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Frequently Asked Questions- Is it always an ongoing relationship?
Holly P. Thomas, LLC | Ph: 813.489.1700 | 1901 W. Cass Street | Tampa, FL 33606 | www.hollypthomas.com
Copyright 2010 Holly P. Thomas, LLC.
Disclosure Brochure
Imagine being named the executor of an estate. You were chosen because you are a trusted friend or relative, but suddenly you are faced with a serious fiduciary responsibility. And the person whom you'd like to grill with questions is no longer around to tell you what they meant or what they really want.
The fact is that settling an estate - like many other complex projects - is a good example of an instance in which you might need the services of a professional.
The duties of an executor typically include:
- Finding and filing the will with the proper court
- Determining, inventorying and taking control of all assets of the estate
- Obtaining information in regard to all beneficiaries named in the will, and any other potential heirs
- Reviewing the financial affairs of the deceased
- Filing final tax returns for the deceased's personal income taxes, if applicable, and for the estate
- Paying or denying creditor claims and appearing in court to dispute these claims if necessary
- Deciding which assets will be liquidated and distributed and which will be distributed "in kind" and
- Distributing the assets in accordance in accordance with the terms of the will.
While carrying out these duties, the executor is serving in the role of a fiduciary, meaning he or she is held to a high legal standard for decision making. The fiduciary has an obligation to act in good faith, to avoid conflicts of interest, and to make decisions that are reasonable and appropriate for the estate and the heirs.
Does it have to be ongoing? What about special projects?
When Settling an Estate...
In this situation, the executor is the fiduciary. However, we can assist an executor in an advisory or administrative capacity, helping them as they work through the labyrinth of responsibilities they face: from meeting with bankers to identifying an estate planning lawyer to address the legal issues.
In some instances, we also assist an individual who has power of attorney for an incapacitated spouse, parent or other relative. Very often, the individual who bears this responsibility is also dealing with grief and loss.
Making sound financial decisions is very difficult at such a time, even with the best intentions. This is a situation where we might assist for a period of time, even if the person with power of attorney is not an ongoing client. For whatever period of time they are in this difficult situation, we can help them achieve clarity about what needs to be done.
