• Facebook
  • Youtube
  • Linkedin
  • Twitter
  • Instagram
  • Vk
Call Us At: (408) 553-0801
Lonich Patton Ehrlich Policastri
  • Home
  • About
    • Why LPEP
    • Our Attorneys
    • Locations
      • San Jose
      • Santa Cruz
    • Testimonials
  • LPEP Spotlight
  • Practice Areas
    • Family Law
      • Annulments
      • Certified Family Law Specialists
      • Child Custody and Visitation
      • Child Support
      • Divorce and Your Estate
      • Divorce Litigation
      • Divorce Planning
      • Domestic Partnerships
      • Domestic Violence
      • Enforcement and Modifications
      • Extramarital Affairs
      • Grandparents’ Rights
      • Harassment
      • Legal Separation
      • Mediation and Collaborative Divorce
      • Parental Relocations
      • Paternity
      • Postnuptial Agreements
      • Prenuptial Agreements
      • Property Division
      • Restraining Orders
      • Same Sex Divorce
      • Spousal Support and Alimony
    • Estate Planning
      • Business Succession Planning
      • Power of Attorney
      • Probate
      • Trust Administration
      • Trust and Probate Litigation
      • Trusts
      • Wills
  • FAQ
    • Estate Planning FAQ
    • Family Law FAQ
  • Blog
  • Pay Now
  • Resources
    • Family Law Resources
    • Estate Planning Resources
  • Contact Us
    • Careers
  • Get a Free Consultation
  • Menu
Executor of an estate works on paperwork
Michael Lonich

What To Know When Becoming An Executor Of An Estate

September 13, 2019/0 Comments/in Estate Planning /by Michael Lonich

When an individual is appointed to be the executor of an estate, they are entrusted with many duties and responsibilities. The executor is required to act for the estate using ordinary care and diligence. It is important, especially in estate planning, to know the difference between an executor of an estate and a power of attorney.

What Is The Difference Between An Executor Of An Estate vs Power Of Attorney?

It is important when it comes to estate planning to know the difference between an executor of an estate vs power of attorney.  An executor is the individual who is responsible for managing all affairs of an estate of an individual who has died.  A power of attorney is an individual selected and specified on a legal document that that individual has the authority to act for another individual in legal or financial matters. 

The executor of an estate is different from the power of attorney when dealing with legal matters

What Is An Executor’s Responsibility With Estate Taxes?

The executor has a fiduciary duty to pay the estate’s taxes when there is enough money in the estate available to pay the taxes. Failing to pay an estate’s taxes even negligently is a breach of the executor’s fiduciary duty owed to the estate. If it is shown that the executor caused the estate to incur unnecessary taxes, then the executor may be charged for the part of the taxes that resulted from the executor’s action or negligence.

When an executor breaches a fiduciary duty, the executor may be personally liable for the consequences of that action. However, if the executor acted reasonably and in good faith, the court may excuse the breach.

What If There Is Real Estate Or Physical Property Involved With The Estate?

It is important to remember that an estate is not strictly limited to financial assets. There may be physical property involved with an estate as well.  An executor of an estate must keep track of all property that is involved in an estate. The law may include real estate property, bank accounts, cash, and even stock or bond certificates as property of the Estate. Our firm, Lonich Patton Ehrlich Policastri can help with specifications for those who have estates or are executors of an estate in San Jose or Santa Clara County.

An executor of an estate looks to the will to distribute property assets

What Are My Next Steps As An Executor In San Jose?

Paying the federal and state income taxes on the estate, including for the year the creator of the estate passed away, are only one of the many duties owed to the estate by the executor. If you have been appointed an executor or have concerns with an estate’s executor based out of San Jose, please contact our office for a consultation with our estate planning attorneys. The attorneys at Lonich Patton Ehrlich Policastri offer free 30-minute consultations. 

Please remember that each individual situation is unique, and results discussed in this post are not a guarantee of future results.  While this post may detail general legal issues, it is not legal advice.  Use of this site does not create an attorney-client relationship.

Michael Lonich

Avatar photo

Specializing in Divorce and Estate Planning, I am San Jose Attorney, Michael E. Lonich; and I have been battling for client’s rights for nearly 40 years. When focusing on divorce, child custody, and related matters, I know all too well the emotional and financial toll divorce has on clients. Integrity, common sense, and a passion for what I do which guarantee the best possible results for my clients. Resolution of family law issues requires an attorney able to navigate the myriad legal and emotional issues presented in cases. Financial issues, child custody, domestic violence, valuation of property, analysis of RSUs, hidden assets, spousal and child support, all may require trial, mediation, or a collaborative effort with the parties. Regardless, each client gets the individualized attention they require. Every family law case is unique, we partner with you to develop a comprehensive approach to get the best results.

Tags: estate executor, estate planning, estate planning attorney, executor, executor of an estate
Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on Linkedin
  • Share by Mail
https://www.lpeplaw.com/wp-content/uploads/2019/01/Attorney-Sitting-doing-Paper-Work.jpg 4912 7360 Michael Lonich https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Michael Lonich2019-09-13 19:37:432019-09-13 19:39:51What To Know When Becoming An Executor Of An Estate
You might also like
Navigating Long-Term Care Insurance Policies
Tough Times Call for . . . More Estate Taxes?
2011 Tax Laws Affecting the Inheritance of Real Property
Spendthrift Clauses: Protecting Your Loved Ones’ Inheritances
Special Rules that Regulate Transfers to Non-U.S. Citizen Spouses Can Affect Estate Planning
Have You Heard of Digital Estate Planning?
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *

Learn more about estate planning with a free resource
Read all about family law and child custody
Learn more about family law matters such as private divorce counseling.

Categories

  • 2021
  • 2022
  • 2023
  • Business Law
  • Estate Planning
  • Family Law
  • Firm News
  • In the Community
  • News
  • Personal
  • Probate
  • Spotlight

Posts From The Past 12 Months

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022

Explore Our Archives

Free 30-Minute Family Law or Estate Planning Consultation

2 + 0 = ?

Link to: Contact Us

Contact Us

LONICH PATTON EHRLICH POLICASTRI

1871 The Alameda, Suite 400, San Jose, CA 95126
Phone: (408) 553-0801 | Fax: (408) 553-0807 | Email: contact@lpeplaw.com

Located in San Jose, Lonich Patton Ehrlich Policastri handles matters for clients in northern California, specifically San Jose and Silicon Valley. Our services are available to anyone within the following counties: Santa Clara, San Mateo, Contra Costa, Santa Cruz, Monterey, and San Benito. For a full listing of areas where we practice, please click here.

DISCLAIMER

This web site is intended for informational purposes only and is not legal advice. Nothing in the site is to be considered as either creating an attorney-client relationship between the reader and Lonich Patton Ehrlich Policastri or as rendering of legal advice for any specific matter. Readers are responsible for obtaining such advice from their own legal counsel. No client or other reader should act or refrain from acting on the basis of any information contained in Lonich Patton Ehrlich Policastri Web site without seeking appropriate legal or other professional advice on the particular facts and circumstances at issue.

About | Why LPEP | Contact | Blog

© 2023 Copyright Lonich Patton Ehrlich Policastri. All rights reserved. Privacy Policy

How to Choose a High Net Worth Divorce Attorney in San Jose, CA Two wedding rings on top of a child custody agreement Stack of money being paid as alimony Spousal Support Attorney, San Jose, CA
Scroll to top

LPEP COVID-19 Office Protocol