BLACK FAMILY WEALTH MATTERS: Click here to learn how we are working to support you.
Proteja Su Hogar Y Su Familia-Se Habla Espanol. Haga clic aquí!
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Areas We Serve
      • Los Angeles County
        • Inglewood
        • Malibu
        • Santa Monica
        • Torrance
        • Venice
    • Pre Consultation Form
    • Attorney and Staff Profiles
      • Attorney Caprice Collins
      • Attorney Lioness Ebbay
    • Awards & Recognition
    • Giving Back
    • Our Reviews
    • Staff Events
  • Services
    • Asset & Business Planning
    • Estate And Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Medi-Cal and Elder Law
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
      • Trust Administration & Probate Definitions
  • SEMINARS/WEBINARS
  • Resources
    • Elder Law
      • Ladera Heights Elder Law
      • Los Angeles County Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Medi-Cal Planning Checklist
    • Estate Planning
      • Estate Planning Checkup
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning For Niches
        • Trust Administration
      • Estate Planning Definitions
      • Estate and Gift Tax Figures
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Free Seminars
    • Frequently Asked Questions
      • Business Succession Planning
      • Elder Law
        • Medi-Cal
        • Nursing Home Planning
        • Understanding Dementia
      • Estate Planning
        • Charitable Gifting
        • Estate Planning for Women
        • Frequently Asked Questions for Families Without an Estate Plan
        • LGBTQ Estate Planning
      • Financial Planning
        • Tax Planning in Your Estate Plan
      • Incapacity Planning
        • Veteran’s Benefits
      • Legacy Wealth Planning
      • Pet Planning
      • Power of Attorney
      • Probate
        • Serving as Executor
        • Small Estate Administration
      • Trust Administration & Probate
      • Trusts
        • Living Trusts
      • Understanding Estate Taxes and How They Impact Your Estate Plan
    • Legacy Wealth Planning Pre-Consultation Form
    • Newsletters
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Published Books
    • The Ultimate Caregiver Guide
    • Caregiver’s Worksheets and Checklists
  • Videos
  • Reviews
    • Our Reviews
    • Review Us
  • Women’s Planning
    • A Guide to Estate Planning for Women
    • Frequently Asked Questions
  • Trust Administration
  • Blog
  • Contact Us

Collins Law Group

Los Angeles Estate Planning Attorney

powered by BirdEye

Connect with us today(310) 677-9787

Attend a Free Seminar/Webinar
  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram
  • Pinterest
x

What to Do When a Loved One Dies

During our webinar, we discuss family home protection, avoiding nursing home poverty, preventing family feuds, protecting your kids' inheritance, and how you can keep the government out of your affairs.

Watch our webinar now
Home » Probate » Top 5 Concerns for a First-Time Executor

Top 5 Concerns for a First-Time Executor

December 28, 2018Probate

Los Angeles estate planning attorneysWhen a loved one passes away, the last thing most people want to think about is the practical and legal ramifications of their loved one’s death. If you find yourself in this situation though, and you find that you were appointed to be the Executor of the estate by the decedent, you must focus on the legalities as they apply to the decedent’s estate. Acting as the Executor may seem a daunting prospect if you have never before served in that capacity. To help get you started, the Los Angeles estate planning attorneys at Collins Law Firm discuss the top five concerns for a first-time Executor.

Probate Basics

When an individual dies, the law requires the decedent’s estate to go through the legal process known as probate. If the decedent died testate, meaning with a valid Last Will and Testament in place, the individual named as the Executor in that Will is the person who will oversee the administration of the estate during the probate process. Probate can involve many complex legal and financial issues. If an Executor is not well versed in the law and/or the world of finance, he/she could make a costly mistake, resulting in both the loss of assets to the estate and unnecessary delays to beneficiaries of the estate. This is one of the many reasons why it is usually a good idea to consult with an estate planning attorney if you find yourself appointed as the Executor of an estate. If the estate requires formal probate, it is wise to retain an estate planning attorney to assist you throughout the process to ensure that you do not make any of those costly mistakes.

Top 5 Concerns for an Executor

Every estate is as unique as the individual who owned the estate. Consequently, the probate process is never exactly the same for any two estates. Nevertheless, there are some common concerns that any Executor should be aware of during the probate of an estate, including:

  1. Preparing to initiate probate. The first thing any Executor should do is to prepare the estate for probate. This includes locating all relevant estate planning documents which may include a Will, trust agreement, life insurance policies, and/or Letter of Instruction among others. An original copy of the Will must be located in order to initiate the probate process.  A petition to open probate will also need to be prepared and a certified death certificate ordered from the appropriate agency.
  2. Identify, locate and secure estate assets. As the Executor, t is your job to ensure that assets are identified, located and secured to the extent possible. Securing assets might include things such as:
  • Taking possession of vehicles
  • Locking up real estate
  • Speaking to employees at a business and arranging for continued operations.
  • Closing out financial accounts.
  1. Notifying creditors and reviewing claims. All known creditors can be personally notified that probate is underway but for unknown creditors you will need to notify them via publication in a local newspaper. Creditors have up to four months from the date probate was opened to file claims in California. You will also need to evaluate each claim file and approve or deny the claim and pay approved claims out of the available estate assets. If there are insufficient assets to pay all claims you must pay the claims according to the priority set by law.
  2. Calculating and paying taxes. Every estate is potentially subject to federal (and sometimes state) gift and estate taxes. As Executor, you must determine if the estate owes estate taxes and, if it does, you must pay the tax.
  3. Distributing estate assets. At the end of the probate process, you must prepare any legal documents necessary to effectuate the transfer of the remaining assets to the intended beneficiaries and/or heirs of the estate.

Contact Los Angeles Estate Planning Attorneys

For more information, please download our FREE estate planning worksheet. If you have additional questions or concerns related to the duties and responsibilities of an Executor during the probate of an estate, be sure to consult with an experienced Los Angeles estate planning attorney. Contact the Collins Law Firm by calling (310) 677-9787 to register for one of our FREE estate planning workshops.

  • Author
  • Recent Posts
Caprice Collins
Caprice Collins
Attorney Caprice L. Collins is a top rated Harvard Law School graduate. She has 34 years of legal experience with a successful law practice devoted exclusively to Estate/Business Planning and Trust Administration. Attorney Collins is a well-respected keynote speaker on Wills, Living Trusts, Estate Planning, Business Planning and Trust Administration. She has appeared on California’s Real Estate Radio Station KTLK AM 1150 as a legal expert on Estate Planning and Living Trusts among many other notable media appearances.
Caprice Collins
Latest posts by Caprice Collins (see all)
  • Debunking Inheritance Planning Myths - January 26, 2023
  • Tips for Alzheimer’s Caregivers - January 22, 2023
  • Power of Attorney Problems — Gifts - January 19, 2023

Other Articles You May Find Useful

Los Angeles estate planning lawyers
5 Tips for Avoiding Probate
Baldwin Hills probate attorney
Probate Mistakes You Want to Avoid Making
Collins Law Group
Do All Estates Need to Be Probated?
10 Steps in the California Probate Process
probate process
Dissecting the Probate Process
Executor of a Will
I’m the Executor of a Will? Now What?

Primary Sidebar

Collins Law Group

Blog Subscription

Sign up to our blog to receive the latest estate planning news and updates!
  • This field is for validation purposes and should be left unchanged.

Our Attorneys

Attorney Caprice Collins

Get to Know Attorney Caprice Collins


Attorney Lioness Ebbay

Get to Know Attorney Lioness Ebbay

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram
  • Pinterest

Testimonials

Client Review
August 19, 2020
    

“My mother told me about the Collins Law Group and I must say, the entire experience has been a real pleasure. Although I was nervous at first, the Collins Law Group staff put me at ease with their friendliness and knowledge. I didn’t realize how hard it could be on your family and loved ones left behind if you die without any planning or directions in place for them. My biggest concern was making sure my elderly mother would be provided for and taken care of if something happened to me. I have been a caregiver for her for 12 years, so this planning was crucially important. I had previously made a living trust for myself on Legal Zoom but there is no comparison to the level of service and professionalism that Collins Law Group embodies. Attorney Collins and her staff provides excellent service and it will take a large burden off of my family when they need guidance at the time of my passing.”

default image
-Ms. Jones

Where We Are

Collins Law Group
3330 West Manchester Boulevard
Inglewood, CA 90305
Phone: (310) 677-9787
Fax: (310) 677-6742
Email: clcfirm@aol.com

See Larger Map Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Map

Collins Law Group Google Map

Footer

  • About Our Firm
  • Advantages of Working With Our Firm
  • Services
  • Sitemap
  • Resources
  • Blog
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram
  • Pinterest
Collins Law Group footer logo

Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.