Phoenix, AZ estate planning attorney Mark A. Bregman talks how he can help someone who has been named executor of an estate.
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Well if you’re the executor of the estate the first thing we do is explain to you the steps that you have to go through to be appointed and then administer the assets. There’s two parallel roads that are traveled at the same time one is those things that you have to do to remain in compliance with the court rules. And the second is you have to collect the assets and you have to find out who the creditors are, pay the creditors, marshal the assets. You may have to sell some assets and then, ultimately, you distribute assets among the people entitled to them.
And what we do is we make sure that those executors understand their fiduciary duties. They can’t make decisions that benefit them to the exclusion of others. So we’re adamant from the beginning that they understand that they’re doing a job for someone else not just for themselves.