Our Attorney in Raleigh NC Takes Another Look at Estate Executors and Their Importance
In two previous posts, our attorney in Raleigh NC have talked step by step about what happens to your estate plan, in the event of your death. We’ve also talked about the importance of choosing the right executor for your estate. .
The job of executor is something to be taken very seriously. It isn’t an easy task. An executor may be necessary if you want to help ensure your heirs gain access to their inheritance in a timely manner after your death. Below, you’ll find another step that take places after your death, which the executor must deal with.
Attorney in Raleigh NC | Step 4: Dealing with Taxes
The executor may need to find an estate attorney to help calculate any estate taxes that might be due, so that the appropriate tax return can be filed and then paid.
In addition, the executor is accountable for filing a final income tax return for the deceased. This final income tax deals with the deceased’s last year. Depending on the estate’s size, the executor may have to choose the appropriate type of bank account to place the estate’s funds. If the bank account is interest bearing, then it may be necessary for the estate to file its own tax return.
Again, these tax responsibilities call for an intellectual, well-organized person who is able to appreciate the associations of his or her duties.
As our attorney in Raleigh NC has previously stated, the job of an executor is one of responsibility, diligence, and dedication. If you have yet to choose an executor for your estate plan, please consider doing so as soon as possible. Our estate planning attorney in Raleigh is available to meet with you about your estate plan, to make sure that everything is updated and in place.
For more information from our attorney in Raleigh NC about the importance of choosing an executor, as well as step 5 of what happens to your estate plan after your death, visit back with us soon.