-- An executor will often have to shoulder the most burdens when trying to untangle a person’s estate, but can often fall foul of easily avoidable errors, says estate planning attorney Robert H Brumfield.
For more information please visit https://www.brumfieldlawgroup.com
Robert H Brumfield the founder of the Bakersfield, CA, Law Offices of Robert H. Brumfield, P.C., said “An executor carries a lot of power in managing and distributing an estate as they deal with legal, financial and tax issues, but are prone to potential mistakes.”
Their failure to handle assets correctly is a common error and one for potential complaints. “Executors may be unsure of their duties, but one of their priorities is to secure all assets as soon as possible. That can range from tracking down financial assets to physically locking up or maintaining a decedent’s property.”
Brumfield went on to say “One pitfall for an executor is failing to categorize a decedent’s assets properly. Non-probate examples include trust estates, life insurance policies and retirement account funds.”
Another matter easily overlooked is obtaining a Date of Death value of all the decedent’s assets. This should be done urgently as they will be easier to calculate. If a property is involved, a qualified real estate appraiser will be required to help in the task.
Brumfield said an executor’s inability to communicate with beneficiaries and creditors correctly and promptly were other common failings. Creditors must receive notice of a pending estate administration and the estate must remain open for a statutory period to enable creditors to file a claim.
He added: “Failing to keep beneficiaries abreast of developments can lead to unnecessary litigation. In both cases, executors should seek professional advice and retain the services of a probate attorney who can act as a guiding hand. If they don’t, the probate process may take longer than necessary, and an executor may make costly errors during that period.”
Failure to handle creditors’ claims, looking to distribute assets too quickly, miscalculating estate taxes, neglecting to issue an inventory and an accounting in an estate are just some of the errors Brumfield has seen executors make.
“Executors can also fail to look at alternatives to the formal probate administration. In some states a small estate affidavit may be an option instead of formal probate, saving considerable cost and time in the process,” he emphasized.
Brumfield concluded: “Being an executor is no easy task, so working with an experienced probate attorney can save them from committing unintentional mistakes, reducing the estate’s value, and adding more grief to what is already an emotional time for everyone.”
source: http://RecommendedExperts.biz
Contact Info:
Name: Robert H Brumfield
Email: Send Email
Organization: Law Offices of Robert H. Brumfield, P.C.
Address: 1810 Westwind Drive, Suite 100, Bakersfield, CA 93301
Phone: (661) 416-3735
Website: https://www.brumfieldlawgroup.com
Source URL: http://RecommendedExperts.biz
Release ID: 89054233
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