Sunday, October 23, 2016

Qualities Estate Liquidators Orange County CA Has Today Should Possess

By Kathleen Johnson


An executor is another name that means a liquidator. These are the individuals who are responsible for taking care of someones estate after their demise. This process undertaken by the executor entails settling the succession or executing the succession. For this process to be a success, the executor has to close all the accounts, collect some cash owed, file taxes, distribute some assets to heirs and make an inventory of the debts and property. For the execution process to be friendly and fair, it is crucial that the services of experienced and reputable estate liquidators Orange County CA has today be sought.

The person named as the liquidator requires being under supervision. Normally, a child who is less than 18 years and is married can also be termed as a liquidator. In case of any dispute, the liquidator can approach any of the professionals to be able to get clarifications on the same.

The deceased person may have named his or her preferred executor in the will. For instance, the executor might name his son or daughter as the executor. In case the deceased failed to make a will, or made a will, but did not mention an executor, the heirs become the executors automatically. The heirs can, therefore, choose their own executors via a majority vote.

When the executors are various, the will normally states the way resolutions will be made. For example, one of the liquidators can be in charge of handy things like finding documents or organizing the funeral, while a professional executor can handle serious issues like debts, taxes, and property. If the will is not specific on the ways tasks should be done, who should take care of them and how decisions should be made, all of the executors should work together in unison.

It is important for one to include the preferred heirs on the will. However, the heirs will definitely become the executors if the will is not clear about the preferred executors. The heirs will also have the mandate to select their notary through a majority vote. In case of any disagreement between the heirs, they can proceed to court.

The other thing that must be known is that there is no way that the deceased can name the liquidator. Thus, if you are the liquidator and you do not want to stand for that position, you can always find a replacement. If your replacement mentioned in the will is not willing as well, there can be held a majority vote to come up with a solution. Also, if that one does not work, the only left option is to deal with the matter in court.

In cases where the property is losing value, not perishable or becomes too costly to maintain, the liquidators mentioned on the will can sell it. If there is no person mentioned in the will, then there is power to sell the property. The heirs can also decide amongst themselves if there are no liquidators written in the will.

Executors are supposed, to be honest people. They should not do anything for their own self-gain. In case they do something in a selfish way, the heirs or the co-liquidators can go to court to claim compensation for any harm suffered.




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