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Probate could put many obligations on business owners

On Behalf of | Nov 27, 2018 | Probate |

All estates need someone to take charge in settling final affairs after a person dies. Typically, a person can name an executor to handle the steps associated with any necessary probate proceedings. However, individuals named to this position may worry that their lives may not allow them to properly handle the tasks or that acting as executor could put them at financial risk.

In particular, California business owners may have concerns about taking this role. They may worry that having to handle their deceased loved ones’ debts may mean that their businesses will also take on those debts. However, that is not the case. The remaining estate funds are used to handle any outstanding balances, and executors usually only face personal obligation for paying estate debts if they did not follow proper procedure when addressing creditors.

Because probate can take a long time and a great deal of effort, business owners may also wonder whether they can handle the workload of probate, personal obligations and business affairs. Fortunately, individuals can decline the role of executor if they do not feel that they are up to the tasks. Of course, if they still want to take on the position, they can seek help throughout the process from a variety of professionals.

In particular, legal professionals can prove invaluable during probate proceedings. Closing an estate is a legal affair, and experienced California attorneys could help interested parties make sure that they follow the procedure exactly as they should. Having a legal advocate can also help executors obtain answers to any questions they may have.



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