When an Inheritance Becomes Part of Your Story
Losing a loved one is a deeply personal experience that often changes the landscape of your daily life. When that loss includes an inheritance, it can bring up a complex mix of feelings. You may feel a sense of gratitude, but also a sense of weight or even a feeling of being unsettled. Many of my clients sought the help of a financial advisor for the first time to help manage this change. Having a partner to navigate the logistics can create the space you need to reflect on your own values and goals. It allows you to reimagine how to live a life that reflects this new chapter.
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To help provide some clarity during this transition, I have outlined the essential steps for managing a California estate below.
The Executor's Checklist
Initial steps and considerations for managing an estate in California.
Step 1: Tend to the Essentials
The goal right now is to keep things organized and safe, while giving yourself the time and space you need to process the loss.
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Give Yourself Permission to Grieve: Realize that in California, probate typically takes 9–18 months. You do not need to settle the estate immediately
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Secure Tangible Assets: Change the locks on real estate if necessary and ensure vehicles are parked safely. Check that homeowner’s insurance is still active.
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Notify Financial Institutions: Contact banks and brokerages to freeze accounts and prevent identity theft.
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Pause What’s Not Needed: Cancel recurring subscriptions, but keep utilities running if there is a physical home to maintain.
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Get Paperwork in Order: Request at least 10–15 certified copies of the death certificate. You will need an original one for almost every financial institution and sometimes services like utilities or cell phones.
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Connect with an Estate Attorney: if the estate is complex and you will need a legal advisor
Step 2: Legal and Tax Requirements
Once the initial arrangements are handled, you can begin the formal administrative process. This is primarily about documenting the estate’s value.
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File the Will: In California, you must "lodge" the original will with the Superior Court in the county where the person resided within 30 days of death.
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Establish Date-of-Death Value: Determine the value of real estate and investments on the day the individual passed. This "Step-up in Basis" is a critical tax rule that can significantly reduce capital gains taxes for heirs.
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Address RMDs (Required Minimum Distributions): If the deceased was of RMD age (73+), the IRS still requires their final distribution for the year of death to be taken. If they didn't take it before they passed, you must ensure it is taken by Dec 31 to avoid penalties.
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Apply for an EIN: Do not use the deceased’s Social Security number for estate business. Obtain a Federal Employer Identification Number (EIN) from the IRS.
Step 3: Looking Ahead
California has some specific rules that help protect what’s been left behind. This step is about making sure the inheritance lands in the right place.
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Keep it Separate: In California, an inheritance is usually "Separate Property." To keep it that way, the person receiving it should open a new bank account in just their name. It keeps things clean and avoids confusion with marital assets later on.
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Open an Estate Bank Account: Never mix estate money with your personal money. Use the EIN you obtained to open a dedicated account for paying estate debts and receiving refunds.
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Creditor Notice: You must formally notify known creditors. In California, they generally have four months to file a claim after you are appointed.
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Communicate the Timeline: It is helpful to let beneficiaries know that you are following a standard legal timeline. You can let them know you will provide updates as milestones are met.
This checklist is meant to be an aid and should not be construed as specific legal advice. It is recommended that you consult with an estate attorney for specific questions about your situation.
Download the Checklist
If you’d like to have a copy of this list to keep on your desk or share with family, you can download the print-ready version here:​
While I am not an attorney, I often work alongside my clients to help organize the financial logistics and provide planning advice during this process. If you’d like to talk about your situation and what might make your life feel a little easier right now, please feel free to reach out.
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