While creating a last will and testament is an important estate planning step, it is not the only one Pennsylvania residents should be taking. Unfortunately, not many people realize there are a number of tools available to distribute one's assets to loved ones, and it is possible to tailor them to one's unique situation.
Being named the executor of someone's estate is not a job that should be taken lightly. The executor has the legal responsibility of arranging for the payment of all income and estate taxes, wrap up the affairs of the estate and distribute the assets of the estate. While the executor is most often trying to complete these tasks to the best of their abilities, it is possible that some steps they take open the estate up to increased tax liability or other consequences. Pennsylvania residents may want to be aware of the potential mistakes they could make and consider consulting an experienced attorney for guidance on how to avoid them.
When a loved one or family member asks a Pennsylvania resident to become the executor of their estate, it is natural to feel honored at the request. If the testator is near death, then there is an even more pressing need to agree and ease their stress. However, it's important to know that being an executor is a difficult role and one should know what they are getting into before agreeing.
Being appointed the executor of a loved one's estate is an honor. However, it can also cause confusion, especially if one does not have any experience in estate administration in Pennsylvania. It can be intimidating, to say the least. Essentially, though, the executor of a will has the duty of ensuring that the deceased's debts are paid and that the remainder of the deceased's estate is passed on per the deceased's will. This post will provide a brief overview of these duties.
Losing a loved one is an emotional process. When people are grieving, they may not initially be thinking of what will happen to their loved one's assets. However, there are legalities that must be followed with regards to the distribution of the deceased's assets.