate the probate process and may result in the court treating the estate as though the person who passed died “intestate” (without a will). Acting quickly to locate and submit a will to the appropriate probate court is critical for the protection of the decedent’s last wishes and legacy. People expecting to inherit from an estate or administer one can benefit from legal guidance to help them act in compliance with California's probate regulations.]]>