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liveseyhilary
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Joined: 23 Jul 2015
Posts: 8
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 Posted: Fri Jul 24, 2015 10:36 am Post subject: Tips for the executor of an estate |
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| Tips for the executor of an estate Please tell me about this |
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AbbeySmith
Joined: 24 Jul 2015
Posts: 7
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| Posted: Fri Jul 24, 2015 10:42 am Post subject: |
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Acting as executor of an estate (also called "personal representative" in some states) doesn't have to be an overwhelming task if you're organized.
As the chief administrator, so to speak, the executor is legally responsible for protecting the assets of the decedent, or deceased, until the probate process is completed and the assets are disbursed. Acting in good faith won't get you in trouble if the assets in the estate drop in value (with investments, for example), but you could be found liable if you allow assets to be tampered with before the probate process is complete or you sell off assets at fire-sale prices to raise cash. So it's important to know that if you are unable or unwilling to serve as executor, you can refuse, and the contingent executor will step in, or the court will name a new one.
State probate and tax laws vary, but if you set up a checklist and seek appropriate tax and legal advice, settling an estate can be orderly. Read on for seven tips to keep you on track.
what is executor insurance? |
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Eustance
Joined: 24 Jul 2015
Posts: 9
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| Posted: Fri Jul 24, 2015 10:48 am Post subject: |
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| Executor is a privilege, says Randy Michel, family law and estate planning attorney in College Station, Texas. “This is a serious position that requires your attention and time. You need to be organized and pay attention to details. You’re in a fiduciary relationship. The judges know that and will hold you accountable.” |
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