Day, Pace, York & York ESTATE PLANNING & PROBATE SOLUTIONS TAILORED TO YOUR NEEDS 2026-09-28T17:38:04Z https://www.dpyylaw.com/feed/atom/ WordPress /wp-content/uploads/sites/1201749/2021/11/cropped-Favicon_New-32x32.png by Day, Pace, York & York <![CDATA[What to update in your estate plan after buying a home]]> https://www.dpyylaw.com/?p=47094 2026-09-28T17:38:04Z 2026-09-28T17:38:04Z Revising beneficiary designations and the will A will typically name specific beneficiaries for each asset. Adding a home to an estate can create distribution imbalances. One heir may receive the property while others receive bequests of lesser value. You may update the will at any time to reflect current assets and distribution preferences. The updated document must meet California's execution requirements, which vary depending on whether the will is attested or handwritten. California law allows homeowners to use a Revocable Transfer-on-Death (TOD) deed to pass real property to a named beneficiary outside of probate. An estate planning attorney can advise on whether a TOD deed fits the homeowner's overall plan. Other options, such as a revocable living trust or joint tenancy with right of survivorship, may also be worth reviewing.

Updating trust provisions for property management

If a revocable living trust was established before the home purchase, the property title must be transferred into the trust's name. This process is called funding the trust. Without it, the home falls outside the trust and may be subject to probate. A trust amendment can include instructions for the successor trustee on property-specific matters. These may cover upkeep costs, property taxes and rental income the home may generate. Clear instructions help protect the property's value if the trustee must step in to manage it.

Naming a guardian when a home is part of the estate

Homeownership often prompts families to revisit guardian designations for minor children. The estate plan should identify who would serve as guardian and specify whether that person may reside in the home until the children reach adulthood. These decisions depend on the children's ages, family relationships and whether keeping the home for their long-term benefit is realistic.

Keeping the estate plan current

A new home affects who receives what and how the estate is administered. It may also determine whether loved ones face a court process to access inherited assets. Reviewing the will, trust and beneficiary designations after a purchase ensures they reflect the homeowner's complete asset picture.]]> On Behalf of Day, Pace, York & York <![CDATA[How to handle a deceased person’s business or professional license]]> https://www.dpyylaw.com/?p=47090 2026-09-22T07:21:46Z 2026-09-22T07:21:46Z Who should be notified? The executor should identify the California licensing board or agency and check its process for reporting the death. The agency may ask for:
  • The license holder’s name and license number
  • The date of death
  • The death certificate
  • The executor’s contact information and proof of authority
  • Letters Testamentary or letters of administration
  • Business ownership records
Notifying the agency helps it update its records and decide whether to cancel the license, allow it to expire or handle it another way.

Can the estate transfer the license?

Usually not. Many professional licenses belong to the individual and an owner cannot simply pass them to an heir or buyer. A person who buys or inherits the business may need a new license before continuing the regulated work. California law may allow exceptions for some businesses and professions. For example, some contractor licenses may allow temporary continuation by a qualified family member or business partner. Other regulated businesses may have different rules. The executor should check with the licensing agency before anyone uses the deceased person’s license.

What duties may continue during probate?

The death of the license holder does not always end every obligation right away. The estate may still need to address:
  • Renewal or expiration dates
  • Insurance or bonding requirements
  • Pending contracts or client matters
  • Business closure or transfer steps
  • Client or patient records
  • Outstanding fees, taxes or financial obligations
Some services may need to stop unless another properly licensed person can take over.

How can the executor protect the estate?

The executor should keep copies of all letters and emails with the licensing board and save records showing when the board or estate canceled, transferred or closed the license. The executor should also avoid letting anyone use the license unless the agency allows it. Unauthorized use can create legal and regulatory problems. Because the rules vary by profession, an attorney who handles probate and licensing matters can help explain the next steps.

Why license issues should be reviewed early in probate

A deceased person's business or professional license should be reviewed early in estate administration. Early action can help avoid delays, fees and compliance issues.]]> On Behalf of Day, Pace, York & York <![CDATA[What should an executor do about creditor claims in California?]]> https://www.dpyylaw.com/?p=47086 2026-09-18T10:24:56Z 2026-09-18T10:14:10Z Identify estate debts Gather bills, contracts and account statements. Review credit cards, mortgages, medical bills and loans. You should also look for any other unpaid obligations of the estate. These records can help identify what the estate owes.

Give creditors required notice

California law requires you to notify known or reasonably ascertainable creditors. This is separate from the general publication notice required during probate. Generally, you must give the required notice by the later of four months after letters are issued or 30 days after you first learn of the creditor, subject to exceptions under California law. A creditor generally has two possible deadlines to file a claim. The first is four months after letters are issued. The second is 60 days after you mail or personally deliver the Notice of Administration. The creditor may use whichever deadline falls later.

Pay debts before distribution

Not every claim must be paid. Review each claim to confirm the debt is valid, the amount is correct and the creditor has provided supporting documents. You may ask for additional proof before deciding. Once you have reviewed valid claims, address estate debts before distributing assets. California law sets this priority in California Probate Code § 11420:
  • Expenses of administration
  • Secured obligations, to the extent payable from the property securing them
  • Funeral expenses
  • Expenses of last illness
  • Family allowance
  • Wage claims
  • General debts
You cannot pay lower-priority debts until you pay higher-priority debts in full. If the estate cannot fully pay a class of debts, you generally pay each debt in that class proportionately. Failing to follow these rules can harm the estate. In certain circumstances, it may also expose you to personal liability as the executor.

Protect your role as executor

Following California's notice, claim and payment rules can reduce disputes. Keep clear records of creditor notices, claims and payments throughout the process. This can help you account for estate funds and document that you followed your duties. A probate attorney can help you understand your duties and handle complex creditor issues.]]> On Behalf of Day, Pace, York & York <![CDATA[What Happens if Your Beneficiary Dies Before You?]]> https://www.dpyylaw.com/?p=47085 2026-08-24T10:01:06Z 2026-08-24T10:01:06Z Naming beneficiaries is an important part of an estate plan. But what happens if someone you named dies before you? The answer may depend on your will or trust, the type of asset involved and your relationship with the deceased beneficiary.

Your estate plan may provide the answer

A will or trust can explain what happens if a beneficiary dies before you. For example, you may name another person to receive the property or direct that the deceased beneficiary’s share pass to their children. If your documents do not address the issue, California law may determine who receives the property. Under California law, certain gifts to relatives may pass to the deceased beneficiary’s descendants. This rule does not apply in every situation and the terms of your estate plan may change the outcome. Your documents may also require a beneficiary to survive you for a specific period before receiving property. They may name a different person to receive the gift if the original beneficiary dies first. Because these provisions can affect the distribution of your estate, the exact wording matters.

Some assets follow different rules

A will does not control every asset you own. Some property passes through a trust or a beneficiary designation rather than through your will. Life insurance policies, retirement accounts and certain bank accounts may have separate beneficiary instructions. When reviewing your estate plan, check whether:
  • A named beneficiary has died and whether the plan explains what happens to that person’s share
  • Your backup beneficiaries are still the people you want to receive your property
  • Your will or trust contains survivorship requirements or alternate distribution provisions
  • Your financial accounts have current beneficiary designations that match your overall estate plan
  • Marriage, divorce, births or deaths have changed your intended distribution
These details can affect how your property is distributed and whether your estate plan still reflects your wishes.

Keep beneficiary choices up to date

The death of a beneficiary can change who ultimately receives your property. The result may depend on the language of your estate documents, the type of asset involved and California law. Reviewing your estate plan after a major family change can help ensure your beneficiary choices remain consistent with your wishes. Clear instructions can also reduce uncertainty for the people who may receive your property.]]> 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.]]>