For a number of people in Chester, Pennsylvania, writing a will is all about making important decisions. One of these decisions is determining who should be assigned as the executor of an estate. Even if the person writing the will is only leaving behind a modest savings account and household goods, it is imperative that the person has someone to settle his or her affairs. There are some who consider it an honor to be responsible for ensuring that their loved one’s final requests are carried out.
However, serving as an executor can be quite challenging, even for a person with a strong financial background. Here are some things that readers from Chester may wish to consider before they agree to accept the role of executor. The first consideration is that it will be the executor’s duty to manage the paperwork on behalf of the estate. This often includes trusts, wills, prenuptial agreements and more.
An executor is also likely to be in charge of filing a certified copy of the will with the local probate court. This filing determines whether or not probate is needed. If the probate court assigns the person as executor, they will be issued testamentary letters, which are documents that legally authorize the executor to act on behalf of the estate. An executor is also in charge of notifying all interested parties of the person’s death, including government agencies, heirs, creditors and previous employers.
These are just some of the tasks that executors must perform. Readers should take note that most of these tasks are not only onerous but time-consuming as well. In the worst case, executors may be sued by creditors and beneficiaries if they do not perform their duties efficiently or behave in an inappropriate manner as far as the estate is concerned.
Those who are in the process of designating an executor should remember that both parties must completely understand the prerequisites of being an executor to make sure it is a good fit. To ensure that this happens, it might be a wise decision to consult a legal professional or an estate planner who has vast knowledge of that particular area of the law.
Source: The Huffington Post, “Should You Become Executor of Someone’s Estate,” Jason Alderman, August 21, 2013