Being an executor for an individual’s last will and testament can be honorable, but the responsibilities can be daunting as well. An executor is in charge of ensuring that an individual’s last wishes are fulfilled when it comes to distributing possessions and property. The executor also sees that all debts are paid off on behalf of the deceased. If this process occurs while a person is living, a power of attorney is necessary. After the person has passed away, the executor will take over these matters. If you’re a Pennsylvania resident and are preparing your last will and testament, here are some important things to know about estate planning.
Executors oversee the distribution of possessions and property
Pennsylvania law does not require that an executor be a financial expert or attorney, but the executor does have to fulfill their duties to the best of their abilities. This is known as fiduciary duty and indicates that the executor must always act in good faith when it comes to estate planning.
Executors are not permitted to take the funds from the sale of estate property. However, the executor may receive compensation for their administrative duties. This fee should reflect the complexity or size of the last will and testament.
Executors must perform certain duties
Overseeing a person’s estate planning means that the executor has to locate all the assets of the deceased. The executor also has to protect the assets until they can be distributed to the individuals named in the will or to the appropriate creditors. Management tasks can include deciding which assets to sell and which to keep. An executor also locates the people named in the will who will inherit the assets or property.
Executors also decide whether or not to probate the last will and testament. Probating is the process of receiving court approval for the will. This depends on state laws and the value of the property or assets.
An estate planning attorney can assist with this process so you can get closer to ensuring all the final wishes of the deceased are carried out.
