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What are Executor Duties During Probate?

Probate

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When creating your will, you must appoint an executor to handle your estate’s affairs during the probate process.  This person will be helping you and your loved ones in a number of ways.  Are you unsure of the duties that your executor will face during the probate process?

Take a look at some of the information below to learn more.  If you have any questions about probate or your executor’s duties, meet with an estate planning – probate attorney.

  • Your executor will be responsible for starting the probate process.  He or she will need to submit documentation to the probate court in order to start the proceedings.
  • Your executor must keep in contact with beneficiaries and alert them of their inheritances.  He or she will also have to notify creditors of your death.
  • Your executor will need to locate all of your assets.  It’s a good idea to provide some instruction to your executor ahead of time.  He or she will also have to carefully manage these assets during the process.
  • Your executor must attend all court appearances and follow the instructions that are outlined by the probate judge.  Your executor will be responsible for continuously reporting to the court.
  • Your executor must pay all expenses.  This includes past debts as well as estate expenses such as attorney fees and court costs.
  • Your executor must file and pay appropriate taxes.  He or she may need to get the help of a professional to ensure that the taxes are done correctly.
  • Your executor must distribute the assets to beneficiaries.  He or she will follow the instructions in the will and will be supervised by the probate court.

When choosing an executor for your estate, it’s important to understand the duties as well as the probate process.  You want to make sure that your executor is able to handle all of the duties so that your estate is handled with care.

If you have any questions about choosing an executor or understanding the probate process, consult with a qualified estate planning attorney.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

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When creating your will, you must appoint an executor to handle your estate’s affairs during the probate process. This person will be helping you and your loved ones in a number of ways. Are you unsure of the duties that your executor will face during the probate process?

Take a look at some of the information below to learn more. If you have any questions about probate or your executor’s duties, meet with an estate planning – probate attorney.

  • Your executor will be responsible for starting the probate process. He or she will need to submit documentation to the probate court in order to start the proceedings.
  • Your executor must keep in contact with beneficiaries and alert them of their inheritances. He or she will also have to notify creditors of your death.
  • Your executor will need to locate all of your assets. It’s a good idea to provide some instruction to your executor ahead of time. He or she will also have to carefully manage these assets during the process.
  • Your executor must attend all court appearances and follow the instructions that are outlined by the probate judge. Your executor will be responsible for continuously reporting to the court.
  • Your executor must pay all expenses. This includes past debts as well as estate expenses such as attorney fees and court costs.
  • Your executor must file and pay appropriate taxes. He or she may need to get the help of a professional to ensure that the taxes are done correctly.
  • Your executor must distribute the assets to beneficiaries. He or she will follow the instructions in the will and will be supervised by the probate court.

When choosing an executor for your estate, it’s important to understand the duties as well as the probate process. You want to make sure that your executor is able to handle all of the duties so that your estate is handled with care.

If you have any questions about choosing an executor or understanding the probate process, consult with a qualified estate planning attorney.

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Probate terms can be confusing because you don’t use them in every day conversation.  Probate terms are likely additionally confusing because you are exposed to them in a time of great loss and mourning.  When a loved one dies, it is a difficult time to be learning anything, let alone legal lingo.

Here are some probate terms.  We find it helpful for clients to have information in writing and to be able to refer back to it as needed.

  • Probate is the court process of validating a will.  It also refers to the administration or winding down of a decedent’s estate.
  • Executor is the person who is in charge of winding down the decedent’s financial life and settling the estate.
  • Administrator is the person who carries out the executor’s duties if the decedent died without a will.  The court appoints the administrator.
  • Per stirpes is a form of distribution to beneficiaries.  If a beneficiary is deceased, his children step into his shoes, so to speak, and inherit his share.
  • Bequest is a gift of personal property in a will.
  • Devise is a gift of real estate in a will.
  • Beneficiaries are those people named in a will who are entitled to receive assets.
  • Administration expenses are probate expenses which include legal fees, accounting fees, appraisal fees, asset maintenance fees, disposition fees, and distribution fees.
  • Codicil is an amendment or revision to a will
  • Federal estate tax is a tax on the transfer of wealth.  It is based on the value of the decedent’s estate at death.
  • Federal estate tax return is also known as the 706.  The federal estate tax return must be filed if the decedent had a federally taxable estate and/or to preserve the right of the surviving spouse to use the decedent’s unused unified credit amount.

If you have questions about these probate terms, consult with a qualified estate planning attorney.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

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JOIN US FOR A FREE WORKSHOP THIS WEEKEND TO LEARN THE FOLLOWING:

Elder Law and Medicaid Planning

Medicaid needs arise when you least expect them. Americans are living longer than before. At the turn of the 20th century, life expectancy was about 47 years. In the 21st Century, life expectancy has doubled. As a result, we face more challenges and transitions in our lives than those who came before us.

PROTECT your life savings.
INCREASE the amount of income of keep.�
AVOID losing your home.
REDUCE or ELIMINATE your nursing home bills and long term care costs.
LEARN about Veteran’s Benefits.

Wills, Trust and Estate Planning

We know you want to pass your wealth to whom you want, when you want, the way you want, at the time of your death. If done correctly, a Estate Plan can help minimize estate taxes for a married couple and allow a trusted person to take over your care and finances during incapacity.

PROTECT your family.
AVOID probate delays and expenses.
SAVE estate taxes. Give your money to your family.
PRESERVE money for children or charitable causes.

Join us at our FREE Workshop this weekend. Our experienced attorneys will give you the information you need.

To register for the seminar, call our office at (718) 793-7000 , or register online!

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It is common for families not to talk about such things as what they will inherit when mom and dad is gone. This type of conversation can be uncomfortable for parents, and make children feel as if they are doing something wrong for even thinking about such things. As a result the subject is often swept under the rug until the time comes that there is no choice but to talk about it. This can lead to some major family disputes because children may be surprised at what they parents wishes really were.

To make this conversation easier for everyone involved, it is a good idea to think about estate planning as a way to show your family that you love them. If you have an estate plan in place, when you die your family will have much less stress to deal with.

The best thing to do with your estate plan is to not let it be a surprise to those that it will affect. If you let your loved ones know what you have in mind as far as their inheritance, there will be fewer problems later. Even if they don’t necessarily like what you plan to do, they will better be able to accept it if they hear from you that it is what you want.

Broach the subject with your family when everyone is together, even if you need to call a family meeting for that specific purpose. A big mistake is to talk about your estate plan during holiday gatherings, as it may ruin the holiday for some, and cause hard feelings. If your family is aware that they are coming together for the purpose of discussing this touchy subject, they will be better prepared to deal with it.

Once you have given your family an outline of what you will have in your will or trust, you can then ask for everyone’s input so that their opinions can be considered. Of course you will still create your plan in a way that you feel is best, but at least if your children and grandchildren are able to give you their input, they will not feel as if they simply never had the opportunity to talk with you about it.

It is true that discussing your estate and eventual death with your family is a very uncomfortable thing to do, but it is definitely a step you need to take to keep peace within your family.

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When you are planning your estate you will hear about the possibility of implementing strategies that enable probate avoidance, but this may leave you with a somewhat mistaken impression. The reasons why avoiding probate can be attractive is because there are significant costs associated with probate, and the process can be lengthy. Clearly most people want to preserve the value of their estates, and if possible they would like to see their heirs receive their inheritances in a timely manner.

However, when you go out for a good meal you expect to pay a fair price and you don’t mind waiting for the food to be prepared properly. In a similar manner, the money that the estate must spend during probate is not wasted, and the time that it takes is justified.

The executor of the estate is going to be entitled to a fee, and he or she will bring in a probate attorney who will also charge a fee. And then depending on the specifics of the estate the executor may have to engage the services of an accountant, an appraiser or appraisers, and an estate liquidation company. All of these professional entities charge for their services, but at the same time, what they are doing is totally necessary.

As for the time involved, there are things that must be handled that don’t happen instantly. Creditors must be notified and paid, and the assets must be prepared for distribution. If the will is contested the interested parties will be afforded the opportunity to make their cases before the court. This can indeed take time, but that time is well spent if the rightful wishes of the deceased are ultimately carried out.