The death of a parent is one of the most trying times in the life of an adult child. It can become more trying in instances where a deceased parent leaves behind more debt than his estate can cover. When that happens, you’re left wondering what your responsibility is for the taxes and legal fees associated with settling your father’s estate.
The estate’s executor bears the responsibility of determining the full value of all cash money and tangible assets of the estate and supplying that information to the probate court. When it comes to distributing these funds and assets, there is an order of distribution in place in the state of Georgia. The estate must bear the costs of its own expenses, which typically include funeral expenses, compensation for the executor, and legal fees. The estate must also file (and pay, if necessary) any personal federal and state income tax returns for the deceased’s final year of life.
The executor of your father’s estate is obligated to use any available cash assets to satisfy these debts. You will also need to classify and categorize your father’s intangible assets and have them appraised. That includes real estate, life insurance, business shares or ownership, and other valuables. Once the assets of your father’s estate have been depleted, you must file a Petition for Discharge with the probate court. Send a notification of the filing of this petition to any potential heirs, beneficiaries, or unpaid creditors. Once the court grants the petition, the executor of your father’s estate will be discharged, and the estate will be closed.
Serving as executor of an estate is a complex and time-consuming role. The estate planning experts at Grissom Law, LLC have the knowledge and experience you need to settle your father’s estate in an efficient manner. At Grissom Law, LLC, we can ensure your father’s final wishes are met, and your family is left with good memories and invaluable peace of mind.
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This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.