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What is an executor of an estate?

Litigation Law Firm Maryland

A litigation law firm Maryland can provide may guide you through many different decisions during your estate planning process. At Brown | Gould | Kiely, we provide counsel to many clients who are beginning to plan their own estates.

One of the most important decisions you will have to make is who will be the executor of your estate. The executor of the estate is the person who is responsible for ensuring that all of your wishes are carried through after you pass. They are typically responsible for paying any debts and taxes your estate may owe and maintaining any property that is part of your estate until it is all disbursed.

Duties of an Executor

A litigation law firm in Maryland can explain how important it is to choose someone who will not be derelict in their executor duties or mismanage your estate. If this happens, it could affect whatever assets your beneficiaries are supposed to inherit, as well as leave them liable for any losses the mismanagement causes.

It is not uncommon for people to make funeral arrangements before they die. However, if this has not been done, then it falls to the executor to oversee the financial arrangements for the funeral and burial. The funeral home will also provide the executor with copies of the death certificate, which he or she will need in order to access financial accounts, file federal tax returns, and cancel any government benefits checks the deceased may have been receiving, such as Social Security retirement or disability benefits. A litigation law firm that Maryland clients depend on can discuss with the executor other situations which may call for submitting a death certificate.

Another important duty of your executor is to file your will in probate court. An estate cannot be divided until the probate court approves the will. This is something a Maryland litigation law firm may assist the executor with.

There are situations where the executor is not required to probate the estate. For example, if you have a living trust, your estate would not need to be probated. This is one estate planning option, along with several others, that a litigation law firm Maryland residents rely on can explain to you.

In addition to all the real estate and financial accounts, the executor also oversees all other items of value you may have owned, such as furniture, vehicles, artwork, and digital assets. Any profits from the sale of any of these items become part of the estate and can be used to pay off debts if necessary, with the remainder distributed among the estate’s beneficiaries.

Let a Litigation Law Firm Maryland Residents Trust Advocate for You

Estate planning can be legally complicated, as well as a bit overwhelming, especially for those who are left to deal with the estate of a loved one. This is where a seasoned attorney from a litigation law firm Maryland clients trust can help, by drawing up estate documents and assisting in probating the estate.

Our skilled attorneys from the Maryland litigation law firm of Brown | Gould | Kiely will be happy to discuss your situation in detail during a complimentary case evaluation. To schedule an appointment with a trusted litigation law firm Maryland has to offer, contact us today at 301-718-4548 or fill out a contact form from our website.