Estate Administration
Who pays a decedent’s debts?
Some people don’t have a chance to pay off all their debts before they pass away. This leaves the question of who will pay for those debts when the person dies. The answer to this isn’t always easy, but taking the time to review the circumstances around the debt may...
Filing final tax returns is a key executor responsibility
“In this world nothing is certain but death and taxes,” according to Ben Franklin. If you’re the executor of a loved one’s estate, you’re probably thinking about both of these things right now. One of the many responsibilities of an executor is to file the deceased’s...
Does your executor need to be bonded in California?
Your executor or “personal representative” is the person you name to make sure that your estate is properly handled. Assuming that there are no problems with their appointment, that’s the person the court will ultimately authorize to secure all your assets, pay your...
2 implications of a trustee’s fiduciary duty to beneficiaries
When someone takes the time to create a trust, they will likely put in place numerous rules about the use of the assets used to fund the trust. The trustee that they empower to manage and distribute those assets will have a powerful obligation to the beneficiaries...
Handling your parents’ estate
It can be difficult to handle the death of a loved one, but when you are left to deal with their estate, things can get even more complicated. If you have been named executor in your parents' will, it is important to know the next steps. The responsibilities of an...
Which creditors must you contact as representative of an estate?
Whether you volunteered to serve as the representative of someone's estate years ago or the probate courts appointed you, all of the major responsibilities fall to you. A big part of estate administration involves fulfilling someone's outstanding obligations after...
If your parents die in debt, do you have to pay?
When your parents passed away, you knew that they would have assets to leave you. You also knew that they had named you as the estate executor. You are the one who is in charge of gathering up those assets, reading the will, talking to the other family members and...
Does estate administration require you to file a tax return?
Serving as the executor of someone's estate is a big responsibility. If you accept that role, there are certain obligations you must fulfill. You don't just need to collect and distribute the deceased person's property. You have to also resolve their personal matters...