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Fundamentals of Estate Planning in California by Brian D. Lerner

Proper handling of the administration of the estate is necessary in order to avoid problems when it comes time to present a final accounting and request for an order to distribute the estate states Brian D. Lerner.

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Fundamentals of Estate Planning in California by Brian D. Lerner

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  1. Fundamentals of Estate Planning in California by Brian D. Lerner Proper handling of the administration of the estate is necessary in order to avoid problems when it comes time to present a final accounting and request for an order to distribute the estate states Brian D. Lerner. If the personal representative is to keep the estate’s financial records, Brian D. Lerner states that the attorney should advise and guide the representative concerning an acceptable bookkeeping system from the very inception of administration. Thus, fundamentals of Estate Planning in California make it necessary that you should have an excellent accounting system. The attorney and personal representative should prepare an estimate of the estate’s cash requirements when the information necessary to do so is available states Brian D. Lerner. Although the estimate will require revisions from time to time, the fundamentals of Estate Planning in California make it critical that it will provide the attorney and the representative with a general idea of the amount of cash required to meet specific anticipated obligations. Brian D. Lerner elaborates that estimating the estate’s cash needs will enable the representative to plan the manner in which the estate’s assets are managed and invested. Fundamentals of Estate Planning in California would show that the estimate should be as comprehensive and detailed as is consistent with its early preparation. Brian D. Lerner states that it should include all major receipts and disbursements of the estate that can be anticipated. Fundamentals of Estate Planning in California would have the following categories of accounting: Bank accounts and cash; Interest income; Stock dividends; Debts due the estate, e.g., principal and interest on notes and deeds of trust; Proceeds of life insurance policies payable to the estate; Rents from real property; Accounts receivable; and refunds on income tax payments or from the cancellation of subscriptions or insurance policies. Brian D. Lerner states there are actually many more categories. However, when you are dealing with the fundamentals of estate planning in California, you have to be detailed.

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