Video instructions and help with filling out and completing Why Form 5495 Probate

Instructions and Help about Why Form 5495 Probate

I'm Peter Westby in our firm we talk with people many times about probate probate is an area of law where people have a lot of questions and one of the questions that we see over and over again is often asked by people that have been asked to serve as a personal representative under a will they have some concerns about serving in that capacity and one of the questions they ask is will I have personal responsibility for the debts of the estate and in Arizona the answer to that question is no a personal representative doesn't have responsibility for a state debts but you need to be careful because when a personal representative does business on behalf of the estate it PR must disclose two things first they need to disclose that they're acting as a personal representative and second they must disclose the estate that they're acting on behalf of recent Arizona Court of Appeals case indicated that there's a problem when those disclosures are not made the court of appeals ruled that if a personal representative fails to disclose his capacity and the estate they can have personal liability for the estate debt if you have any questions concerning in the state or a probate come in and speak with us