Landrum & Shouse LLP
Lexington 859-554-4038
Louisville 502-589-7616
Toll Free 888-322-2505
Facebook Twitter Linked In Google Plus
This is an advertisement
Site Menu
Landrum & Shouse LLP
Our Blog

Some things Kentucky executors should know about estate administration

If you have been named as the executor of an estate, then you are entitled to retain a lawyer to help you through what can be overwhelming process. Administering the estate may not be an exceedingly difficult job in some cases, but when an executor is faced with complicated tax and property issues or a family dispute, then an estate administration attorney can help to protect estate assets and protect the executor from liability.

An executor owes a fiduciary duty to act in good faith in the disposition of the deceased's property. Depending on the material facts of the estate, the executor's obligations could range from tracking down heirs to canceling the deceased's credit cards. In any case, it is important to cover all of your legal bases if you have been placed in charge of estate administration.

An important thing you may have to do as an executor is to set up a bank account for the estate. This account can be used to pay off the deceased's debts. While the estate is being administered, it may also be necessary to use the bank account to make any continuing mortgage and insurance payments. If the deceased has multiple creditors, then all of those parties should be notified of the death.

Generally, the debts of the deceased should be paid off before heirs to the estate receive their shares of assets, and sometimes locating and protecting those assets can be a difficult.

Attorney Mark L. Moseley, of Landrum & Shouse LLP, regularly provides guidance to executors faced with the disposition of complex estates.

FindLaw Network