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He was my best friend and asked it of me. There is stock in privately held start-ups that may provide the members of the family with some benefits in the future (5 years is my guess) and the odds of them succeeding are very average or less. It will be a good return or absolutely nothing.
I have a small (5% award) which I have no expectations around. I do want to help the family.
He left a Fiance behind. Everyone is hit pretty hard.
Thanks Loren. Specifically, I live in Nevada, but the Decedent lived in California.
California says that if the Estate is worth less than $150k - then Probate is not required. I am working to avoid Probate because of the associated costs, time, heavy filing, etc. Since I seem to satisfy the requirements to not need Probate - does that mean I still need to file a "Petition for Probate"?
So - if no Probate, must I register my role with the Court? If so does it matter if it is California or Nevada?
Thanks - I don't wish to abuse your time - I just am trying to figure out where I need to be registered or endorsed - in order to get this done.
I don't know what the debt situation is. I don't believe that it is significant - I just think there won't be much cash to distribute (if any) and the real distribution will be the stock.
I have contacted the company that issued the stock and they are fine on issuing Certificates to beneficiaries (the stock value is about $.02 per share, is not liquid currently.
the tax debt is the unknown. I will work with a California Accountant to manage the Distributions.
Forgive my ignorance here. Is there a specifically named "Affidavit of No Probate" that I need to file with the Court in the County where he died? I just want to know the name and find out if I need to be there to file it.
I don't think I will no the real picture of solvency for at least 3 months. So it may revert to Probate if it is insolvent - but if we can bypass it - to me that seems to make the most sense..
Hopefully, this will complete the question and answers on this topic.
Thanks for your time and thoughtful answers.
No problem Loren. Happy to do so. You really helped me clarify what I needed to know.
I got your follow up note about having all my questions answered. For now, I have my questions answered - but I expect I will have more and will subscribe to the unlimited questions service when that happens.
In the meantime, I rated your service at the end of our series (very highly) and have not received a followup survey.
If there is something else Ineed to do, please let me know.
No problem, I just wanted to close that loop and make sure that I was complete on my side..
I appreciate it. Because of your good help, I am going to sign up as a subscriber. As you know this is tricky and I find the Premium package seems to be the way to go.
Obviously I am doing this so that I don't have to engage an Attorney formally and deplete the remainder of the Estate. I think the value of this is about the quality of questions I ask. I see the disclaimer about the answers not being a substitute for an Attorney - but Loren, I have to believe that this is more than just an Attorney Lead Generating system.
When it comes to drafting documents and managing the details, I think an Attorney is really useful in the Estate side of things.
Any guidance you would like to share on what to count on or "not do" are appreciated. No expectation from you on this. I am just about the task of trying to honor my Friend's wishes.
Thanks again and great success to you. You are a good guy.
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