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Estate Planning Attorney R. Sam Price, founder of Price Law Firm, APC, in Redlands, California has revealed the warning signs that a trustee executor may need professional and legal help when dealing with a person’s estate.For more information please visit https://pricelawfirm.com
An estate manager could be inviting litigation in their direction if they block or refuse attempts by beneficiaries to see an entire will.
Mr Price asserted: “A will is not a secret to be held by the estate manager. Unless the documents state otherwise, then beneficiaries requesting a copy of the will should receive the entire estate plan.”
Failing to handle tax debts or liabilities properly is another area of concern for an estate manager.
“Some tax issues will arise, such as having to file the person’s last income tax return. Suppose debts are negotiated less than the original amount owed. In that case, that could trigger a tax event to be dealt with,” he asserted, also noting that significant gifting before death can also generate a taxable event.
Mr Price also flagged up the desire to settle beneficiaries first before any outstanding debts. “Debts need to be paid first and then beneficiaries. Failing that, litigation could fall on the estate manager’s shoulders if there is insufficient money left to settle taxes and debts.”
In avoiding being accused of any wrongdoing during the probate process, an estate manager should be adept at meeting debts, meeting deadlines, communicating key events, and offering a transparent approach to proper accounting of the estate.
He concluded that an estate manager should seek urgent professional advice from Elder Law specialists if they believe they are failing in their duties or are simply guessing their way through an estate plan, and do not clearly understand their responsibilities.
source: http://RecommendedExperts.biz
Contact Info:
Name: Sam Price
Email: Send Email
Organization: Price Law Firm, APC
Address: 300 E State Street, #620 Redlands, CA 92373
Phone: 909-328-7000
Website: https://pricelawfirm.com
Source URL: http://RecommendedExperts.biz
Release ID: 89042540
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