Many people agree to become an executor of a parent or close friend’s estate without really considering what that job entails. Then the parent or friend dies, and the executor has no idea what to do to fulfill their duties. This is where the guidance of a qualified estate planning attorney is, as the credit card commercial says, priceless.
Some of the duties of an executor can include:
· Identifying and valuing assets and debts
· Paying off debts prior to making distributions to heirs and beneficiaries
· Tracking any medical expenses for estate income tax purposes
· Filing a final income tax return for the decedent
· Filing an income tax return for the estate
· Filing any necessary gift tax returns for the decedent and/or estate
As you can see, the duties of an estate executor are significant, and unless you have prior experience in estate administration, it would be wise for you to consult with an Irvine estate planning attorney for the help you will surely need.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.