Many people are not aware of the various responsibilities of an executor until they have been assigned to serve that role. The role of an executor often involves juggling various time demands as well as learning what the process entails. For executors who are uncertain about what their role entails, it is often a wise idea to speak with a knowledgeable probate attorney like Jim A Lyon, who has several decades of experience helping people navigate the executor process. It can also help to anticipate the various responsibilities of an executor, which is why this article will review some of the questions most commonly asked about the probate process.
Do All Assets Proceed Through Probate?
No. Not all assets proceed through the probate process. Some of the assets that rarely proceed through probate include assets held in trusts, retirement accounts, and property that is titled in certain ways. As a result, there some situations in which a person might not end up having to act as an executor. There are also some assets that an executor will not be tasked with overseeing.
How Much is an Executor Personally Liable?
During the probate process, an executor is held personally liable for their actions. This means that executors are often held personally liable for any mistakes that are made concerning the administration process, tax requirements, and other elements of the probate process. In some cases, a person might end up facing lawsuits due to errors that were made as executor.
What Does Safeguarding Entail?
Safeguarding assets to make sure that they are preserved until distribution is one of the most important duties of an executor. There are various assets like collectibles and motor vehicles that can depreciate quickly if not properly taken care of as well as various other factors that could make the safeguarding process difficult. This is why it is often recommended that executors begin the process by creating an itemized list of all of the assets in the deceased person’s estate. Fortunately, a seasoned probate attorney knows how to take even the most challenging assets into consideration.
What Types of Tax Concerns Exist?
Income that is accrued by an estate as well as the deceased person’s trust requires proper accounting. There might also be specific tax reporting requirements based on the assets that are held by a person. As a result, people should make sure to speak with an attorney like Jim A Lyon who can review the various types of tax concerns of which an executor should be aware.
Contact a Knowledgeable Probate Attorney
The probate process is frequently complicated, which means that executors should make sure to address a variety of concerns as well as satisfy numerous responsibilities. A seasoned probate attorney like Jim A Lyon can help people who are navigating the probate process. Contact our law office today to schedule an initial free consultation to make sure that you successfully navigate the probate process. We are conveniently located in Oklahoma City.