What is the name of your state? CA~California
Thanks for your experienced help.
As executor, i completed the De-160 Inventory & Appraisal Form. I completed and appraised on Attachment 1 savings account information. The Probate Referee completed and appraised items on Attachment 2. Form was signed and i filed with court clerk.
As i was working on my Final Distribution i discovered something...
On the Probate Attorney's Attachment were some stocks listed. These were labeled as Community Property 50% undivided. It looked like this:
100 shares ABC stocks Appraised Value $500
(the value of shares were $10/share at time of death, so this value represented 50% of the shares).
My problem...
On Attachment 1, i listed a Savings Account (also community property). However, in the appraised value column i put the entire balance ($1000) of the account, rather than the 50% share($500). Was this incorrect? Will i need to submit a Corrected Inventory and Appraisal?
Both stock shares & savings account were in only the decedent's name. Both were acquired during marriage. Will bequeaths entire estate to child. Per CA community property laws 50% of these assets pass to spouse.
So, While dictating the Final Distribution paragraph, should i write like this:
50% of ABC stocks, 50 shares to be distributed to spouse per California community property laws, 50% of ABC stocks, 50 shares to be distributed to beneficiary as instructed by Will. 50% of Savings Account, $500, to be distributed to spouse per CA community property law, 50% of Savings Account, $500, to be distributed to beneficiary per instruction of will.
Thanks again for your assistance. I'm almost through this emotional and challenging process. I just want to make sure i submit it all correctly to the court!What is the name of your state?
Thanks for your experienced help.
As executor, i completed the De-160 Inventory & Appraisal Form. I completed and appraised on Attachment 1 savings account information. The Probate Referee completed and appraised items on Attachment 2. Form was signed and i filed with court clerk.
As i was working on my Final Distribution i discovered something...
On the Probate Attorney's Attachment were some stocks listed. These were labeled as Community Property 50% undivided. It looked like this:
100 shares ABC stocks Appraised Value $500
(the value of shares were $10/share at time of death, so this value represented 50% of the shares).
My problem...
On Attachment 1, i listed a Savings Account (also community property). However, in the appraised value column i put the entire balance ($1000) of the account, rather than the 50% share($500). Was this incorrect? Will i need to submit a Corrected Inventory and Appraisal?
Both stock shares & savings account were in only the decedent's name. Both were acquired during marriage. Will bequeaths entire estate to child. Per CA community property laws 50% of these assets pass to spouse.
So, While dictating the Final Distribution paragraph, should i write like this:
50% of ABC stocks, 50 shares to be distributed to spouse per California community property laws, 50% of ABC stocks, 50 shares to be distributed to beneficiary as instructed by Will. 50% of Savings Account, $500, to be distributed to spouse per CA community property law, 50% of Savings Account, $500, to be distributed to beneficiary per instruction of will.
Thanks again for your assistance. I'm almost through this emotional and challenging process. I just want to make sure i submit it all correctly to the court!What is the name of your state?