What You Need to Know 

About Executors & a System to Choose the Right One 

 1.  What Is an Executor?

 The executor is the person that you choose to make sure of what you stated in your Will gets done. Typically, you’ll have a primary executor, and a backup executor in case your first choice is not able to do it for whatever reason when the time comes.          

2.  Who Can Be an Executor?      

 Typically, the executor will be your spouse, adult child, brother, sister, family member, friend, attorney or someone else that you trust.  You can have co-executors serving together and it’s always a good idea to have a backup incase the person you choose is not available to do it when the time comes.  Regardless of who you choose, you want to make sure that the person is willing and able to do what needs to be done.

3.  What Does an Executor Do?

Your executor named in the Will administers your estate.  Estate administration is a court process that requires certain things to be done before your executor can give what you own to your beneficiaries.  Generally, your beneficiaries will not get what you left them until the court process and estate administration is complete.  Here are some of the things that your executor may have to do:

a.  Probate the Will–executor brings the Will to the county court, and if the court accepts the Will as valid, the administration of the estate begins.

b.  Provide Notice—must follow the rules of notifying beneficiaries, state and federal agencies to avoid any claims that can be made later on.

c.  Protecting the estate from claims by advertising in a local paper and legal journal the opening of the estate.

d.  Identifying what the person owns and determining the values to pay any state and federal taxes that may be due.

e.  Identifying and paying outstanding bills and debts.

f.  Collecting money, life insurance, and other valuables owed to the estate.

g.  Meeting deadlines for filing federal and state tax returns to take advantage of discounts on what is owed and avoiding penalties for late filings and other problems by not filing within deadlines that are stated in the law.

h.  Receiving claims against the estate and determining if the claims are valid and whether or not the claims should be paid.

i.  Accounting for value of the estate minus taxes, claims and other expenses, reporting the accounting to the beneficiaries, and if the beneficiaries have no objections to the accuracy of the accounting, then giving what is left to the beneficiaries.

j.  Maintaining real estate, cars and other types of assets while estate is being administered.

k.  Attending meetings with lawyers, tax accounts, financial advisors, insurance agents and attending court hearings.

l.  Closing the estate—either by a formal accounting through the court or informally among the beneficiaries.

Typically, the executor will hire a lawyer to administer the estate because estate administration is complicated.  Estate administration often involves tax, legal, financial, and insurance issues.  There are deadlines for filing state and federal tax returns and notices must be sent to avoid liabilities and other problems.

4.  System for Choosing the Right Executor

Now that you understand what an executor is, who can be one, and what an executor does, below is a system for choosing the best person.  Most importantly, you want to choose someone that you trust.  And it would be nice if that person has a background in law, insurance, federal and state tax, and experience working with the court system. If the person you are considering doesn’t have that type of back ground, then at least he or she should be comfortable working with people like attorneys, investment advisors, tax accounts, insurance agents, and the court system.  Don’t sacrifice the good for the perfect. You’re not likely get everything that you want. However, there are several factors to consider, and I created the system below in an effort to help you make a good decision.  My system gives you three options but you can have more or less—it’s up to you.  Write the name of each person that you’re considering under the option category and rate them on a scale of 1 to 3 for each of the characteristics. One being the lowest, and three being the highest. Once you total the scores, the person with the highest score is the best person for the job.

Want Peace of Mind and a Complete Evaluation of Your Case? 

Call (610) 365-4986 NOW or Click HERE to Schedule a Consultation with Chester County Pennsylvania Estate Planning Attorney, Michaelangelo L. Dippolito.  Click HERE to see the attorney’s background. 

Not Ready to Speak to an Attorney Yet?  No Problem.

Get this FREE Book and Consumer Protection Guide, Will, Power of Attorney, Living Will & Trusts in Pennsylvania, A Consumer Protection Guide on What You Need to Know to Protect Your Legal Rights.  Here’s Some of What’s in the FREE Book and Consumer Protection Guide: 

• Optimal Estate Plan to Protect Your Life Savings and Family Relationships
• Why Your Retirement Plan Should be in a Trust
• An Estate Plan for 2^nd Marriages & Blended Families
• 44 Reasons Why You May Need to Update Your Estate Plan
• Annual Review of Your Estate Plan to Make Sure it Works
• Arming Yourself with Knowledge is the First Step to a New Beginning

Still Not Ready and Want to Learn More Before You Move Forward?  No problem.

Click HERE for more information on Will, Power of Attorney, Living Will, & Trusts in Pennsylvania, and remember, we’re just a phone call away at (610) 365-4986.