Louisiana Executor Duties Lawyer
A Louisiana executor duties lawyer can advise you when you have questions around the process of serving as another person’s executor. An executor, known in some states as estate administrator or a personal representative, is the individual responsible for handling the close out affairs of the deceased individual.
That deceased person, for example, might have left behind debt that need to be paid to creditors as well as wishes that need to be taken care of with regard to passing on their assets to beneficiaries. These responsibilities fall to the role of the executor to manage the administration of this process and to ensure that all relevant local and state laws are followed. As a Louisiana executor duties lawyer could tell you, this role can eb overwhelming and can involve multiple different steps for an executor who is not familiar with the process. This is where hiring a Louisiana executor duties attorney can help to provide some level of clarity on these responsibilities so that the executor has awareness around the level of personal liability they are taking on by serving in this role.
Understanding Duties of a Louisiana Executor
The size and complexity of the estate will determine the full role that the executor plays in this process but typical executors begin by gathering an inventory of all of the assets inside the probatable estate. Bear in mind that certain assets are not managed through probate, including things such as life insurance policies or those payable on death bank accounts that have an automatic beneficiary to receive these assets when the account owner passes away. For those assets inside the probatable estate, however, the executor must gather these and safeguard them with oversight and management while the prospect of probate is handled. If an executor mishandles any of these funds or engages in any illegal activity, they could be held personally liable for mistakes that they have made. This is why it makes sense to retain an executor duties attorney in Louisiana earlier on in the process so that the executor has someone to turn to to ask questions about the prospect of handling someone’s estate. In all of these circumstances, it is imperative to select an executor who is comfortable serving in this role well in advance. This can avoid many missteps and even legal disputes and conflicts filed by estate beneficiaries. There are many mistakes that should eb avoided in fulfilling an executor’s duties and this can be supported by retaining legal representation early on.
An Overview of Full Executor Duties
Louisiana executor duties can include things such as taking possession and control of estate property, paying taxes and creditors and then distributing remaining assets to heirs of beneficiaries. There are many different sub tasks that might be handled as part of this estate. Failing to educate yourself or getting the advice you need is an easily avoidable mistake and one that could cost you significantly if you are an executor who makes costly errors. Other mistakes that you will want to avoid when handling executor duties could include waiting too long to put real estate on the market, missing court deadlines for submitting necessary paperwork, or waiting too long to initiate the process of probate. Furthermore, a full accounting of the estate’s actions needs to be kept during this time so that if a beneficiary alleges that an executor has acted outside of their duties that there is evidence to support the executor’s actions. For more questions about this process, retain the services of an attorney immediately.