UTBF’s Spring Executor Training Was A Roaring Success!

Attendees Learned How Executors and Trustees Can:

Do A Good Job
Be Better Consumers of Legal, Accounting, and Financial Services AND
Avoid Personal Liability

Executor duties and the related estate administration requirements are numerous and very complex.  If an executor makes a mistake while acting, he or she could be personally liable for major expenses and debts or to aggressive creditors of the estate. It is important to learn about these pitfalls and how to avoid them.   

We met virtually for the Spring 2021 session of our half-day UTBF VIP Client Executor Training, but our physical distance did not impact the depth and breadth of our discussion!  The clients who attended the training gave the program rave reviews, said they had a great experience, and learned a lot. They even asked over forty questions!

We had an excellent dialogue about what the executor’s job really means, what has to be done, when the deadlines apply, exactly the type of advisers that executors and trustees need, how to protect the executor from liability, and how to save money on fees, taxes and other costs.

If you are an executor or you are thinking about whom you would like to name as your executor and want to know more about what executors should do and, even more importantly, what NOT to do, click here to download this incredibly informative report:  Ten Most Common Mistakes Executors Make and How to Avoid Them

Why Is Being an Executor Such An Important Job?

During the course of an estate administration, your executor is responsible for making a lot of extremely important decisions that can have an enormous impact on your beneficiaries.

For example, your executor (or trustee) will likely have to successfully:

  • Inventory assets
  • Establish asset values
  • Distribute assets
  • Maintain and secure property
  • Pay creditors (in the correct order)
  • File tax returns
  • Notify and communicate with beneficiaries
  • Maintain detailed records
  • Ensure all required notices and reports are filed with the court
  • Sell real estate
  • Close the estate

As you can see, the list of responsibilities is long and involves decision making and duties that are often nuanced and complicated.  An average estate administration can last anywhere from 12-20 months, so your executor will be tasked with this crucial role for an extended period of time. 

Tax returns were a major topic covered during the training.  We polled our attendees before we delved into this important subject, and they did not know how many tax returns may need to be filed during an estate administration.

Did You Know That As Many As Ten Tax Returns May Be Required During An Estate Administration?  Yes – TEN!!

If you are anything like our attendees, you probably would not have guessed that it could be necessary to file so many tax returns after someone passes away.  When we polled all of our participants at the beginning of the training, the majority guessed that 3-5 returns would need to be filed.  Frequently many more than 3-5 are required.    

State inheritance and federal estate tax returns are often required as well as multiple state and federal income tax returns for the decedent and the decedent’s estate.  Depending on the date that the decedent passed away, or if an extension has been requested, the estate administration process could straddle multiple years and necessitate filing two sets of the same returns in separate calendar years. 

If this all sounds overwhelming, do not dismay!  Your executor does not need to understand the intricacies of how and when to file each of the necessary tax returns.  Your executor only needs to hire the right team of tax, legal, and financial advisors to assist.  And they need to know HOW to hire them and what to pay them. 

Are you an executor that understands how important the job is and wants to make certain that you do it correctly and are not opening yourself up to liability exposure? 

Or are you thinking about updating or creating your estate plan and want to ensure that you name the right person to act as your executor or trustee?   

Call us today at 610-933-8069 to schedule a thorough estate administration or estate planning consult.  Every family and its particular circumstances are unique. Our team of experienced lawyers and estate administration paralegals are here to support you every step of the way during what can be an emotional, difficult time in your life.

Didn’t get to attend the training, but still want to know what an executor is and what they have to do?  To get the background and learn about executors and trustees read this article:   What Does It Mean To Be an Executor or Trustee? 

Want to know more?  Check out some of our other articles and videos to learn more about executors and trustees:

David M. Frees, III
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Attorney, Speaker and Author
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