Date post: | 08-May-2015 |
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Education |
Upload: | richard-schneider |
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Forfeit ability to decide how estate assets are handled
Oregon intestate succession laws determine distribution of assets
Also forfeit ability to appoint executor
Anyone can petition to become personal representative of your estate if you die intestate
Same duties and responsibilities as executor
Executor must identify, locate, secure, and value all of your estate assets
After your death, assets must be secured
Date of death value must also be ascertained down the road
An inventory may be required by the court handling the probate
One function of probate is to allow creditors of the estate to file claims
Executor must publish notice of probate in a local newspaper
Executor must review all claims
Approved claims are paid out of estate assets
Executor must defend estate during any litigation
Will contest or creditor claim could result in litigation
Executor essentially stands in your shoes
Your executor fails to secure estate assets in a timely fashion and some are lost forever
Your executor fails to hire an attorney to help, or waits too long to hire one, wasting time and
money because of mistakes made in the absence of professional advice
Your executor pays creditor claims that shouldn’t have been paid, wasting estate assets
Your executor sells priceless family heirlooms to provide liquidity
Your executor allows real property owned by the estate to deteriorate during the probate
process, diminishing the value for beneficiaries
Your executor makes a costly mistake on your estate tax return, or fails to file one, costing the
estate thousands in penalties and fines