Fiduciary Responsibility for Estate Debts

Fiduciary Responsibility for Estate Debts

When an individual has been named a fiduciary in California, they have a significant amount of responsibility and must be sure to fulfill all of their duties. A fiduciary, according to the American Bar Association, is “an individual or bank or trust company that acts for the benefit of another. Trustees, executors, and personal representatives are all fiduciaries.”

Upon the decedent’s passing, the fiduciary is responsible for making sure all bills and outstanding debts are paid off. In addition, if there are any expenses that arise during the administration of the estate, it is crucial that they are paid. Another responsibility that the fiduciary may have is to file tax returns for the final income for the year of their death. It is essential to make sure that all outstanding taxes and debts are paid after the decedent passes away because the fiduciary may face consequences if they fail to do so.

Taking on the role of a fiduciary is no small feat. Therefore, before accepting this position, it may be a good idea to speak with an experienced estate planning attorney who can help you determine whether you have the time and skill necessary to fill this role.

Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.