I’m Dad’s Executor. What Do I Do Now?

The death of your parent is bound to be an emotionally confusing
time without the additional responsibilities of being named as executor
of his or her estate. Elder Law attorney Gene L. Osofsky of the law
firm Osofsky & Osofsky has some sound advice and insight for those
placed in such a predicament.

Having being named the Executor of the Estate for your father, which by
many is considered an honor, means that you must have more patience and
focus than the remainder of your family. This is difficult to do in
times of high stress due to a death in the family. Some of the
responsibilities which you must thereby assume include the following:

Creating an accounting for the deceased’s assets and liabilities

Giving notice to potential creditors

Settling outstanding debts

Making distributions for estate taxes, if applicable

Making fiduciary income tax return

Making distributions to named beneficiaries

Filing a final accounting with the court to close the probate process

Included with these responsibilities is the duty to keep the estate
viable during the probate process. This may include paying the mortgage
on a house or even making car payments. Probate can often be a lengthy
process, which is why you can petition the court to release short term
funding for these purposes while probate continues.

“If you’re thinking that this sounds like no easy job, you’re
absolutely right,” says Osofsky. It is an endeavor that should never be
undertaken lightly. Executors are generally entitled to compensation
from the deceased’s estate, but most immediate family members decline
this option. “One good bit of news from this,” explains Osofsky, “is
that you are not financially responsible for any debts the deceased may
have accumulated.” To emphasize, all debts, taxes, legal fees, and
administrative costs should be paid from the estate of the deceased,
not from your own pocket. If you have advanced any such costs, you are
usually entitled to claim a refund from the estate.

But the responsibilities of an executor can often be accomplished
more efficiently with the help of a knowledgeable Elder Law attorney,
such as Gene L. Osofsky of the law firm Osofsky & Osofsky. “We
receive requests from clients to assist them in handling their
responsibilities as an executor, especially when the executor is
overwhelmed with grief and not accustomed to some of the required
duties,” Osofsky explains, “If you find yourself in this situation,
seek out an attorney knowledgeable in this process.” It will ease your
burden, give you peace of mind, and may prevent needless family
squabbles.

To learn more about East Bay elder law lawyers, East Bay elder law attorney, Medi-Cal planning, Medi-Cal planning lawyers and The Law Offices of Osofsky & Osofsky, visit Lawyerforseniors.com.