You were honored when your close friend or family member asked you serve as the executor of their estate. You did not realize the amount of the work associated with the task. You also didn’t realize you were personally financially liable for your actions as an executor. If you are an executor in San Diego you need an attorney to guide you and protect your interests. The best news is the estate will almost always pay our fees.
The attorneys at Allen Barron have extensive experience with estates, probate and the tax returns necessary to complete the responsibilities of an executor. We guide you through each step in the process and help you to establish the documentation and successful completion of tasks that are required of your position as the executor. The first step is usually to obtain a “bond” that will ensure the beneficiaries receive the assets they are due. The next step is to “marshall the assets” associated with your friend or family member’s estate. There are reports to fill out for probate court and the beneficiaries. Some of the assets will need to be appraised, and other legal steps must be taken in order to prepare them for sale or ultimate disposition according to the terms of the will.
The San Diego probate court will require you to protect the creditors of the estate and this requires appropriate notification. You must ensure that the Court approves all documentation and that you have completed each step before distributing assets to the beneficiaries. There are multiple reports and tax returns that must be prepared and submitted to the probate court and appropriate tax authorities such as the IRS and the California FTB. Our goal is to help you to successfully fulfill all of your duties and receive your final discharge from the Court. This is when your duties as an executor are finally at an end.
It is important to understand the fiduciary liability you personally carry as an executor. The bond is not an insurance policy. The bond is simply a legal instrument that ensures the beneficiaries receive the full value of the assets they deserve per the terms of the estate. If you make a mistake or fail to take every single appropriate action in sequence you expose yourself to financial liability. The bond will pay the beneficiaries, and then the bonding company will come after you personally to recover every penny.
If you are an executor in San Diego you need an attorney to guide you through the complex probate process, file all appropriate tax returns and probate reports, and ensure the creditors and beneficiaries are properly handled. The attorneys at Allen Barron have the legal, tax and accounting services and professionals necessary to make your job much easier, and to protect you from personal financial liability. If you are an executor in San Diego you need an attorney and we invite you to call 866-631-3470 for a free consultation.