Sophisticated Woman Magazine - July 2020

Page 33


As Executor, What Is Your Job?

Abita Springs: Where Nature Performs Miracles




someone appointed, by


a Will, to represent the succession proceeding, if necessary. If there is no Will, then the succession representative is instead called an Administrator and that appointment is made by the Court. We

AS WE ENTER the month of July, all of

clarify that a Power of Attorney appointment for

us have come a long way. Here in Abita

an Agent and the appointment of an Executor, or Administrator, are different appointments with

do to stay safe and to fight through the

different responsibilities. Specifically, an Agent acts on behalf of a Principal during that Principal’s lifetime.

Springs, we did everything we needed to

However, an

Executor will not undertake his role, until the Testator has passed away. Further, when you become an Executor, you assume a fiduciary role—meaning, your main responsibility is to act on the behalf of others. So, with a succession, the Executor’s role is to preserve, protect, and manage the succession assets for the beneficiaries. It is not uncommon

COVID-19 pandemic. We took our time, using all the information we had at our disposal along with good old common sense, and brought our town back to life slowly and cautiously. As we enter the fifth week of the reopening of our town, and if the good Lord is willing, we will have an Independence

for the Executor to also be a beneficiary under

Day celebration on the first Saturday of

the Will. Most often, the Executor appointment

July in our park. The 4th of July celebration

made in the Will is confirmed with the court when

at our town’s Trailhead park has become

leg work needs to occur with the succession, for example, managing rental property, multiple

a yearly event and a great opportunity for everyone to come out and support the

properties, or a business interest. While Louisiana does not have an inheritance

local businesses. It starts at 6:00 pm and

tax for the Executor to pay, the Executor should

ends around 9:00 pm. There will be music,

still coordinate with a CPA to file the last income tax return for the Decedent and advise the IRS that no further income tax returns will be filed.

fireworks, and plenty of food and drink for everyone to enjoy.

The Executor should also compile, control,

This year, we are trying to combine the

and preserve the succession assets; act in the

4th of July event with a modified Busker

beneficiaries' best interests and communicate with the beneficiaries; and pay the Decedent’s valid debts, dispute erroneous debts, and keep track

Festival which was scheduled earlier in the year but was cancelled due to Covid. If the


plans come to fruition, we will then have

an estate attorney will guide the Executor in

busker groups playing from 9:00 am to

completing these tasks.

3:00 pm followed by the 4th of July Festival

of all other succession expenses.

culminating with a fireworks display. So, everyone mark your calendars and Christie Tournet & Associates, LLC, provides estate planning, estate administration and commercial law services. The practice is located at 1795 W. Causeway Approach, Suite 103A in Mandeville. 985-951-2177,

stay tuned because one of the best-keptsecret small towns in the entire south, Abita Springs—where nature performs miracles—is planning a celebration!!! You won’t want to miss it! Sophisticated Woman | July 2020 33