 |
Estate Administration
Probate & Non-Probate Assets
Payment of the Decedent’s Debts
Death Certificates
Probate Court Costs
Attorney / Executor Fees
Role of the Executor
Estate Tax
Income Tax – Estate
Income Tax – Beneficiaries
|
|
| |
 |
|
|
The executor is often a family member, and decides to serve without compensation. If compensation is taken, it is taxable income, unless the monies are withdrawn from an otherwise non-probate asset for which the executor is the beneficiary or surviving joint tenant. By taking the “fee” out of money otherwise passing to the executor, income tax can be avoided.
|
|
|
To learn more about
Handling An Estate
Contact Us to Schedule a Visit
|
|
The Probate Court appoints an executor if one is named in the decedent's Last Will and Testament. An administrator is appointed if there is no Will or the executor(s) named in the Will cannot serve. The broader term for executor and administrator is "personal representative." The most important action a personal representative takes is hiring a lawyer to handle the estate. The personal representative is free to choose the attorney that he/she desires and should find an attorney experienced in probate and tax matters. The personal representative's duties generally are to:
- • Give notice of the admission of the Will to probate to all heirs and beneficiaries
- • Make and file an inventory of the real and personal assets of the estate
- • Deposit funds which come into his hands in a lawful depository located within Ohio
- • Keep estate funds in separate estate accounts
- • Invest all funds in a lawful manner
- • Make and file the final and distributive account
- • File all tax documents as required by law
- • Maintain adequate insurance to reasonably protect any property
- • Obey all Orders of the Court
The executor acts as a fiduciary, and as such, the highest level of responsibility is required for his or her work. An attorney well versed in probate matters can guide the executor to serve as a responsible fiduciary.
|
|
