When a Pennsylvania resident drafts a will, they may designate a person to serve as the estate's executor. The role of an executor is to oversee the distribution of the estate holder's assets according to the terms of the will.
After the estate holder passes, an executor will have a number of responsibilities. First of all, the executor will have to locate all of the assets that were owned by the deceased person. They must also determine whether or not probating the will is necessary. During this process, they should be sure to file the will with the appropriate court. They'll also need to notify all of the interested parties about the will.
Creditors must also be notified of the estate holder's passing. The executor will then pay any debts that are owed out of the estate's proceeds. They must also complete any other unfinished affairs, including canceling credit cards and closing accounts. The Social Security Administration should be notified if the deceased person was collecting benefits. Executors may have to file estate tax returns and pay any fees and taxes that might be owed. Finally, executors must distribute the assets according to the provisions of the wills that they are overseeing.
The distribution of assets may be complicated because of the numerous duties that executors must complete. One who has been named an executor might want to get help from an estate planning attorney. A lawyer may provide guidance about how the client could complete the necessary tasks. If the will is contested, an attorney may litigate the matter on the client's behalf in court.