ESTATE & TRUST ADMINISTRATION
When called upon to act as executor, trustee, or agent, it is mandatory that one comply with both federal and state laws and standards governing the acts of fiduciaries. Ignorance of these laws and standards, or often honest mistakes or misjudgments can lead not only to unnecessary waste of assets but also unwanted personal liability of the person acting as executor, trustee, or agent.
With proper planning the probate process can be avoided at one’s death; however, more often than not loved ones find themselves faced with the often perceived overwhelming task of “probating” an estate. In Virginia, the executor or administrator of an estate must comply with an administrative probate process that entails proper notice to heirs, filing of an inventory of estate assets with the appropriate court, proper investment of estate assets until distribution to beneficiaries, filing of federal and state income tax returns, filing of the federal estate tax return if required, and timely filed accountings to the court and the beneficiaries reflecting all estate income, purchases, sales, and distributions.
Failure to comply with these requirements can as mentioned above result in unnecessary waste of the estate assets, penalties and late charges, and even individual personal liability to the fiduciary. Tex McKinnon can assist a fiduciary with the administration of an estate or trust, and can often save time and money fax in excess of the reasonable charge for assistance. Contact Tex for a free evaluation of the situation and circumstances.