As the San Diego Executor or Administrator,
What Can and Can’t I Do With the Estate Funds?
When acting as the San Diego personal representative you’re allowed to use estate funds during the San Diego probate administration. Naturally, if the funds are misused, as the San Diego Executor or San Diego Administrator, you could be denied compensation, could be removed from office or be held personally liable for the money.
Once you have received your Letters of Administration from the San Diego Probate Court, your San Diego Probate Attorney can help guide you to get a tax ID number and the manner in which you should open an estate checking account. Once you have an estate checking account, you can begin to transfer money to pay any and all of the San Diego estate expenses. You can also deposit any money that you may receive that belongs to the estate.
A few expenses and obligations to consider are:
- The San Diego real estate mortgage payment and other household bills
- Any legitimate claims by creditors
- Any estate income taxes and final personal income taxes of the decedent owed
Your San Diego probate attorney and your tax advisor should be involved in the decision to pay any and all expenses.
What you cannot do with the San Diego estate funds is pay anything other than expenses related to administering the estate. Be cautious about using the San Diego estate funds for anything that may appear to be personal expenses. Keep track of all your expenses and keep all your receipts. You’ll need to account for any expenses and actions to the San Diego probate court at the end of the case. Remember that a beneficiary might object to any use of the San Diego estate money. This is why it’s really important to gain the professional advice of your San Diego probate attorney and a tax advisor.
When you are ready to consider the San Diego real estate, to gain accurate answers to questions regarding the San Diego real estate and for help preparing, marketing, and successfully selling the San Diego real estate, contact me at 619-741-0111. I’m Kim Ward, San Diego Probate Real Estate Expert. To learn more about how my team and I help San Diego Executors and Administrators with San Diego probate real estate, visit www.ProbateAndTrustHelp.com