Disclaimer: Consumer legal fundings and advances are not loans under applicable financing laws. Rockpoint’s products are non-recourse, meaning if you don’t win your case, you don’t have to pay us back. Receiving financial support in connection with a legal case is typically (and oftentimes incorrectly) referred to as a “lawsuit loan” or “loan.” Therefore, for the ease of search references, these terms may be used in this context to refer to our funding products, but we maintain our separateness from consumer loan products in all legal aspects.
California probate laws and probate laws in other states don’t allow families to simply start distributing assets after their loved ones pass away. Instead, they need to move through the probate process to ensure these assets are distributed legally.
As part of this process, a nominee is often appointed to handle will filing, asset distribution, and other estate administration tasks. So, what is a nominee in a probate case, and why are they such an important part of this process? Find out below.
To Start, What Is a Nominee in a Probate Case?
Did you just find out that you are the nominee in a probate case for a loved one? Or did you discover that another of your family members was named the nominee in a loved one’s probate case?
Either way, you may wonder, “What is a nominee in a probate case?”
Thankfully, it shouldn’t take you long to figure it out. A nominee in a probate case is someone that a deceased person listed in their will to serve as the executor during their probate process. They’re also sometimes referred to as a personal representative of the deceased.
To be clear, nominees and executors are not necessarily the same thing. Even when a person is handpicked to be the executor of a person’s will, they’ll still be a nominee until they appear in probate court and are formally appointed.
There are also instances in which a deceased person may have failed to appoint a nominee in their will. When this happens, a court will appoint an executor.
How Is a Nominee Chosen for a Probate Case?
After learning the answer to “What is a nominee in a probate case?” another question might come to mind: “How is a nominee chosen for a probate case?”
More often than not, a person putting together their will chooses an immediate family member they believe can be trusted to execute it. This immediate family member will have a big responsibility on their hands when they do this, so a person must handpick the right nominee.
What Does a Nominee Do During a Probate Case?
At the start of a probate case, a nominee won’t do much at all. However, they will be required to spring into action and tackle a wide range of tasks once a probate court approves them to serve as the executor of a loved one’s will.
Here are just some of the main responsibilities of a nominee-turned-executor:
- Filing a loved one’s will with the correct probate court
- Notifying a loved one’s creditors and heirs about their death
- Taking inventory of a loved one’s assets and having them appraised
- Paying off a loved one’s outstanding debts and filing their income taxes
- Distributing a loved one’s assets to the appropriate beneficiaries
- Opening an estate for a loved one at the start of the probate process and closing it at the end
If a deceased person left a trust behind, a nominee might also be in charge of trust management. This probate guide breaks down their various responsibilities.
Which Challenges Does a Nominee Face Throughout a Probate Case?
Answering questions like, “What is a nominee in a probate case?” and “What does a nominee do during a probate case?” is easy. Buckling down and actually serving as the nominee for a loved one’s will isn’t quite so simple.
A nominee might encounter any number of challenges throughout the probate process. Here are a few challenges that should be on your radar if you ever find yourself in this role:
- Resolving disputes over assets that might arise among a person’s family members
- Dealing with creditors who may come out of the woodwork with debt claims
- Calculating how much a person’s assets are worth and learning how to liquidate some of them to pay down debts and taxes
A nominee might also need to prove they’re trustworthy to a loved one’s beneficiaries before doing any of this. One effective way to do it is by investing in a probate bond. This bond will serve as an insurance policy in case an executor mismanages a loved one’s estate or tries to steal assets.
What Steps Should a Nominee Take To Make a Probate Case Easier?
Probate bonds aren’t always required during probate cases. However, even if a probate court doesn’t require you to secure a probate bond for a loved one’s estate, you should still consider investing in one.
A probate bond may cost as little as just 0.5% of the total value of a person’s estate. Yet, it might make a nominee appear more trustworthy than they would otherwise and ease the troubled minds of beneficiaries to keep the probate process moving along smoothly.
Are You the Nominee in a Probate Case? Discover How Rockpoint Probate Funding Can Help
If you’ve been appointed as the nominee for a loved one’s estate, you should know the answer to the question, “What is a nominee in a probate case?” by now. But you may not know how you can afford to invest in a probate bond if you don’t have the cash handy.
Rockpoint Probate Funding can help. We offer inheritance cash advances that will allow you to purchase a probate bond and take care of other financial responsibilities. It will enable you to focus on gathering documents for a probate hearing rather than stressing out over money-related concerns.
Contact us at (888) 263-8588 to begin the application process for a probate loan.
